Toggle navigation
Toggle navigation
Home
DCUM Forums
Nanny Forums
Events
About DCUM
Advertising
Search
Recent Topics
Hottest Topics
FAQs and Guidelines
Privacy Policy
Your current identity is: Anonymous
Login
Preview
Subject:
Forum Index
»
Real Estate
Reply to "How do teardowns work, and do they really 'work'?"
Subject:
Emoticons
More smilies
Text Color:
Default
Dark Red
Red
Orange
Brown
Yellow
Green
Olive
Cyan
Blue
Dark Blue
Violet
White
Black
Font:
Very Small
Small
Normal
Big
Giant
Close Marks
[quote=Anonymous]OP - just an FYI - you will need to have the cash to pay for pretty much the entire renovation, b/c nowadays lenders will not give a mortgage for more than the sales price. It used to be that you could get a mortgage for what the renovated house would appraise for, but no more. I *think* construction loans can be available, but they are usually at a very high interest rate and I'm not sure how available they are to a first time homeowner. All this is to say that if you do the teardown route, you'd likely need to go with a builder who would finance the construction and build it into your sales price. You - for example - won't be able to buy a property for $400k with the expectation of doing any renovations, and get a lender to give you a mortgage for - say - $800k so that you can use the difference to finance the construction.[/quote]
Options
Disable HTML in this message
Disable BB Code in this message
Disable smilies in this message
Review message
Search
Recent Topics
Hottest Topics
