As a homebuilder, we hear the “one-and-done” sentiment all the time. Many homebuyers want to “get it right” the first time they purchase a home so they can be settled for the long haul. Why not save and keep renting until you can afford exactly what you want? While a no-compromise stance sounds good in theory, it may actually be a roadblock to your dream home. You may find better results by viewing your first home as a stepping stone, not the end goal. Making…
Congratulations! You’re under contract for a new home. There’s just one problem: your current home hasn’t sold—and closing day is coming up fast. What to do? Here are a few options to consider when you’ve purchased a home but still haven’t sold your old home. Take out a bridge loan (or swing loan) Ask your mortgage lender about whether your old home has enough equity to qualify for a bridge loan, short-term financing intended to help you bridge the gap from one house to…
There are many benefits to being a homeowner. From a purely financial perspective, there are tools to help determine the cost of renting versus buying a home. Comparing the cost of renting to buying usually depends on key factors, such as budgeted monthly rent, target home price, the length of time you plan to live in the home and what your mortgage rate would be. Estimating these values can help determine if buying is financially advantageous. In addition to the actual buying costs, it is…
You might imagine the experience of buying your dream home as starting with an empty lot, picking every feature from the layout of the floor plan to the color of the drapes, and then settling in to wait while your home is built completely from scratch. It’s a time-honored process that works wonders for many, but what if you don’t have months to spare waiting for ground-up construction on your new home? Easy! Buy an inventory home. Also known as quick move-in homes or spec…
Buying a new home is an exciting purchase! But do you know what’s included? It’s common for buyers to confuse a to-be-built “new construction home” with a “custom home.” However, there are distinct differences between the two that every informed buyer should know. What’s included with a new construction home: When you buy a new construction home, you will likely be presented with several floor plan options. The plans aren’t created according to your exact specifications, so you won’t be shopping around for an…
