We’ve been looking at finances.

All his week we have looked at finances as a part of your home project.  Let’s face it without the money to pay for your new home it simply is not going to happen.  Putting your finances in order can be done quickly or it can take a year or two.  With proper planning, you should be successful.  Remember, it all starts with The Bank.

Let’s pretend that your construction loan has been spent and your new home is now finished.  This is the moment it all turns into a mortgage.  There are factors to consider:

Construction Loan, yes? No?

This week we have talked about:

  • What the bank wants/needs
  • Types of Income
  • Credit scores

Once you have worked your way through all that plus a zillion other documents and mountains of paper work the bank will eventually either deny your application or it will promise to loan you the necessary money.

Briefly, how your credit score works.

As we continue our conversation about preparing financially to buy or build your new home one of the most talked about pieces of the puzzle is your Credit Score.

Your Credit Score is based on what the Reporting Credit Bureaus calculate whether or not you will repay the loan of money.  There are many factors that contribute to that score, things like:

Financing your new home, the does and don’ts!

For all of you out there that are considering buying or building a new home, we would like to offer a couple tips on what works and what doesn’t.

The entire process of buying or building a home begins at The Bank.  Unless you are one of a very few people you will be needing a loan or mortgage from a bank, sometimes called The Lender to finance the purchase of your dreams.

Is your house a healthy place to live?

Yesterday we talked about whether your home breathes or not.  Don’t forget – houses do not breathe, only you and every other animal breathe.

But, your home is super insulated and is built very tight so it needs fresh air so that other nasty things don’t live in your home; your home needs to be healthy - 

A dark and damp place is the perfect breeding ground for the growth of Mold and Mildew; both of which are living organisms that you do not want in your home!

Rising prices, plan accordingly –

Yesterday we touched on two major forces that are about to impact the cost of building products significantly.

We talked about International Trade issues between The United States and Canada.  It seems as though the lumber price and import duty problems have been a dispute since 1982.  Back then we imported almost $6 billion in lumber from Canada and the vast majority of that went to residential housing.

How about what’s in and what’s out?

While you are trying to make your home look spectacular so that it will sell quickly let’s take a minute and look back at some of the things that were once very beautiful but now are …….., well not quite a beautiful any more.

Avocado Green appliances.  Do you remember them?  I can remember when the refrigerator and the toilet were the same awful green avocado color.  Do you still have some of these relics left in your home?

Let’s talk Value! What’s it worth?

For several weeks now we have been talking about selling and buying your new home.  One of the salient considerations is the knowledge and understanding that buyers possess.  In other words, they are very savvy; they know what they want and they know what to pay for it.  Or…………., the current home buyer knows value.