Let us create a 3d Digital eBook for you! DigyCat.com
|
||
|
||
|
Real Estate Information | Let us create a 3d Digital eBook for you! DigyCat.com |
|
|
|
Building Your Dream Home - Part 1
For most of my adult life I had thought about someday building my Dream Home. Several years ago I finally got the chance. I had purchased a lake front lot with a small cottage on it. My initial intention was to use the property "as is", and someday raze the old cottage and build a new home in its place. After a couple of weekends in the musty old camp I came to the conclusion that I needed to speed up my timetable. Part of the dream in building my own home was to act as the General Contractor and to personally supply a great deal of sweat equity. I accomplished both of these goals, however it was not easy. There were many roadblocks and bends in the road along the way. In the subsequent parts of this chronology, I will review my experiences in hopes that others may gain from my experiences. Determining the Home Style and Size After making the decision to raze the cottage and build a new home, I had to first determine what type and size of home to build. My lot was limited in size and required careful planning to ensure that I would meet all of the setbacks governed by the town I lived in. Although I had these concerns, I decided to forgo the Architect route. I deemed it too expensive and probably not necessary for the style of home I wanted to build. Instead I picked up a handful of Home Plan magazines and surfed the internet for home designs. I also picked up an inexpensive software package for designing homes and floorplans. After a week of reviewing home plans, I found one that met most of my requirements in terms of a floorplan. The footprint was smaller than I wanted, but I concluded that I could redraw the floor plan accordingly using my newly purchased Home Design Software Package. The Home Design Software package was not as simple to use as the instruction manual implied, however after a couple of weeks I had a floorplan with all the dimensional information. Assuming the role as the General Contractor As I had indicated earlier, one of my goals was to assume the role as General Contractor on this project. I quickly learned that banks frown upon lending construction mortgages to everyday homeowners and to folks who have little professional building experience. I got around this issue by deciding not to use the banks for financing. However, from what I learned later, it may have been possible for me to assume a construction mortgage if I had quit my day job and applied for the loan as a "full time General Contractor". Indeed, I would have needed to complete a full proposal to the bank with all costs and subcontractors identified, but this is necessary anyways. As the General Contractor I developed a build schedule and task list. Some of the top items included: Identifying subcontractors, pulling permits, and having a septic design approved. Carefully Pick your Sub-Contractors Identifying the right subcontractors is the most important task a General Contractor performs. Poor selection of subcontractors can lead to delays in schedules, cost overruns, poor workmanship and strife between the various subcontractors on the job. Prior to hiring subcontractors, it is important to visit their current jobsites. Review their work on existing jobsites and mingle with the other subs to judge the working relationship. In addition get two or three reference checks on the subcontractors. If there are poor workmanship, personality issues, or references move on. Do not settle for second rate subs, even if it means slipping your schedule or costs goals, as you will more than likely suffer even larger schedule slips or higher costs by hiring the wrong people. Pulling Permits Once you have selected and hired your excavator, chief framer, and foundation company, review with them your plans. Make sure you walk the site with them, and carefully stake out the house footprint, paying careful attention to lot setbacks, septic tanks, leach fields and well location. Once all are agreed upon with the house plans and the location of the home, contact the building inspector and review with him/her your plans. You will need to submit a very thorough package to the building inspector prior to getting approval. There are frequently town and state forms that need to be filled out regarding wetlands, and home thermal analysis. In addition, detailed engineering drawings of the proposed home may be required. In my case the Framer was able to assist in developing additional sketches of the house plan to ensure structural compliance to local, state and federal building codes. If I had used the initial home plans I had obtained, those would have been sufficient. I also could have contacted an architect with my selected plans to provide additional details, however it was not necessary in my case. After about a week and several hundred dollars later I had the permit to build a new home. Septic Design My home required its own septic system on site. As a result, I required a septic design and an associated permit for the new home. I recommend pursuing this as early as possible in any new home project as this can take up to 2-3 months to complete as both town and state approvals are required, not to mention site and engineering work. Without knowing exactly where the septic system and tank will reside, it may be difficult to locate the exact position of the home and in many cases the building inspector may not approve the building permit until the septic design permit has been obtained. I was fortunate in that the property already had a small septic system on the lot, so the building inspector gave me approval. I was at financial risk, however, in the event the new septic design was not approved or needed to be repositioned from the proposed location. Fortunately that was not the case and I was able to move forward on razing the cottage and beginning site work. To Be Continued ?. In Part 2 of "Building Your Dream House", I will cover razing an existing building, performing site prep work, and pouring foundation walls. Stay tuned????? me_donovan@comcast.net Over the past 20+ years Mr. Donovan has been involved with building homes and additions to homes. His projects have included: building a vacation home, building additions and garages on to existing homes, and finishing unfinished homes. Mr. Donovan's formal education and profession has been as an Electrical Engineer and Marketing Manager.
MORE RESOURCES: Real Estate - Google News Real estate developer says he plans to make cash bid for Philadelphia's 2 ... - Washington Post
UAE Banks Dip Back Into Real Estate - Wall Street Journal
Real estate market rebounding - Park Record
Alexandria Real Estate Q4 FFO Rises - Quick Facts - NASDAQ
Real Estate Weekly- What is a 203K Rehab Mortgage Loan? - Ukiah Daily Journal
REAL ESTATE: Refinancing expanding for Fannie/Freddie borrowers - Press-Enterprise
Real Estate Broker Sentenced for Tax Evasion - KSEE
Collins Joins Equity Office Properties in Boston as Regional Director - Citybizlist Real Estate
So Eager to Get Foot in Real Estate's Door, They Work Without Pay - New York Times
|
 |
|
|
RELATED ARTICLES
7 Marketing Methods for Real Estate Coaches You shower, shampoo, dress your best, check to see if you have plenty of business cards, drive about an hour, introduce yourself by saying "Hi, I'm Mary and I'm a coach" and the other person says, "Hi, I'm Jack and I'm a coach, too!". You meet more coaches than you knew existed. Financing Houses What Real Estate Lenders Look ForLenders control many programs -- some make use of over 200! Generally, lenders look for the following typical standards, with many exceptions:1. Absolutely no late mortgage payments2. Real Estate Investing Produces Extraordinary Profits Imagine making $5000 a year from real estate investing without recognizing you are real estate investing!Real estate values are so dynamic. The marketplace is always fluid and changing. Taxes When You Sell Your Home What's the difference between death and taxes?Death doesn't change every time Congress meets. But taxes certainly did in 1997, and the Taxpayer Relief Act of that year made a dramatic difference in the tax liability of those who sell their own homes. How Real Estate Investors Use Mortgage Note To Purchase Properties Many of you may not be aware of the various ways notes can be used. The average person's understanding about notes is that people create them because they are desperate to sell a property. High Profit Real Estate Investing--Make a Good Deal Every Time! Knowing what a Good Deal is - Is the Key to Success inReal Estate.Dear Investor,Take this little survey: The most important key to Real Estate Success is:1. Buy or Sell First? When it comes to home buying, the ideal situation would be to find a new home, just as you receive an offer on your existing home. You would then be able to close concurrently and move into your new home a few days prior to closing on your previous home. Real Estate Bubble: Fact or Fiction? The real estate market buzz across the country these days revolves around the anticipated and much feared "bubble". The implication is that once burst, prices will spiral downward taking with them the major assets of those foolish enough to buy at a time when disaster looms large. How I Became a Real Estate Investor Recently I closed on the sale of two homes. They were located about a mile apart and had comparable market values. How To Increase Your Homes Selling Price by $3,306.75 In The Next 33 Days According to the Federal Housing Finance Board:.. Avoid The Traps Of Finance Most consumers are told where to get their mortgage because few people personally know and trust a mortgage or loan officer or correspondent (the same thing). It used to be agents would take their buyers out to find the house they wanted, then to their favorite mortgage company. 7 Different Ways Anyone Can Become a Real Estate Investor Being a real estate investor is not really that hard, Sometimes you do not need any money down. Other times you do not need any of your own money down. Purchasing Property With No Money Down: My Personal Experience Have you ever seen those infomercials about buying houses with "No Money Down?" They are really well done. They have all kinds of people offering great testimonials about how they have gotten rich, buying rental properties, with absolutely no money out of their pocket. Best Places to Retire Places to Retire: Popular Doesn't Always Mean "Best"Las Vegas, Nevada; Phoenix and Yuma, Arizona; Las Cruces, New Mexico; and Ocala, Florida-just a few names that rank among America's most popular retirement destinations. Unfortunately, their popularity doesn't necessarily mean that they are especially appropriate choices for astute consumers. Real Estate Investing Is A Better Gamble Than The Lottery Real estate investing begins when you move to the starting point.Get ready. Lake Property in Danbury A lakeside vacation or second home can be a quiet and relaxing place to escape to, or simply a good investment in your financial future. Whether you enjoy the outdoor activities and recreation provided by one of Connecticut's beautiful lakes, or you just want a place to get away from it all, there is a lakeside home for you in Danbury. A Simple Step by Step Aproach to Fail Your Way to a Million Dollars If You want to be Financially Successful you need to Learn to FailAt a Robert Allen Seminar he said the difference between successful people and unsuccessful people (Financially Successful) is that Successful know how to fail. He went own to say that in order to be successful you need to learn to fail, Unsuccessful people fail to get that 9-5 Job that pays $25,000 to maybe $90,000 a year and when they finally succeed what do they have a 9-5 Job. Where is the Sophisticated Property Investor Putting his Money? The Traditional FavouritesOver the last five to ten years, UK investors buying property abroad have generally stuck to the traditional favourites Spain, France and Italy. With prices a fraction of those in the UK and a guarantee of more sunshine, these markets offered plenty of scope for capital appreciation, rental return and holiday home use. Kings Bay, Saint Marys and Kingsland Georgia Real Estate - Mortgage Lenders When looking for a home, it is important to first get pre-qualified with a mortgage company before you search for a home. This is the first step in making buying a home a no-nonsense experience. A Crash Course On The Payout Options Available To You When Selling A Mortgage Note Okay, let's take a look at the typical payout options:Full Purchase - The investor buys the entire note. This alleviates the seller of the responsibility to collect payments in the future.
|
|
Looking For Royalty Free Photos for your Website, Business or Advertising?
List4Sale Domain Is For Sale - $10,000 For Enquiries eMail Us © www.List4Sale.biz 2011 |
|
