Market Conditions in 33175>Question Details

Luis, Home Buyer in Miami, FL

I have a residential piece of land 27000 s/q free and clear.I have about 300000 equity in my homestead.I

Asked by Luis, Miami, FL Wed May 14, 2008

would like to built a 3500s/q house on it.Starting money will be my equity money from my homestead.Both properties are located in 33175. I plan to sell my homestead when the new one is ready.Two question I do no want to get deep in debt that where I am right now(300000)Is this a right moment to do this, and is my money enough to do that kind of house. Thanks. Luis.

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Luis the idea is a good one. If I was you, I would get an estimate on the value of the land and depending on the area, you will know if you need to use the equity in your homestead. Order an appraisal on the land and used that as basis. Construction is very slow and you can get good deals on the labor and materials. What you need to watch out for is that we are in a depreciating market and the lender will take that into consideration. Also you need to consider the Hurricane season is coming up. The first thing I would do is get an appraisal and sit with the lender. You also need a professional contractor and also Realtor to help you market your homestead once your dream home is finished. If you have any questions, don't hesitate to contact us. Thank you
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0 votes Thank Flag Link Wed May 14, 2008
You need to talk to a lender, and find out what the terms are of a construction loan, and all the details therein. Only then can you have those questions answered.
That would be the first step.
Good luck!!
0 votes Thank Flag Link Wed May 14, 2008
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