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Brian Groetsch
"Jersey Shore Specialist"
- 6 Answers
- 10 Listings
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Brian Groetsch – Broker/Associate
Partner - Coastal Marketing Group at Century 21 Gilmartin & Co ... show more
Partner - Coastal Marketing Group at Century 21 Gilmartin & Co ... show more
Testimonials:
"Considering the fact that we were located 3 hours away and had not had the opportunity to meet you in person until the closing, your professional handling
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Brian Groetsch answered:
Janice,
You answer will lay in whether or not you will have the ability to carry the lot (plus the construction costs) as well as your current home....without a tenant supporting the mortgage. If your market is like most, the amount of rental homes on the market has gone up right along with sale properties. With the increase in inventory, you can expect a much higher vacancy rate for your home - raising your odds of (at some time) having to cary all of the debt with no support. If you've already purchased the lot, and are comfortable affording it along with your current home - I think the prudent thing to do would be to wait until you sell your current home before you build. That is...unless you're able to comfortably afford all 3.
Best of luck!
You answer will lay in whether or not you will have the ability to carry the lot (plus the construction costs) as well as your current home....without a tenant supporting the mortgage. If your market is like most, the amount of rental homes on the market has gone up right along with sale properties. With the increase in inventory, you can expect a much higher vacancy rate for your home - raising your odds of (at some time) having to cary all of the debt with no support. If you've already purchased the lot, and are comfortable affording it along with your current home - I think the prudent thing to do would be to wait until you sell your current home before you build. That is...unless you're able to comfortably afford all 3.
Best of luck!
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