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Finding an Unfinished Home
How to go about Purchasing an Unfinished Home
By: Mark J. Donovan
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Question:
I am doing some research on how to go about
finding and purchasing an unfinished home. I am a potential first time home
buyer and would like to save some money. The purpose of my question is to;
ask how a person goes about finding an unfinished home to purchase.
I am concerned that a general contractor
might be immediately put off with me if I were to show up at his job site
and ask him about building me an unfinished home. However is this how to go
about doing it? Also, would real estate agents have this information? It is
difficult to find any information about purchasing and unfinished home. Any
suggestions you could offer me would be greatly appreciated.
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Buying an unfinished home is a great solution for first time homebuyers,
particularly for homebuyers without children. Purchasing and unfinished home is
a way to limit the outlay of cash and debt, and enables the homebuyer to grow
into the home as the family grows.
There are several ways to find an unfinished home to purchase. First, talk to
builders who are building either a development or custom homes.
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I bought two homes this way. In one case I met with a custom home builder and
negotiated a contract for him to build me a custom home with the upstairs left
unfinished. In another case, we actually found a spec home listed on the market
with its upstairs unfinished.
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Typically unfinished homes are considered "starter homes" so look for the
building contractors who are building "affordable housing" vs McMansions.
Also keep in mind that in order to build an unfinished home you, or your
builder, will have to meet minimum municipal and state code requirements. So,
for example in the case of an unfinished upstairs new home construction project,
the downstairs will need a bedroom with a door and a closet even though this
room may eventually be used as a dining room or den, which may not normally have
a closet in it. Also, you will typically need to have a full bathroom on the
first floor, along with the kitchen. |
During housing booms, most builders want to finish the whole house to maximize
their revenues and their return on investment of the land purchase. However
during, housing busts, you are more likely to find builders that are willing to
work with you.
You can also contact real estate agents. They will know the builders in your
local area who are flexible with buyers and/or that may be in the process of
building a housing development.
Finally, do not be shy with talking with building contractors. You are their
potential customer, and in a down housing market they should be more than happy
to have a potential buyer contacting them.
For more help on Custom Home building, see HomeAdditionPlus.com's
Home
Addition Bid Sheets.
The
Home
Addition Bid Sheets will help ensure that your home
building project goes smoothly and is
completed on time and budget.
How to Finance your Home Remodeling Project -
can help provide funds for your new home improvement project if financing is
required.
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