Buying or Selling a Home/building a house

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Expert: - 4/9/2009


Question
My wife and I have 6 acres of land that we own out right(land is valued at $75,000 We want to build a house (right know we are renting and have no mortage) what would be better, a construction loan or a equity loan on the land that we own, and other insit would be great, thanks

Answer
Hi Jason, I would definitely look in to getting a construction loan. There are very few lenders giving money on land these days, so the interest rates are high and you probably won't be able to borrow as much as you will need to complete a home. With a construction loan you can structure it so that you are only making payments on what you actually need to borrow during the building process, and there are also checks and balances to make sure the contractors are getting paid so that you don't have liens popping up later from subcontractors.

But my best advice to you is to remember to have fun during this process. Building a home is VERY stressful and often causes problems between spouses. If you can agree upon what you want to do before you even start building, it will go a long way to alleviating any issues that might arise later.

Good luck!

Buying or Selling a Home

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Diann Tonnesen

Expertise

I have over 25 years of experience in real estate in Las Vegas. I can answer almost any specific question about buying or selling homes, condos, high rise properties or land in the State of Nevada as well as general real estate questions that pertain to the industry as a whole. I can also answer questions related to financing on FHA and VA loans, conventional loans, interest only loans, stated income loans, and hard money lending. You can also go to my site at http://www.greatlasvegashomes.com which has lots of information on it as well.

Experience

With my husband I have been helping families call Las Vegas home for over 23 years and I still love it! We developed a strong niche in the Internet industry and had to start a team of agents to respond to the large volume of calls we were getting. Currently we have 18 full time agents, a sales manager, two leads managers and two transaction coordinators assisting us. Last year we helped over 280 families and investors find property in Las Vegas.

Organizations
Las Vegas Board of Realtors and the National Association of Realtors

Publications
PR Web, Las Vegas Review Journal, and interviewed for numerous magazines as well as a broadcast interview for television by CNN.

Education/Credentials
college journalism major

Awards and Honors
Top agent in the state of Nevada for sales multiple years when working for Century 21 and last year one of the top 10 agents in the country with Prudential.

Past/Present Clients
Just too many great clients to mention here, but I can certainly provide a long list of references on request. Or check out our web sites at:

Las Vegas Real Estate
Las Vegas Condos
Henderson Real Estate
Las Vegas Golf Course Homes

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