Land tips

So I wrote to Alchemy to get some tips about the land today. Here is what Beth had to say:

As you look for a site, some of the things you will want to consider are the costs of your site clearing, foundation, electrical, water, sewer hookups. If you are working with a realtor, they may be able to help you with general estimates or contacts for your area. Otherwise, ask a lot of questions to local resources, and you can usually find contractors that can help.


I also spoke to Scott at the Land Home lending company. He explained how construction to permanent loan works. You close on the loan right away before the home is built. Then the lender pays for everything as work goes along. Until delivery, you pay 9.99% interest on the loan. At delivery 80% of the home is paid. Then after everything is done the last 10% is paid. The loan then changes to a more conventional loan, for whatever term you have chosen and at that point you lock in that interest rate. He said he has personally done between 4 and 5 weeHouses.

The big take away from our conversation was that we need to find a good contractor. That seems to be very important.