Home building usually requires financing. And there are many options to consider when you’re planning to finance and build a home. If you have been reading my articles on financing the building or remodeling of your project, you’re aware of many of the options. Using the equity you have in other personal assets can be the easiest and sometimes the least expensive way to get money to build.
If you’re in a position to fund the building of your new home without needing to go through the pain and anguish of arranging for a construction loan, you’re in great shape! There are two good ways to do this. One way is to own other real property that is not encumbered with a loan. It could be the home you’re living in now. If its equity or value exceeds the cost of the home you want to build, then you’re in business. Although it’s rare, there are some states or other authorities that may limit what you can do with your line of credit loan so you should check these laws.
Tags: building your own home, construction loan, construction loans, great shape, investment accounts, investment manager, investment portfolio, personal assets, stocks bonds, substantial investment