New Construction an option for many first-time buyers in Maine
Looking at all the available Maine homes on the market and not finding exactly what fits your style? Building is an option, with NO construction loan. In a traditional new construction home, the process would be:
- Find land
- Purchase land (with cash)
- Find a local bank that will approve you for a construction loan that can pay out to the builder at various points of completion
- 6 months after completion, refinance for lower more competitive rate
But, since this process is long and costly, builders have caught on and many will offer to take on the total investment - so, you may build your dream home and only start making payments when you purchase the home with traditional financing at the end of all construction. For some builders, you could be in your new home from start to finish in just 90 days! Some buyers take that long just to find the house and then go through the traditional 30-40 day contract period. And how cool would it be to have photos of your home being built? See above! (Although it would have been "cooler" if I had made a plan to take a progress photo of the front of the house in the same exact spot for a flip book type timeline - next house! WAIT, there will be no next house for us! Must stop shopping!)
Contact Megan for more details - 207.221.5450. My new construction knowledge is very fresh and I'm happy to help buyers through the process each and every step. You'll find it's fun and very rewarding to make choices and start fresh in a home built just for you!