With all the competition going on, my pick today is the building lot. Buyers get so discouraged with multiple offer so I want to talk about building a home because often times people feel it would be easier. It's romantic, building your dream home, having a good size lot and not compete for it, WIN WIN! Building a home comes with it's own challenges. First off, getting a mortgage on vacant land is not straight forward, you'll need Architectural design in place with an approval from the municipality so a lender will look at you. The lender will give you construction loans in order to pay the builder in phases. You'll need to service the lot, (well, septic, hydro etc) Once the project is complete you'll have it appraised to put a final mortgage on it. If you've done your research and worked with a good agent to help maximize the value of the lot, the lender should see a similar value you had planned for. So now you have a brand new home, no work needed at all. WOOT WOOT! Oh wait...landscaping, decks, fences, sheds, pools, driveway, etc. The list goes on an on, I say this because stress is inevitable and purchasing a home your largest transaction so interview agents. So often people pick the first agent they meet at an open house or talk to over the phone. If you want to find out how to qualify an agent, DM me and I’ll send you a list of questions.
Stressed out over competition