Ultimate Guide To Building A New Home

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Frequently Asked New Home Questions

What are the two sources of tear-down building lots?

1. Public list of properties for sale. Multiple listing service, like Bright MLS. This public list feeds to free sources like Zillow, Redfin and Realtor.com
2. Paramount Constructions private list of properties. Many of these will show up much earlier than when the addresses post to the Public list.

What are the two types of loans for new homes?

1. Acquisition loan. If the new home is already completed, an acquisition loan is a loan where the lender uses the new structure and the land as the collateral for the new loan.
2. Construction-perm loan. If the new home has not been constructed yet, the only collateral the lender will have is the land. So, a construction-perm loan can be obtained which will use the value of the future home to be built and the land as collateral.

How long does it take to build a new home?

It usually takes seven to nine months to construct the home. If the home is a high-end custom home, it can take even longer. This does not take into account design and building and demolition permitting time.