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Soggadu
Kurra Bewarse
Username: Soggadu
Post Number: 2932
Registered: 02-2009
Posted From: 65.110.174.162
| | Posted on Wednesday, July 26, 2017 - 8:45 am: |
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You need to be watchful when you are buying the plot/land too. Land grading, what is under in that plot and also the tress. Emyna rare trees untey we many not be able to cut them anta. Tokkalo rules chala untayi.
You might be aware of this site. Buzzbuzzhomes will have all the details of new communities in your preferred neighborhood  .
చక్కర కలిపిన తియ్యని తేనెల తోడు పెరుగు తెలుగు
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Lolakulu
Pilla Bewarse
Username: Lolakulu
Post Number: 259
Registered: 05-2017
Posted From: 207.244.71.183
| | Posted on Tuesday, July 25, 2017 - 11:58 pm: |
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rental house lo unde vallu ravocha? ee entire db lo rental house lo unde di nenu okkade anukunta.
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Sensation
Yavvanam Kaatesina Bewarse
Username: Sensation
Post Number: 5132
Registered: 12-2004
Posted From: 108.196.9.96
| | Posted on Tuesday, July 25, 2017 - 11:33 pm: |
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One known issue with custom builders is you will be liable if the builder uses subcontractors and doesnt pay them |
Kubang
Celebrity Bewarse
Username: Kubang
Post Number: 36435
Registered: 09-2011
Posted From: 24.64.245.215
| | Posted on Tuesday, July 25, 2017 - 11:04 pm: |
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Ravanabrahma:
good point, another risk I need to look into..thanks bemmam
Ignorance is bliss
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Ravanabrahma
Celebrity Bewarse
Username: Ravanabrahma
Post Number: 25576
Registered: 06-2004
Posted From: 167.114.118.4
| | Posted on Tuesday, July 25, 2017 - 10:56 pm: |
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Kubang:
annai..careful in choosing the right custom builder. dallas lo oka pedda custom builder munchesi poyadu janalani.
http://www.nbcdfw.com/news/local/Home-Builder-Takes-Deposits-Leaves-Million-Doll ar-Homes-Unfinished-414545203.html |
Kubang
Celebrity Bewarse
Username: Kubang
Post Number: 36433
Registered: 09-2011
Posted From: 184.151.222.230
| | Posted on Tuesday, July 25, 2017 - 10:22 pm: |
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Sinna:
thanks thammudu, more or less high level idey anukunna but never did this before. The only difference here is down payment vachi first million ki 20% and then 50% for the remaining amount above million. Manaki 2 million antha scene ledu, max $1.4M ideally around $1.2M ayithe better
Ignorance is bliss
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Sinna
Mudiripoyina Bewarse
Username: Sinna
Post Number: 22977
Registered: 04-2005
Posted From: 73.73.226.93
| | Posted on Tuesday, July 25, 2017 - 8:24 pm: |
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Kubang:also you need to put all your down payment first and then after that bank will allow drawing funds..
Yes this is right. Meeru 20% down for your $2Million house chestharu kabatti kikiki, so meeru $400K katteyyali first. And when Builder say for his first draw asks $500K, after framing etc is done for example. Then $400K is yours, and then $100K fro your Approved construction loan is given. So next month bill vachinappudu aa $100K meeda 5% around interest meeru kattali.
So for around $300K you take for construciton loan, over 5 months period of your house contruciton you will end up paying around $3k and also $2k+ in COntruction closing costs, different from Mortgage Closing.
Naa Gunde Aadinaa... Aaginaa Nee Kosame...Balayya
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Sinna
Mudiripoyina Bewarse
Username: Sinna
Post Number: 22976
Registered: 04-2005
Posted From: 73.73.226.93
| | Posted on Tuesday, July 25, 2017 - 8:22 pm: |
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Annayya, meeru anedi Construction Loan gurinchi anukunta. If we are getting a house built in custom style, ante naku oka Builder telusu, ayanatho illu kattinchukuntunna, after buying land myself aithe, appudu Mortgaeg loan ki approval kosam ellinappudu, we also ask the Bank that we will need construction Loan. That has also to be approved seperately out of Mortgage Loan. Yes daniki Interest ekkuva untadi, around 5%, and interest is calculated monthly on amount withdrawn fromt he costruction loan by builder. Builder konni works ainappudu to pay them off, will submit a document to a Title company, vadu manalani aduguthadu is this alla valid ani, yes ani santhakam pedatham as a owner of the house. Then The title company tells bank(Lender) to release money. So aa money entha unte dani meeda around 5% interest kattali manam throughout. Once Builder is ready to handover keys, then this Construction Loan is converted to Mortgage Loan in same bank, or different that we can decide.
If Bank does not approve COnstruction Loan, even though Mortgage Loan is approved for same amount, then option is the Builder himself will apply for the Constructin Laon which has higer Interest rate like around 7-8% anta. Andukani illu owner aina maname Construction loan teesukotam if approved is best option.
Idi naku telisndi, hopefully meeru adigindi ide ayyi undali.
Naa Gunde Aadinaa... Aaginaa Nee Kosame...Balayya
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Kubang
Celebrity Bewarse
Username: Kubang
Post Number: 36432
Registered: 09-2011
Posted From: 24.64.245.215
| | Posted on Tuesday, July 25, 2017 - 8:21 pm: |
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Superman:
process vivarimpudi...
Ignorance is bliss
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Superman
Kurra Bewarse
Username: Superman
Post Number: 1782
Registered: 10-2005
Posted From: 73.228.180.141
| | Posted on Tuesday, July 25, 2017 - 8:07 pm: |
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Kubang:evaranna vaadaara?
Nenu vunnanu  |
Kubang
Celebrity Bewarse
Username: Kubang
Post Number: 36431
Registered: 09-2011
Posted From: 161.141.1.1
| | Posted on Tuesday, July 25, 2017 - 7:22 pm: |
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Soggadu:
I believe they charge little bit of higher interest rate during construction stage (as it is not conventional mortgage yet). you can convert it to conventional one once you are within 30 days from completion. idi mortgage broker cheppina katha..
also you need to put all your down payment first and then after that bank will allow drawing funds..
to be honest I am not sold on custom build and not sure I can handle that additional stress..edo okati already kattindi manaki nachedi dorikithe bagundu ani watching..
Ignorance is bliss
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Kubang
Celebrity Bewarse
Username: Kubang
Post Number: 36430
Registered: 09-2011
Posted From: 161.141.1.1
| | Posted on Tuesday, July 25, 2017 - 7:15 pm: |
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Soggadu:(a Doc you might know is building a 2 Million $ home, he hired a full time PM for about 100K)
inka kadathaane vunnada? ayipoyindi anukunnane..
Ignorance is bliss
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Kubang
Celebrity Bewarse
Username: Kubang
Post Number: 36429
Registered: 09-2011
Posted From: 161.141.1.1
| | Posted on Tuesday, July 25, 2017 - 7:13 pm: |
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Soggadu:Meeru adugutondhi custom construction kosam.
correct. I have booked an appointment with the bank on Saturday. Will find out more details then. thanks.
Ignorance is bliss
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Soggadu
Kurra Bewarse
Username: Soggadu
Post Number: 2931
Registered: 02-2009
Posted From: 65.110.174.162
| | Posted on Tuesday, July 25, 2017 - 7:00 pm: |
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Kubang:
Sir, USA and Canada lo process same when you are buying the home from the builder. Mana desam lo house cost ni batti 40K to 160K (nowadays it is about 10% of the house price) deposits ga kattali builder ki. Then the remaining funds are to be paid at the time of closing.
Meeru adugutondhi custom construction kosam. GTA lo mana desi custom construction companies unnayi (a Doc you might know is building a 2 Million $ home, he hired a full time PM for about 100K). Vallaki call chesthe meeku kavalsina mortgage details anni chepthadu.
Let me know if you want my help to get the contacts. Can you help on that.
చక్కర కలిపిన తియ్యని తేనెల తోడు పెరుగు తెలుగు
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Kubang
Celebrity Bewarse
Username: Kubang
Post Number: 36428
Registered: 09-2011
Posted From: 161.141.1.1
| | Posted on Tuesday, July 25, 2017 - 6:40 pm: |
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Ravanabrahma:
okay, got it.
because builder is probably constructing whole community and demand is high, its not a big risk for builder there.
Ignorance is bliss
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Ravanabrahma
Celebrity Bewarse
Username: Ravanabrahma
Post Number: 25575
Registered: 06-2004
Posted From: 167.114.118.4
| | Posted on Tuesday, July 25, 2017 - 6:38 pm: |
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Kubang:mari appatidaaka builder gaadiki risk kaada? or you pay some non refundable advance?
oka 7k to 15k check istham contract sign chesinappudu anthe depending on the builder. madhyalo manam maku illu vadhu ante aa check vadiki vellipodhi. illu konte adi included in the downpayment |
Kubang
Celebrity Bewarse
Username: Kubang
Post Number: 36427
Registered: 09-2011
Posted From: 161.141.1.1
| | Posted on Tuesday, July 25, 2017 - 6:34 pm: |
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Proofdada:
mari appatidaaka builder gaadiki risk kaada? or you pay some non refundable advance?
Ignorance is bliss
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Proofdada
Bewarse Legend
Username: Proofdada
Post Number: 150636
Registered: 03-2004
Posted From: 205.145.107.101
| | Posted on Tuesday, July 25, 2017 - 6:33 pm: |
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Kubang:you start your mortgage payment from the day you closed the deal with builder?
nope... after construction done then only mortgage starts... until then no need to involve lender yet... |
Kubang
Celebrity Bewarse
Username: Kubang
Post Number: 36426
Registered: 09-2011
Posted From: 161.141.1.1
| | Posted on Tuesday, July 25, 2017 - 6:30 pm: |
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Proofdada:
mee dallas lo kothaga construction cheyinchina vaallantha etta theesukunnaru? you start your mortgage payment from the day you closed the deal with builder?
Ignorance is bliss
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Proofdada
Bewarse Legend
Username: Proofdada
Post Number: 150635
Registered: 03-2004
Posted From: 205.145.107.101
| | Posted on Tuesday, July 25, 2017 - 6:28 pm: |
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idhedho ind type lo vundhi... no avidia sirji... |
Kubang
Celebrity Bewarse
Username: Kubang
Post Number: 36425
Registered: 09-2011
Posted From: 161.141.1.1
| | Posted on Tuesday, July 25, 2017 - 6:28 pm: |
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Sasibabu:
 evadi gola aadidi kada..
ippudu 1 to 1.5 year pattuddi new home from the time we select the land and then go through designs with couple of builders and then to pick a builder followed by actual construction. ee total process lo manam specific ga pick chesukunna builder gaadu need milestone payments kada. aa type mortgage evaranna theesukunnara ani question.
ippativaraku manaki nachina illu edi dorakaledu mana budget lo. new construction option konchem detailed ga process enti ani choosthanna..
Ignorance is bliss
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Kubang
Celebrity Bewarse
Username: Kubang
Post Number: 36424
Registered: 09-2011
Posted From: 161.141.1.1
| | Posted on Tuesday, July 25, 2017 - 6:25 pm: |
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Proofdada:
adi sarigga theleeke ikkada thread vesindi. google chesthe idi vachindi.
A draw mortgage is preferred by home builders because it allows them to receive portions of funds during predetermined stages of the build process. To obtain a draw mortgage, the beginning process is the same and you will have to go to your lender to be verified for the build to begin. The benefits of this option are that the builder is able to manage their cash flow, inspectors are sent to verify stages of development are met, and funds sent to the builder are handled through a lawyer. There are some extra costs associated with this option though. Inspections will incur a cost upon each stage met and interest payments may be incurred as well. You also do not have the option to add upgrades throughout the build process with a draw mortgage as the first advance sets the loan in stone.
Ignorance is bliss
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Sasibabu
Mudiripoyina Bewarse
Username: Sasibabu
Post Number: 15412
Registered: 10-2010
Posted From: 45.20.143.145
| | Posted on Tuesday, July 25, 2017 - 6:21 pm: |
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edho okati chesi oka 100K venakki ippinchandi kubang jee
theesesaa
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Proofdada
Bewarse Legend
Username: Proofdada
Post Number: 150634
Registered: 03-2004
Posted From: 205.145.107.101
| | Posted on Tuesday, July 25, 2017 - 6:13 pm: |
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ante eetiji... |
Kubang
Celebrity Bewarse
Username: Kubang
Post Number: 36422
Registered: 09-2011
Posted From: 161.141.1.1
| | Posted on Tuesday, July 25, 2017 - 5:36 pm: |
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Dallas vaasiyo..
meeru new home konnappudu, "builders draw mortgage" evaranna vaadaara?
Ignorance is bliss
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Archives - 2017