When discussing the options of downsizing, many people are hindered from preceding by this very question, what if my home sells and I don’t have a home yet. This is a conversation to have now rather than after your home is on the market to avoid any sudden surprises of not being able to move in to the home you love. At Michael Lee’s Pioneer Point, we are custom designing our villas which takes time, 5 months to be exact, but the best part is that the home is customized to fit you! Many are deciding to think of their future at our first design meeting…what things are missing on your current home that you would love to have or what will you need to age gracefully in this new home.
While you are not alone in this predicament, let’s discuss the options prior to getting to this point. First and foremost, if you own your home we need to discuss what it’s worth. This is helpful when deciding to build, as we need to know how much money you will be bringing forth to the build. Will financing be needed or not, will typically be solved at this meeting. Many of our clients have equity in their homes that could potentially pay for the home in full or partially to avoid a large mortgage which is typically desired. You may wonder what this entails, Kristy Esty, the sales representative at Michael Lee can meet you at your current home then decide on a plan of action for selling your current home and ways to market the existing home to get the home sold. This will also entail an estimation time frame of how quickly your home will sell in the current market, which will help guide us on timing to come onto the market.
2nd item to address is talking to a good lender like Adam Will with Tradition Mortgage at 952-252-4478 or email at email@example.com. Adam can be very beneficial, by using the market value, as mentioned above to figure out the best strategy to have you build the home and save you the most money on financing. Sometimes structuring the home as a loan is needed or if there is existing equating in the current home, implementing a bridge loan to tap into your equity into the loan is complete. Until speaking with him, there is no best way to determine the best option.
And 3rdly, once we learn which route you are taking for financing, we will know if retaining your home is the best option until the build is complete or sell first and have temporary housing. There are creative ways that our clients have actually enjoyed the build time wait. Many have rented an rv and traveled the US, others went on a European cruise, others moved to a family cabin or rented a home on the St. Croix river. Travel to Texas, Arizona or Florida to change up the peace and enjoy warm weather.
Have peace of mind while your away with Builder Trend, the building solution to keeping track of your build while away. Detailed map of where we are each week on the building process, along with providing photographs of the built site each step of the way.
Here at Michael Lee Inc, we want this process to be as painless and fun as possible. Anything we can do to make this a better community, just let us know. We can be reached to learn about building at 651-271-5470.