Question by Lynda M ♥: For new construction loan: Can we get a loan if we want the builder to finish the shell but we finish inside?
My husband and I are looking to build a new home and would like the builder to take it only to the studs. We have a lot of construction know how and want to finish the inside ourselves to save money (We will subcontract some of it out). Will the bank loan us enough to pay the builder and buy the supplies we will need to finish it? How do we go about doing this?
Answer by ed m yes you can get a loan like this — but you will need a complete detail estimate of how much it will cost to finish out the house === i did the very same thing == i took out one loan for the construction and a separate loan to finish the project. you want to set up the 2nd loan on a line of credit where by you only draw money out as you need it. i do not know your schedule but you will find that unless you are working at this full time it will take much longer than what you plan == that is why you want a line of credit type loan so you are only paying interest on the money as you use it. same way with the insurance == you will want to work with you agent so as the value of the house goes up so does the coverage. i wish you the best of luck and keep smiling because you two are taking on a task that will be putting a big strain on your personal life but it can be very rewarding in the long run.
Question by Ming S: who should pay the retaining wall for a new house, builder or new buyer?
The builer and sale managers never mentioned the retaining wall. After the foundation is created, we found that from the foundation line/base to the fence line/base, total long is about 20 feet and sloped elevation is 3feet 2 inches.
Would you please let us know who should pay this retaining wall?
Answer by rick z first off, you had no control over the location of the home on the lot, the elevation of the foundation on the lot or the final grading requirements for the lot, so it is 100% on the builder, not the buyer. The builder also had a legal obligation to disclose that the lot required a retaining wall. Having said that, typically a retaining wall is required if the slope on the lot exceeds a 3 to1 ratio, and it doesn’t sound like that’s your case. Either way you shouldn’t have to pay. That’s absurd. Tell them to keep their house. You may also just go to the top and speak to the general manager. As a former production manger, I can assure if the general manager has to get involved because his people have failed to do their job, it usually hits the fan.
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Question by Phil G: Is the builder responsible for shoddy floor joist construction?
I bought a foreclosed split level home two years ago. My house was built in 1990. I was doing some remodeling and noticed that that the upper level that hangs over the foundation is not to code. The floor joists that hang over the foundation only come back over towards the middle of the house the same distance as the over-hang. It is my understanding that if there is a two foot overhang, the support has to be at least four feet long. Is the builder liable because the house is not to code? Is the township liable because they approved the house at the time of construction?
Answer by triminman nope its your baby now. Have you checked to see if the top plate is engineered to share the load.
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