Real Estate Information

Luxury Real Estate Information

Rancho Palos Verdes, California Homes
Palos Verdes, California Homes
South Bay, California Homes
Luxury Mexican Beachfront Homes

Featured Properties

Oceanfront Estate Near Trump National

Related Information

Loan Information
Real Estate Information
Mortgage Refinance Information

Buying an Unfinished Home Maybe Your Answer

For the first time "want-to-be" homeowner, purchasing an unfinished new home maybe just the answer. With mortgage interest rates still at record lows, there has not been a better time to purchase a home in decades. However, home prices have dramatically risen over the past several years, and even with low interest rates, for some the dream of owing one's own home has still remained out of reach.

Purchasing an unfinished home can save tens of thousands of dollars, thus enabling some prospective homeowners the opportunity to buy a house that they may not have otherwise afforded. Unfinished homes are particularly attractive to young couples with no children and who have limited financial resources. The unfinished home concept allows the young couple to grow/finish the home as their family and financial resources do. In addition, if the new homeowners are willing to put in sweat equity they can save significantly on finishing the home.

Typically an unfinished home has a completed kitchen, living room, bath, and at least one bedroom. This is pretty much required by mortgage lenders and building inspectors as the home would otherwise be considered unacceptable for living standards. In many two story unfinished homes, the entire upstairs maybe left unfinished.

When purchasing an unfinished home there are a few items to consider first, such as; what is the expected timeline for finishing the house, what is the expected completed floor plan and who will complete it. All these questions should be answered prior to signing a Purchase and Sales agreement. For example, if more bedrooms will be required prior to when the homeowner anticipates finishing the home, then an unfinished home purchase may not be the right solution. Secondly, ask the builder/prior homeowner for a copy of the floor plan of the completed home. Usually a builder/prior homeowner has these, and it will help immensely when the time comes to complete the unfinished space. Changes to these floor plans are typically feasible, however, it is important to talk with the building inspector prior to beginning the project. Also, in the case of new construction, you may want to negotiate with the builder to complete a portion of the unfinished area, such as the rough framing, electric or plumbing. Finally, you need to determine who will complete the work and assess how much, if any, sweat equity you are willing to contribute. In either case, building permits will need to be pulled prior to any work.

Purchasing an unfinished home can be the means to fulfilling the American dream. For many, it is also a way to buy a larger home, once completed. For others, it enables them to not sacrifice quality in their initial home purchase. Whatever the reason, the purchase of an unfinished home has traditionally been an excellent investment.

Mark J. Donovanme_Donovan@comcast.nethttp://www.homeadditionplus.com

Over the past 20+ years I have been involved with building homes and additions to homes. I have completed many projects that have included: building a vacation home, family room additions, and a garage. I have also finished the upstairs on unfinished homes. My formal education and profession has been as an Electrical Engineer and Marketing Manager.

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at

Mansion Global

Manhattan Real Estate Feels Summer Slump - Mansion Global
Mansion Global
Manhattan's real estate market is feeling the lazy days of summer as buyers and sellers head out of town for vacation, leading transactions to fall in the city, ...

and more »


Tracking E-Commerce To A Career In Industrial Real Estate Brokerage
E-commerce brings commercial real estate professionals a special delivery. And a leading industrial broker talks opportunities for success in the e-commerce ...

and more »

Real Estate Earnings Preview
Seeking Alpha
Earnings season kicks off this week in the real estate sector. More than 100 REITs and 10 homebuilders will report second-quarter earnings over the next five weeks. Over the past quarter, REIT ETFs have surged more than 10% as fears over rising ...

Investopedia (blog)

Big Bank Mortgage Results Hurt by Spring Real Estate Market
Investopedia (blog)
The impact of high property values and rising mortgage rates that shut some buyers out of the spring real estate market is starting to show up in the quarterly results of some of the nation's banks. Wells Fargo & Company (WFC), JPMorgan Chase & Co ...

Florida Trend

Yes, there is such a thing as too much real estate tech
Today it seems as though there is a tech tool or solution for every stage of the real estate transaction, from marketing and advertising to listing and closing. Sometimes it can feel like we are kids in a candy store, overwhelmed by so many choices ...
Summer housing market heating up in FloridaFlorida Trend

all 6 news articles »

Prime Real Estate Part 2
into prime real estate sunday mornings at 8:30 on my fox 10. call to find out how your house could be featured next. jenny jones: hi, i'm jenny jones from jane rowe realty. tune into prime real estate sunday mornings at 8:30 on my fox 10. call to find ...


Bitcoin-Only Real Estate Deals On The Rise
Using only bitcoin, 20 homes have been sold worldwide, and that number looks to get bigger. In fact, the Miami, Fla., real estate agent that brokered two of those deals, Stephan Burke, says cryptocurrency will make up 25-30 percent of real estate sales ...

Omaha World-Herald

Residential real estate transfers, July 15
Omaha World-Herald
Whisper Rock Holdings LLC to Cambridge Homes LLC, 2505 N. 185th St., $25,000. Whisper Rock Holdings LLC to Cambridge Homes LLC, 2609 N. 184th St., $70,000. Lanoha Real Estate Company Inc. to Briley Enterprises LLC, 2361 S. 220th Ave. $76,500.

National Real Estate Investor

The Business Case for Sustainability in Commercial Real Estate
National Real Estate Investor
Earlier this year ING issued a survey, which found that in the Americas, sustainability strategies have shifted from being a cost-cutting or brand reputation strategy to being a true revenue driver. This holds true for commercial real estate as well ...

Real Estate Transactions Recorded July 1- 7, 2018
Aspen Daily News
Grantor: John G. Lesh, Laurie C. Lesh. Grantee: Ivo Bensch, Mirka Bensch,. Property: Redstone 68, Redstone 68A. Cost: $280,000. Grantor: M. Schwartz LLC No. 1. Grantee: R & S Hansen LLC. Property: 1/2 interest Le Chamonix 11. Cost: $720,000. Grantor: ...

Google News

home | site map