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Building a house -- architect/loan question
Posted on 12/17/19 at 9:13 am
Posted on 12/17/19 at 9:13 am
Got a great deal on an empty lot in an expensive area of town. We're getting ready to build a rental house on the lot. The builder is well vetted and comes highly recommended.
Do we need an architect? We were referred to an architect who quoted us a $13,000 fee on a $200k house.
Also, probably a dumb question, but do we need building plans before a bank will give us a loan?
Do we need an architect? We were referred to an architect who quoted us a $13,000 fee on a $200k house.
Also, probably a dumb question, but do we need building plans before a bank will give us a loan?
4
Posted on 12/17/19 at 9:23 am to TheOcean
That is stupid fricking high for a $200K house. Shop around.
Posted on 12/17/19 at 9:35 am to TheOcean
quote:
Also, probably a dumb question, but do we need building plans before a bank will give us a loan?
Yes maybe not all, but 99% will need to see the plans before the loan. They will need to give the plans to the appraiser so he can use it when appraising the projected build.
What state are you building in?
Posted on 12/17/19 at 12:03 pm to TheOcean
Get on the city's website and find out what they require to approve a building permit. It will tell you what specific drawings you need and what situations might require a stamp. As mentioned, home designers or even complete plans online will be more cost effective. Unless you have something unique online plans may be fine. You'll need a set of plans and a budget for construction costs for any loan from a bank.
Posted on 12/17/19 at 4:47 pm to TheOcean
If it’s a rental find a plan the builder has built before and has the cost down to the nail.
Yes, generally lending institutions want to see scope of project you are asking them to back with several hundred thousand dollars. On an investment property they may want as much as 25% down, but the value of lot would go towards that number
Yes, generally lending institutions want to see scope of project you are asking them to back with several hundred thousand dollars. On an investment property they may want as much as 25% down, but the value of lot would go towards that number
This post was edited on 12/17/19 at 4:50 pm
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