Home Building Equity Creation – Build Or Remodel Your Own Home and Create an Equity Bonanza?

Are you thinking of building or remodeling your home? If you have spent any time looking around for a kit home, packaged home, homebuilding books, or a do-it-yourself program you’ve seen some wild claims. What is true?
 
They usually call it “sweat equity”. The old “do-it-yourself” model of saving money big time. Yes, saving a lot of money, especially in this economy is very attractive, indeed! But, beware! When the economy is rough, and sales slow down, marketing departments and entrepreneurs really start hitting you with exaggerated claims to get your attention.
 
WHEN IS A GOOD TIME TO BUILD FOR YOU?
 
Truthfully, only you can decide what is a good time to build or do a major home improvement project. Your income, job security, the amount of cash you have, your credit rating, your time availability … all these things factor in.
 
Notice that I didn’t even mention the economy. Doesn’t the economy matter? Well, it would be naïve to say that it didn’t. But, it would be a crying shame to let some economic upheaval stand in the way of you reaching your dreams … IF you are prepared. This very well could be a great time for you to make your home building dreams come true. Let me outline a few reasons why then give a way to decide for yourself.
 
Why this COULD be a good time to build:

If you need to borrow, rates are at historical lows
The building industry is very slow now and you can get bargain prices on many homebuilding materials
The costs of labor are down substantially in many areas and labor is a big part of the overall cost
There are many potential bargains when it comes to buying land to build on

 
Frankly, there is a window of opportunity for those who are financially and emotionally ready to take the leap. Just know that there is always the potential for the market to worsen before it gets better.
 
My advice is this. If you’re planning to live in and enjoy the home for years – it’s a good time. If, however, your plans are to build a home for “instant equity” and sell it upon completion, all bets are off! No one can say where the market is headed in the short term. So, unless you’re prepared to hang on to it if necessary, I would not take this speculative gamble.
 
Finally, as to the wild claims, I really can’t say what is reasonable in your market without knowing how you plan to execute your project. Will you do a lot of management and work yourself? Will you use a home-building coach, a site supervisor, or a kit home? What are other homes selling for? How long will it take to build? What is the interest rate on the loan and for how long? There are many factors involved.
 
Just be sure that you always ask questions and demand proof of any claims. And never move forward until you’ve spoken to the references of any company or individual that you consider working with. Never!
 
Good luck and I hope this helps. And keep learning all you can!

You can learn so much more about home building and remodeling online. One great option is to take advantage of a very informative yet simple to follow *free* e-course that you can find by clicking here http://www.DreamHomeCreation.com You will also find other tips and tools, surveys, videos, and additional articles by Mel Inglima.

Should You Use Home Equity or Savings to Pay for a Remodeling Project?

When you’re planning a remodeling project or home renovation, it’s a good idea to start by determining how you’ll pay for it. Usually that comes down to taking out a loan or using your savings.

Some people may have enough cash saved to consider paying for their remodeling project or home renovation out of pocket. But just because you have enough savings to pay for your home remodeling project doesn’t necessarily mean you should rule out either a home equity loan or a home equity line of credit (HELOC). Tapping into home equity can be a smart move, under certain circumstances. Your own individual financial situation will determine what payment plan you should choose. So check out this episode of Big Money Real Estate for my tips on when to tap into home equity and whether to choose a home equity loan or HELOC to pay for a home remodeling project.

Be sure to subscribe to my YouTube channel for the latest real estate tips and news: http://www.youtube.com/subscription_center?add_user=expertrealestatetips

And pick up my Intentional Investor Series on thinkglinkstore.com to learn everything you need to know to become a successful investor in real estate: http://thinkglinkstore.com/collections/frontpage/products/the-intentional-investor-complete-series

Looking for more of my real estate and personal finance tips?
Read my blog: http://thinkglink.com
See my tweets: http://www.twitter.com/glink
Follow me on Facebook: http://www.facebook.com/ilyceglink

More Home Equity Articles

Investing: 7 Ways to Build Credibility with Your Peers

When you have no experience investing in apartment buildings, you may feel a little like Rodney Dangerfield in that you get no respect. When you also have no money it can be even more of an uphill battle to get others to take you seriously.

No money and no experience make a strong double negative. But the reality is, most of us started at zero or pretty darn close to it. So don’t worry about it. Here are 7 credibility-building strategies that you should follow whether you’re a newbie or an old pro.

1. Continually educate yourself. A lot of people jump head first into shallow water when a little research would have saved them a big headache. When venturing into unfamiliar territory, your goal is not to become an expert, but simply to learn the basic strategies that have proven to be winners and to also know what common pitfalls to avoid. Getting the facts (and taking action) are the two keys to wealth. And nothing builds your credibility quite like wealth.

2. Know your audience. Whether you’re making an offer on property, seeking private money to fund a deal, or negotiating with rehab contractors, familiarize yourself with the needs and concerns of the person you’re dealing with. The art of negotiation hinges on knowing your opponent’s needs and presenting yourself as the solution.

3. Network. Gleaning tips and insight from others who have already been down the path you’re taking is an astute way to learn and build your reputation at the same time. It may seem like there are six degrees of separation between you and local experts, but that isn’t the case. Start with the Chamber of Commerce; it’s their job to be connected. Give them one goal you have, such as finding a local apartment owners association, and your networking will be off to a stellar start.

4. Reputation trumps experience. Reputations follow people like shadows. Someone who is just starting out in real estate, but who has a solid reputation as a trustworthy businessperson in another area, will have higher credibility than an experienced real estate player whose credibility is shot full of holes. Stress your success. The fact that I control real estate worth more than $ 240 million buys me enormous credibility as a businessman even if I wanted to open a motorcycle repair shop.

5. Speak with authority. People are less likely to wonder, “Have you done this before?” if you sound like you know what you’re talking about. The idea is not to bluff, but to speak intelligently. When you’re in the dark, ask intelligent questions. But rather than ask a question as if you don’t know the answer, ask as if you want to know if the other person knows the answer. For example, with a rehab contractor ask, “How do you plan to approach this project and what is your timeline?”

6. Partner with someone. You can marry into higher credibility when you partner with someone. Real estate investing is a complex business and two minds are better than one. Choose a partner who brings something to the table that you lack because you don’t want all the weight on one side of the ship. Keep in mind that compatibility is essential and that your potential partners will be as stringent in checking your credibility as you are in checking theirs.

7. Build a team. The time to build a team is before you need it. Team players include a real estate agent, attorney, tax advisor, lender, contractor, and mentor.

All these strategies are interwoven. If you’ve been investing for years, you know that the real estate market changes and with it can change the fortunes and reputations of those in the industry. Your credibility will need constant maintenance but it’s well worth the effort because success attracts success.

David Lindahl, also known as the “Apartment King” has been successfully investing in single family homes and apartments for the last 14 years and currently owns over 7,000 units around the US. David regularly shares his secrets and experience on the same stage as Tony Robbins, Robert Kiyosaki, and Donald Trump! Visit http://www.rementor.com for more information on how to invest in real estate and other property investing techniques.

Find More Peer To Peer Lending Articles

24 things you need to know to build good credit

24 things you need to know to build good credit
Instead, you can buy your credit score directly from the credit bureaus, advises the Consumer Financial Protection Bureau (CFPB). Also, your credit card company might share your credit score with you, or you can turn to a third party that offers free …
Read more on Las Vegas Review-Journal

Keeping credit in check for 2016
It's time to make plans to improve ourselves; change eating habits, increase physical activity habits, and do a better job with our spending habits, etc. I want to encourage you to make plans in 2016 to ask for your free credit report from the safe …
Read more on Ottawaherald.com

You Have No Excuse For Not Knowing Your Credit Score Anymore
You can purchase your credit score from FICO, which will provide you with the number that potential lenders see when they check your credit score. But if you use the proper methods, you should be able to get this accurate information for free.
Read more on The Cheat Sheet

How to Build Business Credit With Small-Business Loans

How to Build Business Credit With Small-Business Loans
This is only true if your lender reports to business credit bureaus, and not all online small-business lenders do. If yours doesn't, your credit won't be affected either way. If building your business credit is a priority, get a loan from a lender that …
Read more on NerdWallet (blog)

Industry fine-tunes credit measures to avoid subprime risk
Nevertheless, skeptics should weigh the effects of work being done by dealers, lenders and credit bureaus to prevent an auto-lending-driven downturn and burst the notion of the subprime bubble. With longer loan terms and high subprime loan volume …
Read more on Automotive News (blog)

Where To Build Inexpensive Credit Reports

People Find It Tough In Getting Cheap Credit Reports, However It Really Is Then Readily Obtainable On The Internet And Is Usually Viewed By Anybody. Within The U.S. Alone, 3 Companies Joined With Every Other In Simply One Internet Site Known As AnnualCreditReport.com.

Frequent Credit File Are Not Advisable Unless Of Course We Learn The Fraud And If We Might Get Definitely Applied The Freebie For That Year It Can Be Usually A Great Idea We Enquire Form A Reputable Company For Example Experian, Equifax Or TransUnion.Please Note That You’ll Find Additionally Other Affordable And Secure Areas In Which We Get Credit Rating Studies Which Additionally Are Available With The Scores.

The Law Additionally Authorizes One Particular To Get A Cost-free Annual Survey And By Any Opportunity That We Simply Are Denied The Inexpensive Credit Reports It Is Possible To Employ On-line To The Above Authorized Firms For No Cost As Every And Every Of Them Keeps Diverse Ratings Which Will Enable We Get A Best Thorough Analysis Of One’s Credit Profile.

The Low-cost Credit File Consist Of 4 Various Credit Records Namely Identifying Details Which Gives Details On Individual Facts, Credit History Background Where It Indicates The Time And Date Through The Moment We Got The Accounts, Details Of One’s Loan And How Much Bank Loan We Obtained.

And Additionally How Much We Get Been Having To Pay In The Direction Of The Financial Loan, And The Balance We However Owe, Community Documents, And Questions This Really Is In Which You’ll Come Across Particulars In Regard To Bankruptcies, Judgments And Taxes.Placing A Freeze Safety For The Inexpensive Credit Reports Makes The Individual Details Useless And By Doing So It Can Create It Difficult For A Thief To Accessibility Into The Account.

If Essential, It Is Possible To Lift The Accounts.But If It Might Take Place We Are Able To Frequently Create Very Easy Moves And Analysis To The Attorney General’s Consumer Protection Division Which Has Create A Hotline 800-392-8222 Or Call Traris Ford Of Buyer Education At 573-751-527.

Always Shred Sensitive Info Regarding The Inexpensive Credit Reports.Make A Habit To Just Carrying Credits Cards And Files We Will Want For That Day And In No Way Carry The Social Protection Card.

It Is Additionally Crucial To Utilize Spywares On The Own Personalized Personal Computer.Check Out The Monthly Bills So That We Simply Can Learn How Very Much We Get Invested.

If We Find Any Mistakes In The Monthly Report We Must Sort Them One By One Particular And Create Best Reports Plus A Abide By Up To Create Positive That They Get Been Rectified.

Determine where to receive cheap credit reports online. Discover especially where to get free credit rating report online.

Find More Credit Reports Articles