heloc?
palongee1
10 years ago
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Full StoryHi everyone, ive searched hi and low for some answers pertaining to my situation and so far have found little help, hopefully someone here can give me some direction, here goes :)
I own a property outright, several acres zoned agricultural. The property was appraised for 500k in 2009. The property has a old home and outbuildings (barns, shops, etc) The old home was built in the 1880's which was apparent once I started taking a hard look at the structure underneath the home. From the exterior and interior it looks fine. My original plan was a complete rennovation but the costs are so excessive that im leaning toward building new on the same parcel then removing the old house once the new home is finished. I have looked into a construction loan which requires a contractor and a pretty short timline. I have access to all the sub contractors I would need to contract the build myself as well as doing some of the work myself. My concerrns are if I were approved for a heloc and built the new house then removed the old house could I potentially be in a trouble with the bank? The new home would obviously be bigger and worth much more then the existing structure, im just concerned that I could be in some kind of violation of the loan? My reasons for wanting to build this way are 1, I dont want to pay a contractor to do what I can do. Also, my definition of "good enough" is much different then what some of these contractors ideas are. 2, I dont want to be on a stringent timeline to complete the build, I have certain guys I would like to use for certain subs as well as I would like to do some of the work on my own. My biggest issue is financing. Im looking to use some cash but id need to borrow appx 165k to get the project done. Its a unique situation i know, any help anyone could give me would be much appreciated! Thanks for your time! Mike
sylviatexas1
palongee1Original Author
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MFatt16
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palongee1Original Author
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