New Construction Still Has Room To Grow
Whether you're trying to get a property for a lower price or hoping to get extra upgrades before you buy, there's still time! Check out these options, and consider Mark Stillings for more inspiration.
Working with Lenders
To leverage these upgrades effectively, it’s essential to work closely with your lender throughout the construction process.
Discuss Your Upgrades
Open communication with your lender is key. Discuss the specific upgrades you plan to implement and how they will impact the property's value. Lenders appreciate borrowers who are proactive and informed, and this can work in your favor when negotiating interest rates.
Obtain a Reputable Appraisal
A reputable appraisal is crucial for accurately reflecting the value of your upgrades. Make sure the appraiser is aware of all the upgrades and their potential impact on the property's value. A thorough and accurate appraisal can lead to a better LTV ratio and, consequently, a lower interest rate.
Negotiate Loan Terms
With the knowledge of your property’s enhanced value, you’re in a stronger position to negotiate loan terms. Don’t hesitate to shop around and compare offers from different lenders. Highlighting the value-added by your upgrades can help you secure the best possible interest rate.
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