cjb01 Posted January 19, 2008 Share Posted January 19, 2008 My husband and I have been back and forth trying to decided whether we should build a home or buy an exsiting. My father in law was kind and gave us a property that is 2 acres and paid in full. He keeps insisting we build there or put a mobile home(not even an option).We have been been looking online and have visited Tilson homes. Our main concern is having to pay pre-construction while we are paying rent. Tilson said that they would not require us to do a pre-contruction loan, all they would do is take a lein in the property while the home is being built and our first payment would not be until our first morgage payment is due. Which I think is perfect and more affordable for us.We only know of one person personally that has built with Tilson and were pleased with the service during the whole prcess or any other builder. Looking for any other input, advice, or stories to help us with our decision. We understand that building a home is time comsuming and can be stressful. Link to comment Share on other sites More sharing options...
musicman Posted January 20, 2008 Share Posted January 20, 2008 long term is the lot where you have an interest in being? Link to comment Share on other sites More sharing options...
Timnwendy Posted January 20, 2008 Share Posted January 20, 2008 Did you look at David Weekley Homes? I saw on their website that they offer a 'build on your own lot' arrangement. I don't know the details, but if I were you I would look at several builders before making a decision. Good luck! Link to comment Share on other sites More sharing options...
gwilson Posted January 20, 2008 Share Posted January 20, 2008 What type of home area you looking to have built?I would be VERY hesitant to allow the builder to place a lien on your land in lieu of payment because that gives them all the power when you should have it. God forbid anything happen to your or your husbands earning potential and the land is now gone and Tilson made a fortune on the deal.I don't know much about their building quality because I have never walked one of their homes (I've never actually SEEN one of their homes save for their freeway side sales centers), so I cannot comment positively or negatively.It seems to me there are better ways to go about this from a financial point of view. If you were to take out a construction loan and work with the builder to build in an extra 20k or so, you could buy a used trailer and put it on the lot and live there while the home is being built. This would be significantly cheaper than paying rent I would think. If you do the loan interest only until you close on the mortgage, you shouldn't be paying much at all out of pocket.This seems like a tight situation financially and I am not sure that is the best circumstance to go in to building a new home. If it is in fact tight, my suggestion would be to talk to the father about selling the land and use that money to help in buying an existing home. Please clarify the situation so I can assist you further. Link to comment Share on other sites More sharing options...
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