downtown San Diego real estate   mls listing  

San Diego downtown real estate broker

Bob Schwartz, CRS, GRI 

Certified Residential Specialist



San Diego, California 92101

Telephone - Cell:
(619) 300-8819

(619) 229-0048

Copyright © 2006 by
All rights reserved.

Promotions Unlimited

search engine optimization

You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.


Purchasing Unfinished Homes

Unfinished homes present a great way to save tons of money and get yourself a new home in the process. If you purchase an unfinished home, you can keep your monthly mortgage payment low and also lower your initial investment. You may also be able to purchase a larger foundation size as well, which you can easily add on to and save money in the process.

Normally, unfinished starter homes leave the upstairs area incomplete. The question here, is just how much equity you want to put into an unfinished area. Sometimes though, an unfinished home may leave the roofing, framing, plumbing, or electrical components uncompleted. Before you make a purchase, you should always decide how much money you have to complete what needs to be finished.

If the home you are searching at has plans for a garage, you can conserve thousands if you determine not to go with the garage. On the other hand, if there is another attached room that is planned to go onto the house, you can conserve just as much if you determine to omit it. There are always ways that you can conserve money just by looking at the plans. Unfinished homes may have other planned on additions as well, in which you can conserve a lot of money just by leaving them out.

The is something that you should always keep in mind. When builders acquire a piece of property that they plan to construct a home on, they will do all they can to make as much money as potential on their homes. You might be able to convince them to agree to some of these ideas, although they probably won’t agree to all of them. Building homes can be a very beneficial business - which is why most companies like to build their homes precisely as the plans call for.

When looking at unfinished homes, you also need to look at what banks are willing to accept. If you are planning to get a mortgage, most banks will need to ensure that the home is up to current codes and sufficient in living condition. What this means, is that there will need to be a living room, bedroom, and other rooms that are completely finished. If the home is missing quite a bit in terms of being unfinished, most banks won’t give you a mortgage.

Most banks are also known to turn down unfinished home mortgages that they feel will have issues selling in the event that you default. Normally, the whole downstairs area will need to be finished, along with most of the landscaping. You might be able to do some of it yourself and conserve money, although in many cases the home builder will need to do a large amount of the topsoil and grass just to satisfy the bank. Banks have stern prerequisites when it comes to unfinished homes, which is why you should always verify with your bank before you invest in an unfinished home.

As most of us already know, purchasing an unfinished home provides an amazing way to get into the housing market and get your very own home. Unfinished homes also permit feasible buyers the chance to grow into their home along with their family. If you are interested in saving money, you should be certain to talk to the builder. This way, you can go over the theories and figure what doesn’t need to be there. In most cases you can conserve loads of money and still get a home that will offer years and years of memories for yourself and your entire family.



Back to San Diego downtown real estate article index

San Diego downtown real estate broker