Not all lots are the same. Taking the time to find a quality lot to purchase with Arizona spec home financing can be the difference between profit and loss.
Building a spec home can be an excellent source of income if you do it right, so it’s important to consider every element of your potential home to ensure the greatest profit. Design, choice of contractors, and neighborhood location all contribute to a home’s value, not to mention the lot it’s on.
When choosing a lot for your spec home, there’s a lot to keep in mind. Think about the following when searching for a spec home lot:
1. Lot size Will the lot comfortably accommodate your floorplan? Try to choose a lot that will fit your floorplan while leaving some breathing space between your home and neighboring houses.
2. Location in the neighborhood Is it by the main road or off in the back? Is it on a main street or in a private cul-de-sac? Think about the best spots in the neighborhood and find a lot as close to them as you can get. Some areas have parks or walking paths within earshot of a lot, which can be useful in selling a home.
3. Upcharge Make sure you’re aware of any extra charge for the lot you’re looking at. If there is an upcharge, consider whether the lot warrants that upcharge. Is the lot worth what it costs, or could you find a comparable lot with no upcharge?
4. Neighboring homes/areas What’s next door? Lots next to parks, walking paths, or golf courses tend to cost more, but they will produce the most profit. If none such lots are available, lots on street corners tend to be larger and have no neighboring homes, which can make them more appealing to buyers. Consider any upcharges your premium lot may have and see if it’s worth it to choose compared to a standard lot.
Think about each element carefully in relation to your ideal clientele. If the neighborhood in which you’re building is marketed toward families, think about that when you’re choosing your lot. Which lot would be the most ideal for a family moving into that neighborhood: on a corner or near a park? The better the lot you choose, the more potential offers you could get.
With construction, lot costs, and more, Arizona spec home financing can be hard to come up with. Hard money loans are great alternatives to traditional bank loans, as they can get you money both easier and faster. Hard money lenders often deal with real estate funding like Arizona spec home financing, and therefore have a lot of expertise in the real estate industry.
Level 4 Funding is a trustworthy hard money lender that can help you finance your next spec home.
Level 4 Funding is a Phoenix-based hard money lender that has funded projects all over the Western United States. Run by two lenders with extensive experience in real estate, Level 4 Funding can give you the Arizona spec home financing you need at the rates you want.
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis Dahlberg Broker/RI/CEO
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.