New Year, New Build

NEW YEAR, NEW BUILD TYPE OF CONSTRUCTION

Built by a Home Builder on the speculation that it's appealing to Home Buyers with smaller timelines such as 'Move-In Ready' or a 1-2 month wait period. Popular

SPEC HOME

finishes with no design changes offered. Spec homes have the least risk and the least input from the buyer regarding the home finishes. This is the best option if you do not have cash deposits and have a VA or 100% financing mortgage.

Home Builders provide Home Buyers with selections.

The Home Buyer's selections will have important contingencies & deposits. The build will have a 6-12

SEMI-CUSTOM

month timeline. Typically no rate lock. Home Builders will require construction deposits based on the contract price or upgrade selections. Typically the deposits required to customize a home are nonrefundable upon selection.

Liability, Fixed, & Variable Costs will depend on the Home Builder and land chosen. The timeline is 10-16 months. Typically no rate lock until near completion.

FULLY CUSTOM

Home Builders will require construction deposits based on the contract price or upgrade selections. Typically the deposits required to customize a home are nonrefundable upon selection.

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NEW YEAR, NEW BUILD FINANCING NEW CONSTRUCTION

You do not need a construction loan or a large down payment to own new construction. Many builders prefer to carry the financing of the build meaning you close with a conventional mortgage. You provide a deposit at contract signing, like the deposit (EMD) you’d make on a resale home, then you secure a traditional mortgage at closing. The process is very similar to a contract on a resale home when it comes to financing.

When do you need a construction loan? A fully custom home may require a construction loan. This typically occurs when you’ve purchased a plot of land and contract with a builder to build a custom home on the lot. The builder does not want to assume the risk of building a home to your taste and not being able to resell it if the contract does not close. Say, for example, that you want yellow counters, gold cabinets, and shag carpets throughout the home. The builder will have a difficult time selling a home with your selections, so they minimize risk by having you finance the build. If the contract does not close, you are then responsible for selling the home.

What is a construction loan? A construction loan is a temporary loan used to finance the construction of a new home. Upon completion of the home, the loan will convert to a traditional mortgage. During construction, you will only make interest payments on the amount withdrawn from the loan.

As the withdrawn amount increases, your interest payments will increase.

Want to know more? Contact one of my preferred lendors:

MACKENZIE SMERDON

CMG HOME LOANS LOAN OFFICER - NMLS: #2168053 25 PELHAM ROAD, SALEM, NH 03079 C: (603) 819-3432 E: MSMERDON@CMGHOMELOANS.COM

JASON LINSCOTT

GUILD MORTGAGE COMPANY LOAN OFFICER - NMLS: #88519 168 S. RIVER RD, BEDFORD, NH 03110 O: (603) 682-1081 E: JASON.LINSCOTT@GUILDMORTGAGE.NET

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NEW YEAR, NEW BUILD BUILD PROCESS

LOT SELECTION

FINALIZE DESIGN & BUDGET

PURCHASE & SALES AGREEMENT

HOME CONSTRUCTION

HOME DESIGN CLOSING + MOVE IN! WARRANTY

LOT SELECTION: Meet with builder to walk existing or new sites and determine which lot works best for you.

INSPECTIONS & APPRAISAL

HOME CONSTRUCTION: Home is built according to agreed upon design and cost. Process can take 1-3 months (Spec), 4-8 months (semi-custom), or 8+ months (custom).

HOME DESIGN: Meet with home design team and/or an architect to choose or fully customize your floorplan and design INSPECTIONS + APPRAISAL: New elements. construction must be built to code and inspected. An appraisal is also FINALIZE + BUDGET: Finalize the design completed for tax and loan purposes. with the builder and determine cost of home.

CLOSING: Home ownership! Secure loan.

P&S: Agree on terms of build, cost, and execute sales contract.

WARRANTY: New construction typically comes with a 1+ year warranty covering structural and utility defects.

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NEW YEAR, NEW BUILD DEVELOPMENTS COLBY FARMS, CHESTER

STACEY LANE, CHESTER

CARLEY WOODS, PETERBOROUGH

Colby Farm is an idyllic community featuring 10 single-family homes on 1 acre lots on a peaceful cul-de-sac. Each home is a blend of exquisite design and craftsmanship, with customizable floor plans.

Enjoy rural tranquility with modern comforts, surrounded by a horse farm and 18 acres of conservation land.

Whether choosing a builder's plan or bringing your own vision, Colby Farm invites you to embark on a journey where luxury meets nature.

A new subdivision featuring nine single family detached condos surrounded by conservation land in the center of town. No age restrictions and a minimal condo fee make this a fantastic chance to build your new home in a private community. Bring your plans and create a tailorbuild dream home in this quintessential New England small town.

This custom home opportunity presents a secluded, wooded lot with a single-family residence boasting over 2,000 square feet of living space.

This new construction harmonizes quality and style, offering tranquility and convenience just minutes from downtown Peterborough. With a 50minute drive to Manchester-Boston Regional Airport and 90 minutes to Boston Logan International Airport, this location combines accessibility with serene living. Explore additional lots and plans for customization.

DJ Development $$

Lifestyle Homes NH $$$

LR3 Development $$$$

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NEW YEAR, NEW BUILD SINGLE LOT HOMES 22 BIRCH DRIVE, SANDOWN

96 BACK ROAD, DANVILLE

64 LANE ROAD, CANDIA

Introducing an enchanting bungalow-style retreat nestled within the serene beauty of Sandown. This newly constructed gem is gracefully positioned along the tranquil shores of Angle Pond, inviting you to experience a harmonious fusion of contemporary comfort and lakeside charm. Enjoy the privilege of exclusive beach rights and a boat mooring on Angle Pond, just steps away.

Seize the opportunity to make this brand new bungalow-style

Discover this exquisite 4bedroom new construction residence featuring a fantastic floor plan in Danville.

Noteworthy amenities include a convenient 1stfloor Office/Study, a 2-car garage, a substantial composite deck, and central heating and air conditioning. Nestled on a picturesque 2.5-acre lot, this new construction home provides an opportunity to customize your selections of kitchen cabinets, countertops, and flooring. Embrace the

This brand new home is now complete and ready for occupancy! The Bentley floor plan, a time-tested favorite, has been further enhanced in this version.

Experience the grandeur of an oversized family room, an open-concept kitchen/eating/family room with an impressive kitchen layout, and a fabulous walk-in pantry!

This house is adorned with upgraded features throughout, and quality finishes at every turn. All set in a fantastic west side neighborhood on a

construction your own.

chance to create a personalized haven in this

generous 3+ acre homesite.

beautiful setting.

Offered at $639,900

Offered at $689,900

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Offered at $829,900

NEW YEAR, NEW BUILD CONDO/CONDEX 7 TIMBER RIDGE, NOTTINGHAM

Welcome to Timber Ridge West! Perched on a high ridge, this townhome community comprises 12 units, providing a perfect blend of easy access to major routes and proximity to stunning State Parks and lakes. Unit 7, a delightful residence, offers 1200 square feet of space featuring two bedrooms and one and a half baths. Embrace a lowmaintenance lifestyle with affordable condo fees covering plowing, trash removal, and landscaping.

8 PORCH LIGHT, DOVER

99 FOUNDRY PLACE, PORTSMOUTH

Exquisite condex units situated on a 1/4-acre limited common area lot nestled in the desirable South Dover neighborhood, conveniently close to exits 7 or 8, it comes fully equipped with coveted upgrades. With low condo fees of $75, city water/sewer, and natural gas, this property is not only stunning but also practical. Ready for immediate occupancy!

Welcome to Residences at Foundry Place in downtown Portsmouth! With 51 thoughtfully designed condos, including 1 to 3 bedrooms, these homes blend style and functionality. The Pierce floorplan offers 1 bed, 1 bath, and a Juliet Balcony.

Enjoy amenities like a tranquil courtyard, fitness center, and rooftop deck with city views. Located in the heart of Portsmouth, experience the best of the city with dining, shops, and nightlife just steps away.

Pre-sales are open, priced from the mid $500's. Act now to secure your dream urban home at Foundry Place. Pet-friendly!

Offered at $384,900

Offered at $549,900

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Offered at $550,000