Quote:
Originally Posted by psicodude
Yeah, it really depends on the builder. I know that several of the larger builders are requiring money at 25%, 50%, 75%. The other thing that really worried me is that you are looking at a solid year before you get possession. The rent alone would eat up most of your profit.
I am just looking at this from a strictly money making point of view.
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Shouldn't be a problem. Most builders will allow you to build without having the mortgage set up, because you already have a mortgage on your current place.
Many people will build a house and continue to live in their current house until the next one is ready, happens all the time. Nobody needs to sell their house before they start building, and thus rent a house in the meantime.