For the first time “want-to-be” homeowner, purchasing an unfinished new home maybe just the answer. With mortgage interest rates still at record lows, there has not been a better time to purchase a home in decades. However, home prices have dramatically risen over the past several years, and even with low interest rates, for some the dream of owing one’s own home has still remained out of reach.

Purchasing an unfinished home can save tens of thousands of dollars, thus enabling some prospective homeowners the opportunity to buy a house that they may not have otherwise afforded. Unfinished homes are particularly attractive to young couples with no children and who have limited financial resources. The unfinished home concept allows the young couple to grow/finish the home as their family and financial resources do. In addition, if the new homeowners are willing to put in sweat equity they can save significantly on finishing the home.

Typically an unfinished home has a completed kitchen, living room, bath, and at least one bedroom. This is pretty much required by mortgage lenders and building inspectors as the home would otherwise be considered unacceptable for living standards. In many two story unfinished homes, the entire upstairs maybe left unfinished.

When purchasing an unfinished home there are a few items to consider first, such as; what is the expected timeline for finishing the house, what is the expected completed floor plan and who will complete it. All these questions should be answered prior to signing a Purchase and Sales agreement. For example, if more bedrooms will be required prior to when the homeowner anticipates finishing

Purchasing an unfinished home can be the means to fulfilling the American dream. For many, it is also a way to buy a larger home, once completed. For others, it enables them to not sacrifice quality in their initial home purchase. Whatever the reason, the purchase of an unfinished home has traditionally been an excellent investment.

About The Author

Over the past 20+ years Mark Donovan has been involved with building homes and additions to homes. His projects have included: building a vacation home, building additions and garages on to existing homes, and finishing unfinished homes. For more home improvement information visit http://www.homeadditionplus.com and http://www.homeaddition.blogspot.com.