Here’s some encouraging news for log-home buyers. Home prices rose for the second straight month in major metro areas, even hard-hit cities like Detroit and Atlanta. If the main snag in your plan to buy a log home is getting a decent price for the home you’re in now so you can sell it and move, you stand a better chance of improving your equity. Equity is what many people intend applying to the purchase of their log home.
Does this mean you should rush right out and buy your log home today? Only if you’ll walk away with enough money to satisfy the bank that’s handling your construction and mortgage loans. Lenders still are behaving like boozers after a bad bender pledging temperance. That means you have to actually show your ability to pay back the money you borrow. And in the case of log homes or any custom home, you’ll have to satisfy an appraiser that the home you intend building will get built and that it will be worth the money you’re borrowing.
If you’ve been waiting for housing prices to rebound, maybe you’ll want to wait awhile longer to see if the upward trend continues before putting your house on the market. Meanwhile, strive to improve your assets so that when you do sell your home, you’ll be able to bring more than enough money to the table to satisfy even the soberest lender.
Don’t waste time while you’re waiting, though. Keep accumulating ideas for your log home so that when the time does come for you to act, you’ll already have done your homework, made a lot of decisions and be ready to start immediately. After all, you don’t want to delay gratification forever.