Referrals and Tips for New Home Construction in Brookeville, MD
Hello All! This is our first post on Biggerpockets, very excited to start engaging in discussions about RE investing :)
So my husband and I have a piece of land in Brookesville, MD that we'd like to build a single family home on to sell. This is our first construction project ever, so we are wondering if anyone has any general contractor or new home builder recommendations in our area, or know of someone who might? The land is 0.57 acres and we are looking to build a home around 3000 sq. ft.
Also, do you have any tips in general for new home constructions for sale as investors? Thanks!
Two ways, you can literally drive and see who is building in the area. Most of the time they will have signage posted at the site. Secondly, you can have an agent pull every home in the area that has an age of 2 years or younger and then contact those builders to see what they can offer you. There are several builders that have the you buy the land we build your home model.
Thanks Andrew for your help, those are great ideas that we hadn't thought of. My husband is a realtor actually so I can have him search for the newer homes and their builders. Thanks again!
Dont forget the impact taxes. That usually makes building in MoCo prohibitivly expensive. Brookeville you are looking at about a $50k impact tax I think.
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Thanks Russell for the heads up on the Impact Taxes, yikes that's a lot of money!
As a follow-up to the above question on the new home construction, can we use the profit from the sale in a 1031 exchange to buy other investment properties?
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#1 1031 Exchanges Contributor
- Qualified Intermediary for 1031 Exchanges
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@Jin Wang, If you are building a house to sell then you cannot perform a 1031 exchange. 1031s are available for property that you have purchased with the intent to hold for productive use. Property you buy or create primarily to resell is treated as inventory.
If you build the house and then rent if for a while you could 1031 then.
