26Jan

Create Equity by Building your next Home

by Lee Seward Uncategorized, building a house, buying a new home, Construction, construction companies, construction contractor, Custom Homes, florida homes for sale, for sale by owner, general contractor services, Home Equity, Home For Sale, home mortgage, Home Remodeling, houses for sale, Housing Market, investing in real estate, local building contractor, local construction company, market trends in real estate, mortgage rates, new home construction, new home florida, new homes for sale florida, Property For Sale, Real Estate, real estate investing, real estate market, Rebuilding Homes, Remodeling, Renovation, small construction companies

Time to Build your Home

Create Equity 2024

10% Down for Loans up to $800,000

20% Down for a loan up to $1.5M

30% Down for a loans up to $3.5M

Put $700,000 of Equity in your Wallet

POPULATION GROWTH IN FLORIDA has been booming lately. According to recently released census data, Florida has seen its total population grow by 14.6% over the last decade, nearly double the growth rate of the United States.

The thousands of people streaming into Florida are putting pressure on housing prices. The Florida Realtors association reports that the statewide median sales price for single-family existing homes is $375,000, up 23% from the previous year.

With the increasing demand for real estate and rising prices across the state, many people have turned to construction loans to finance the building of new homes. If you’re going to spend a lot of money on a house, you might as well purchase a lot and build a custom dream home, right?

When someone decides to build a new dream home, one of the first things they start exploring are construction loans, which are a little different from conventional mortgages when you’re purchasing an existing home.

As you research, you’ll soon find that construction loans have different rules and qualifying criteria. The nightmare scenario to avoid is one where you’ve committed to purchasing a lot but end up struggling to find a construction loan.

Fortunately, there are loan officers that specialize in construction loans. They have years of experience working with underwriters to make sure you navigate the application, pre-approval, and closing process.

If you’re a homebuyer looking for a construction loan specialist, we can quickly connect you with several options customized to your specific needs so that you can make the best decision for you

Benefits of a new a construction loan in Florida

Construction loans are short-term financing that are used to cover the cost of building a house from start to finish. Construction loans can cover the costs of buying land, working with an architect to draft plans, permit fees, and the labor and materials necessary to complete the house.

Because construction loans aren’t secured by a completed house, the approval process for a borrower can be more complex than for a traditional mortgage. Your lender will likely want to be more involved in the process of understanding the construction timeline, budget, plans and your personal financial situation before approving the loan.

The other important thing to consider is that home construction loans aren’t distributed as a lump sum. Instead, your lender will distribute money to you through a series of installment payments as the states of the construction are completed.

The benefit of a construction loan is that you’ll typically only be required to pay the interest on the funds as they are drawn. You won’t need to make the principal payments until you complete construction. Your lender will probably have an option to convert your construction loan into a typical mortgage at the end of the construction process.

$14,000 Down Payment

The Iridium Team works with you to from property selection to building completion and each step along the way. We know how to get you the most value for your desired budget and that is why we start with developing your budget. Once we have finalized the budget we help you in property selection and lending. Our network treats you as top priority, everything is streamlined and efficient. Our Realtors provide the best service all over Florida and our Preferred Lenders offer various low cost options.

Lets go over the numbers and the type of Equity you will create. Depending on what your final budget is we can put you in a $1.5M home for $800,000 with an $80,000 cash down payment. You will create $700,000 in equity plus own an amazing home. $14,000 down payment will get you a $140,000 construction/permanent fixed 30 year mortgage and instant equity of $150,000 from a $290,000 home valuation.

5 Top Florida Construction Loans

1. TD Bank

The TD Bank construction loan has some great benefits if you’re looking to build a house, with down payments as low as 20% for a loan up to $1,500,000.

720-740 FICO score desired
20% down required on loans up to 1.5M
30% down required on loans up to 3M
One-time close
Primary or secondary homes are eligible
Fixed rate and ARMs are available
Purchased lot considered in the down payment
No pre-payment penalties
Interest rate locked before construction begins
If land has been owned for at least 6 months, we will lend up to 80% of the appraised value of the entire project.
If land has not been owned for at least 6 months, we will lend up to 80% of the land acquisition cost+cost of construction
No Condos or Co-Ops. No investment properties.

TD Bank requires 10% of the construction costs to be held in reserve, and you can use their loans for vacation properties.

2. Space Coast Credit Union

The folks over at Space Coast Credit Union offer a home construction loan up to $650,000, so long as you have a minimum credit score of 650.

One Loan: from Construction through Final Permanent Mortgage
One Application, One Closing and One Paperwork Filing
Up to 90% Financing Available
We Make the Payments to Your Builder at Key Points Throughout the Process
Automatic Modification to Traditional Home Loan at the End of Construction
Fast Pre-approval Decisions, Online or Over the Phone
No Intangible Tax
SCCU Member Service for the Life of the Loan
SCCU Interest Rate Guarantee

As far as fees go, Space Coast Credit Union is advertising no application fees or pre-payment penalties. As of the time of publishing, they are charging $1,100 in origination fees.

3. MidFlorida

MidFlorida is a regional credit union based in Lakeland, Florida with a construction mortgage product.

Down payment as low as 10%
Financing is secured before construction begins. You only need to be approved once.
Interest-only payments during construction
One-step, one-time closing
Converts to a fixed- or adjustable-rate mortgage.
Flexible loan terms up to 30 years
Jumbo loans available

MidFlorida offers you the option of converting your construction loan into a conventional mortgage once construction is complete. There may be additional closing costs associated with that conversion since you’ll be establishing an escrow account for insurance and taxes, paying title insurance fees and possibly paying off any unpaid construction phase interest.

4. Seacoast Bank

Seacoast Bank is another option as they lend in Florida and have a construction loan product.

Adjustable Rate Mortgage options are available
Fixed Rate Mortgage options are available that would give you the same fixed rate from construction through permanent loan
One-time closing
Local underwriting and closing decision-makers during the loan process

Seacoast Bank has a long history in Florida, tracing its roots back to 1926. Their primary areas of focus today are in Broward County through the Treasure Coast into Orlando and west to Tampa.

Does a Florida construction loan make sense for you?

Getting a construction loan in Florida comes with huge benefits and very little downside. You’ll likely be able to make interest only payments during the construction phase, which makes your monthly payment affordable as an existing homeowner since you’ll be making mortgage payments on your current home until the new construction is complete.

The challenges of a construction loan in Florida are that you’ll find the process different from a typical mortgage, which is why we recommend working with a loan officer that specializes in construction loans. At the end of the day, you’re going to want someone who has extensive experience doing nothing but construction loans day in and day out.

If you have an interest we can help you select a property that will fit the home you want to build and we can connect you with a professional experienced lender to assist you in the process. Our extensive network of realtors and architects are available all over Florida. Give us a call or send an email to learn more.

19Jan

Interior Designer

by Lee Seward Home Remodeling, add second story addition, building a house, buying a new home, Construction, construction companies, construction contractor, construction contractors, Contractors, Custom Homes, fix and flip, flipping florida, flipping homes, florida homes for sale, for sale by owner, general contractor services, Home For Sale, home mortgage, houses for sale, Housing Market, improve sales in real estate, investing in real estate, licensed contractors, local building contractor, local construction company, market trends in real estate, new home construction, new home florida, new homes for sale florida, Paint, real estate market, Rebuilding Homes, Remodeling, Renovation, Repairing Home, small construction companies, Uncategorized

Is the Contractor holding you back?

Details in your Design Expensive?

The Contractor is an Extension of your Creativity

We see and hear it all of the time, “I wanted to do this but the costs were to much so we removed it.”

Simple is easy and boring

Symmetry

Regardless what you imagine, don’t let yourself be restricted by simple.

Not Complicated

If you have experience and an open mind the work really isn’t complicated and there are ways to make it fit the budget.

You Control

The Designer is in control of the style and the contractor finds a way to make it happen.

Be You

Let Iridium Help

Private Commissioned Residences

For the Discerning Designer

561-597-0021

3Jan

Real Estate Investing 2024

by Lee Seward Real Estate, Construction, Contractors, Custom Homes, Home Equity, Home For Sale, Home Remodeling, Housing Market, Property For Sale, Rebuilding Homes, Remodeling, Renovation, Repairing Home, Uncategorized

What is more exciting than SOLD in regards to your Investment?

Sold Single Family Homes December 2023

SOLD Single Family Homes Past 30 Days 2023

It is a great feeling when your investment sells and it is a greater feeling when it sells in the timeline you planned.

What is the secret?

Location, build something of value for your market buyers, spend wisely, build what makes sense.

That is the boilerplate answer.

The real secret is to execute and know what is involved. As a hands on developer, I seek lots without obstruction, nice streets, obvious great neighborhood, but the surrounding homes and neighbors are important. Never a corner lot, they are much less valuable as you need more room to fit a home. Per zoning regulations corner lots have two front yards and that pushes the building parameter close to the sideline leaving little room and less desirable conditions. Downhill or sloping downwards lot is a hard NO unless you can bring in fill. Purchase price, there is a ceiling number go above that number and you are not profitable. Just because a house sold for X around the corner does not set the ceiling for the property you need. Cash purchase, or finance, it is all the same. Taking money out of something to use to purchase property costs interest in some format just as borrowing money.

What to Pay for Land?

I am asked often for advice on what should someone pay for a lot? What is the formula?

Here is the answer, you need to know the market, the finish home size and the sold price. What has been selling in the area? That is the ceiling, not the highest sale but the lowest sale of a new home in the area you choose. The lowest sale price of new construction within 6-12 months. Then you need to see what was in the homes that sold, how many bedrooms, bathrooms, what type of finishes, lot sizes, etc. Now you have built a ceiling, an X sft home with X bedrooms, X bathrooms and X finishes cost $X.

With the ceiling you can come up with a per ft cost to build then finalize what the purchase price ceiling has to be for the area. There is no other way to know a lot cost and just chucking numbers without doing homework is fruitless. Your realtor cannot set the lot ceiling price or tell you a great price, you can never compete with end users who may be bidding against you. They are buying to live, you are buying to develop and flip. You need to cover costs, plus time (time to develop, time to sell, time for market corrections if you get caught in a down cycle).

Timing

Timing is the key to success. Even if you slightly overpaid for a lot, you may have a chance to be profitable if you can execute.

For me the selling market dictate when I need to complete a home. The cycle, in some areas buyers are out in the spring after bonuses are out and the temp breaks. Other areas it is the winter when buyers migrate from the northern areas looking for a second home. When you obtain your building permit the clock starts. You need to execute and create a timeline for your completion date. If you hurry can you finish during a strong market? If you wait will interest rates be lower? If you hurry will you be finished so you are ready for the spring pop? These are huge factors in building successfully. I have seen builders fold and the common thread is they do not have the ability to execute. Many have the gift of gab, this lets them raise millions but few can execute and at some point everyone gets lucky until luck runs out.

We execute and have a track record of doing so. It is easy to do and you can do it also. The key is to use the downtime of waiting for permits to build your home on paper. Basically price out everything, select everything, have it ready to purchase and store it. Line up all of your trades and when you receive your permits and we actually work with our subs to set the pace of the job. That effort and drive created builds momentum that pushes you forward to completion.

If you are building and heading in to a down cycle you may decide to take it easy. In this case you wait to hire and purchase items or trades. You seek the best deal and pull the trigger. This will offset the cost of time, it may not be something worth doing if you are using debt. It is also something I am not personally wired for. I would rather finish the job as quickly as I can then refinance and rent to hold or leave on the market to sell. I prefer to be in control of a completed asset rather than one in perpetual construction.

Profit Margin

What should you make for a profit margin?

You want to maximize your potential in any market. Profit is made on what you spend, the more you can create for less the higher the margin.

How do you create profit? This varies by what you contribute to the deal. If you are money you can contribute money for less cost. If you are the developer you can provide the build at less of a cost. In our situation we provide both development and money. Our target margin varies on each deal, our sweet spot is to double the cash invested. So if we sink $450,000 into a deal we want to create $900,000 in profit after all cost. This holds true for any size deal we do. The deciding factor is what is available for us and what appetite we have at that time. If you are the developer with little cash your profits will be lower, just as if you are the money and not the developer your margins will be lower. It is all relative to what you bring to the table.

Where to Start?

Pick a location and area where sales are happening. Select your targeted sale price based on what is selling and the demand in the area of your location. Let the market speak to you and do not try to convince yourself of something that doesn’t work. Schools systems drive desirable locations and bring down other locations. Be selective and know the buyer and decide what price point you want to be in. If $750,000 is the targeted market than back into the numbers and see what is available. Make sure you pick a state where sales are plentiful and people want to live there. If you cannot find anything then move to another area or price point. Play with the numbers and do your homework. If someone has a lot they will give you cheap, what is the value when you build a house that no one wants to buy? $0 is the value or worse-$0.

Back in 2013 I wanted to purchase NYC townhomes and convert them to single family luxury homes. The equity I needed wanted me to convert single family townhouses to multifamily. They couldn’t see the value in one buyer over multiple. They offered to back me 100% cash if I were to agree. This was insane to me then, at the time there were cranes every two blocks in NYC. New construction was changing the skyline and new buildings going up everywhere. How could I purchase a townhouse with the shell restricted by zoning and convert it to multi? When the bottom hits the new construction has amenities on site, I have a shell of an old building. Yes I can build amazing apartments but they will have windows only in the front or back, it will be limited against unlimited.

So, did I do it? No way, I opted to stay my path and ended up renovating a few townhomes for wealthy clients rather than build speculative ones finished for them. The market was there and yes the multi market did eventually slow down. Great wealth is always there, creating value and providing turnkey move in ready quality product is proven in all cycles provided you do your homework. Someones loses becomes someone else’s gains, that is the cycle and always will be.

If you are interested in developing together give us a call we are open to JV deals.

561-597-0021

31Dec

Reoccurring Flood Damage

by Lee Seward Flood damage, building a house, Construction, construction companies, construction contractor, construction contractors, Contractors, Custom Homes, general contractor services, Home Equity, Home Remodeling, Housing Market, licensed contractors, local building contractor, local construction company, new home construction, Paint, Rebuilding Homes, Remodeling, Renovation, Repairing Home, small construction companies, Uncategorized

Home DIY

Flood Prevention 101

Here are some tips to keep water where it should be

Did you know that “INSANITY” is defined by doing the same thing over and over again and expecting different results?

Replace drywall, install new cabinets, moldings, flooring, furniture…wait for it….BOOM! the next storm surge (not hurricane) your home is damaged again. Be angry at those property owners who drove past your home and created a wave that gets your house wet. How dare they leave the house they own to get away or go the house they own to check damage. You have every right to be upset, you just replaced all of the damage created from the last flood and now your home is damaged again.

If your house flooded from a storm surge and you only replaced everything, you could be INSANE. You need different solutions to stop future water damage.

Where was water infiltration entry?
How high was the surge and water level outside and flood water inside?
What height (off the floor) are the entrance doors to the house?

Take this information and create a plan.

Most likely the height of the water level caused the damage. Raise all of your door entrances up as high as possible. Replace the space above your doors to installing that space below your doors. Add a landing outside to enter, and one inside if needed. Waterproof the lower elevation of your home, the entire perimeter. There are many waterproof membranes that can be applied as paint and will stop any water from entering. Besides being easy to apply, you can also paint over so it is not visible. Build the grade around your house up, add planting beds to buffer water and make sure you waterproof continuously behind and higher than the beds prior to creating the beds. Your garage, raise everything off the floor, be sure to waterproof the all of the walls 24″ up and to the concrete slab. Remove HVAC units, water heaters anything in the way and replace after applications are applied generously. Cover the entire concrete slab, be sure to raise the entrance door from the house to the garage to the max and add landing as needed.

Raise your exterior doors to create a buffer below. This work may be involved but if you do it once correctly you won’t have to do it again unless something huge came through. If your home has 8ft ceilings and you door sits on the floor of your home, you have these options:

Option 1 remove the lintel and replace with a laminated wood beam that is short in height and fat. Use the difference in height to raise the door with cement infill and waterproofing. A typical door is supporting 1 or 2 trusses so a 4″-5″ tall laminate beam is suffice.
Option 2 remove the lintel and open the ceiling up inside, install a flush header above the block walls and joist hanger the trusses into the beam for support. put your door to the ceiling line and add the space below with cement and waterproof to bottom of footing.
Option 3 open the ceiling, remove 2-4 trusses entirely, create a reverse gable roof and infill with framing. Raise your door 2ft and create an entrance outside and inside. Be certain to waterproof your exter to the bottom of your footing or at the least to the top of your footing well below your concrete floor elevation.

What is the cost? What is the amount of work involved? Slightly more than the work to replace what is damaged. So if you do this work while you are repairing your home the cost is nominal and you would not feel it. You would stop the stress worrying about flooding again, you would also increase your homes value. When you have a claim on your home it is noted and recorded. Your premiums and future owners premiums will be higher and it will be an issue later.

Recap, doing the same thing and expecting different results is Insane.

Give us a call we provide free estimates and we can help you. 561-597-0021

17Dec

Home Flood Prevention and Mitigation

by Lee Seward Repairing Home, building a house, Construction, construction companies, construction contractor, construction contractors, Contractors, Custom Homes, Flood damage, general contractor services, Home Remodeling, licensed contractors, local building contractor, local construction company, new home construction, Rebuilding Homes, Remodeling, Renovation, small construction companies, Uncategorized

Flood Damage

Flood Mitigation

When you have water damage the first thing you need to do when the water recedes is to dehumidify the area. If you have a dehumidifier set it up to run 24-7. If you do not have one then you can set your thermostat low and run your ac until you are able to get your hands on a dehumidifier. Remove everything that is wet from the house including drywall. Cut the drywall above the waterline until you find dry area. Drywall will soak the water so the sooner you cut it the less you will need to purchase later. Remove wet wood moldings carefully so you can possibly re-use when it drys out.

Screenshot 2023 09 30 at 10.10.02 AM
Screenshot 2023 09 06 at 4.03.03 PM

DIY PREVENTION

Screenshot 2023 10 10 at 7.05.26 AM

Besides raising your home there are steps you can take to prevent damage from storm surges. One is notice how the water has entered your home. Through the walls, through doorways etc. If your home is block construction on concrete slab (like the one in the picture), the focus needs to be on waterproofing the lower level of the masonry walls. Raise your entrance doors and help offset water damage to the extent possible.

Raise Exterior Doors

In the picture (above) you see the step up to enter the home at the front door, this is good and you can also see the space above the front door to the ceiling. Raise your front door, create steps and landing outside, modify the ceiling inside and outside, create a landing inside to step down. This would need to be done at all exterior doors including the one from the garage to the house.

Next, waterproof the entire lower section from below the interior floor level. Dig the soil away where possible by hand and apply a waterproof membrane. Manufactures are plenty (Laticrete is a brand we use often) and apply this over the surface and include the area you raised under your door ways. Cover the surface area heavily including wall to floor along your garage floor and walls, apply multiple coats after each drys properly. You can also apply Laticrete to the lower section of your finish interior walls and the corner of the floor, this will stop water from intruding into the wall and prevent your drywall from getting wet in the event you experience water intrusion. Laticrete and most products can be painted over so this will allow you to blend it in. They have a fabric that can be applied at the corner of the wall and floor, this will seal the edges and keep the wall dry.

The steps above will help resist water from flooding into your home based on the elevation but it is not a sure fix. Elevate your home is a sure fix and this can be done by building over your existing walls. The cost to elevate your home will reduce your flood insurance and increase your home value. Repairing will help prevent damage from surges at the lowest expense to you, but it will not increase your home value.

Information to know, single story masonry block wall homes are built on top of concrete footings set in the dirt. The floors are concrete slabs installed over compacted soil and the block stem wall. Your interior walls are built over the concrete slab. The other type of footing is a raft or mat foundation where the slab is poured thick around the perimeter to support the home.

Could you lift a slab on grade single story masonry home? Yes and in order to raise the house many supports have to be added under the existing concrete slab. To install the supports under the existing floor you need to tunnel underneath the house carefully. Think of the amount of work involved. Then jacks are installed in numerous areas and the house is lifted evenly. Typically the house lifter has the house higher than the final location and begins to excavate the new footings underneath the home. In new construction this work is easier as you are not working in between shoring piers and jacks. SO as you would think this is a process and expense. When the work is complete the house is set on all of the new piers. The utilities need to be reconnected, stairs built to enter the house, and the underside of the house needs to be covered so it looks finished. When you are done, you have the same house built the same year with the same windows, sitting many feet in the air. This is an expensive path to elevating your home.

Elevate your Home

Our solution is to remove your roof demo all of the interior walls and flooring, reinforce footings as needed with masonry piers, plus necessary anchors, then build a new floor, with new walls on top of your existing block walls at the elevation required. 6-8 months work and done to the style design you want all new.

The cost to elevate your home increases the value of your home offsetting the cost to do the work. We can raise your existing home at a cost of $140-$195 per square foot. The price is based on the structural integrity of your existing foundation and maintaining the same footprint of your existing home.

If you are interested give us a call and we can provide you with a free estimate. 561-597-0021.

Screenshot 2023 10 09 at 7.47.37 AM
IMG 4295 scaled e1702902543864

26Nov

How to hire a Remodeling Contractor

by Lee Seward Remodeling, building a house, Construction, construction companies, construction contractor, construction contractors, Contractors, Custom Homes, general contractor services, Home For Sale, Home Remodeling, Housing Market, licensed contractors, local building contractor, local construction company, new home construction, Property For Sale, Real Estate, Rebuilding Homes, Renovation, Repairing Home, small construction companies, Subcontractors

Remodeling in Pinellas County

New Kitchen or Bathroom is very important to you and your Family. The added space or versatility in use or just updating the design to something current requires selecting a licensed contractor to do the work.

There are many steps in the process and everyone wants to save money. What typically happens is the cheapest path becomes the most expensive and sometimes never completed. Horror story after horror story, clients have paid contractors more than 50% + of the contract and no or little work is completed in place.

Make sure you have answers to these questions in writing:

What precisely is the scope of work?
How long will the work take overall?
What are the work hours/days?
Will I be out of a Kitchen for 2 weeks or 9 months?
What happens if the project takes a year?
What happens if you did not add work but the Contractor wants more money?
Who is responsible for managing the subcontractors?
Is the contractor capitalized to operate business?

Typical issues

Google Reviews, There are companies you can hire to create multiple positive Google reviews. Companies with lots of positive reviews are not safe from being bad companies. But there is a way to vet the reviews to help pick good from bad. Read the reviews and you will start to see who the company truly is. You can tell the fake ones from real, the anger from clients and the absurdity from the contractors responses.

Renovation in Naples

If you follow these steps you will reduce a bad experience.

Read the reviews and responses.
Stay away from narcissistic responses from the contractor.
Meet face to face with the contractor and go over the work ask about all details.
Review the estimate provided by the contractor beyond the price, look for details= product description, qty, cost.
Ask for written language of time duration and how will the work be managed.
Ask for missing details to be added.
Define what you are expected to do and what you expect from them.
Add language for delays.

Transparency

Selecting the contractor because they provided the lower cost doesn’t mean that is the real cost. I have seen this numerous times over the years, clients pick the lower cost.

Now what?

The number was wrong, the contractor did not include 1/2 the work and you find out when you are to far in. You signed a contract that has no finish details but pages of how you cannot give a bad review or negative press.

If you have no details explaining what is included in your project then do not hire the contractor, this is true for Plumbing, Electrical, HVAC, Roofing, or General Contracting, Lawn Mowing, Car Repair, etc.

Contractor not showing up

Above we discussed how to avoid a bad situation, but what if you are already in one?

Here are some things you need to know.

Confront your contractor and request a completion schedule in writing, make sure you paper all interactions going forward.
Request a list of who and what was paid to date along with signed, notarized lien waivers.
The lien waivers are proof of payment and you need to know who was paid and how much by your contractor.
Regardless of how much you paid your contractor, if the subcontractors were not paid they can legally (within 90 days) lien your home and foreclose on your property.
The state of Florida is very difficult to obtain a contractor license. You can use this as leverage, all contractors are out of business without a license. Report your contractor, it is a class one felony to take a clients payment and use the funds for anything outside of the clients project.
Threaten a lawsuit and hire an attorney. Most likely you have paid for the majority of the work and nothing or hardly anything is completed on site. Hire an attorney and go after the liability insurance the contractor has, also you can go after the state for allowing this person to operate. If this has happened to you there is a very high probability there are many more clients in the same situation, find them and share the cost.
If you have come to terms, sign a new amendment to go with your original contract. Be certain to have an agreed completion date, cost to complete, timeline and penalty for delays, all missing details of what is included, and all lien waivers that match your overall payments to date and request lien waivers for all future payments.

If you are in a bad situation with your current contractor we can help you by providing you with a real cost to complete the work. This can be used to collect the overpayments you have made to your contractor. We can also work for you as an owners rep and help manage your contractor to complete the work at or near the contract price if possible.

New Bathroom or Kitchen

If you want to remodel your home please contact Iridium Development Inc. We provide free transparent estimates that are detailed. Our contracts are detailed as well and we use industry standard AIA contracts. During the construction process, we provide our clients with login portals to view who we paid and how much we paid each vendor and sub.

You can be assured our prices are very fair, the cost includes the entire scope of work to perform the work and complete the work. We stand by our timelines and minimize the overall duration. With our full transparency we eliminate stress and drama and that is always our goal.

18Nov

Remodeling

by Lee Seward Home Remodeling, add second story addition, boost real estate earnings, building a house, buying a new home, Construction, construction companies, construction contractor, construction contractors, Contractors, Custom Homes, florida homes for sale, general contractor services, Home Equity, Home For Sale, home mortgage, houses for sale, Housing Market, HVAC Design Critique, investing in real estate, licensed contractors, local building contractor, local construction company, market trends in real estate, mortgage rates, new home construction, new home florida, new homes for sale florida, Paint, Property For Sale, Real Estate, Rebuilding Homes, Remodeling, Renovation, Repairing Home, small construction companies, Subcontractors

Considering Renovating Spring 2024?

Most people start considering remodeling projects and renovations in the spring. Here are somethings to consider:

Create an overall plan
Build your team
Obtain pricing from your GC
Leave enough time

Create your overall plan and if needed do the work in stages. By staging the work you can do things that fit in your budget now or within your time frame between vacations or school etc.

Build your team, You may think you need a designer or architect first. You really should put everyone in place early before you start designing. I have seen to often when I deliver a price to a client and they are shocked by the number. They tell me it is impossible the cost should be that much, when actually the cost is really the same cost I would pay for my home. What usually happens is a client will negotiate the Architect to charge $X percent over the cost of the project. The client provides a target construction budget and the drawings are suppose to reflect that. Sometimes they do and sometimes they don’t. Client’s many times cause increased budget costs. It is easy to love something drawn on paper, not so much when it blows up the targeted budget.

On my end I would rather be involved early and give input to numbers while the design develops. If I understand what my client wants to spend I can help with value engineering while the plans are developed. How do you hire a GC early and protect yourself? Interview and screen your GC candidates. You want transparency and trust, knowledge, willingness to work and proactive. You can lock in your GC based on a percentage fee over cost. You can also hire a GC for pre-construction work and send the final plans out for bid to make a final decision. We usually wrap our pre-construction into the project rather than bang up the client for a few hours of time.

Time, drawings and design can take 3 months easy. Between selection and review and revision that is a generous time frame. Then permits can take another 2-3 months depending on the work and sometimes longer. Add the time to make GC selections and such and y0u could lose 8 months in preplanning and prep time. Goodbye spring!

Remodeling

Build your team and select a General Contractor who is knowledgeable and can provide you preliminary numbers.

Inside tip: The process of hiring a GC or Architect, Designer etc. is the same process and challenge we face when hiring subcontractors. We look for proactive attitudes, details written on paper, fair pricing, professionalism, and really try hard to weed out the BS.

Construction Budget

Details matter, when your G.C. provides your estimate there should be line items with details. You should be able to see what is going into your project and the cost for each item. If you receive one line item with one cost for the entire project…stay away!

Some GC will submit very few line items and one price. They may tell you this and that is included, but if you choose someone who cannot put the details on paper you put yourself in a bad place. We stay away from subcontractors who try to do this with us. The gray area is where all the trouble sits. Full details reduce anxiety, surprises, opens up communication, and if everyone is on the same page then you eliminate problems.

New Homes

Everything should be transparent when dealing with finances. This image is a budget for one of our projects based on renderings we received from the Architect. We have also contributed costs allocations prior to receiving money from this client. Our clients are able to login and view the finances and details associated with the projects we are completing for them 24-7.

When you are seriously considering a new home or remodeling project you should put thought into the entire design. Know the cost as you design so you do not over design or over build for your neighborhood.

Stage the work based on financial decisions and how you have to live during the work. It may be better to move out short term or work on one floor (or area) at a time.

Make certain you know what is included by the estimate and not what someone is speaking to you. Have everything listed with a value, this makes changes later much easier. Tile to plumbing fixtures, cabinet design and drawer count, hardware to ceiling light counts. Details, details, and more details.

Give yourself time to plan and then execute the work, we spend more time planning the work then executing the work. Who wants to live in a construction zone longer than needed? Plan ahead of time as this saves you the most money and grief. Transparency, if your contractor is not transparent then stay away and part ways. To often clients listen to the sale of the project and jump into contracts that have no real explanation or detail of what the work includes. Some contracts have pages of what is not included and how the contractor is not liable for anything. That is a sign to stay away and pump the brakes. You can easily end up paying a deposit or your first invoice that reflects 50-70% completion of the contract work and only have 5% actually finished on site. 5-10% deposits are standard anymore than that beware. Progress payments are for progress. If there has been no work on your property then you should pay nothing. Be Careful to pay only for what you have received or what has been completed on your home. Do not over pay your contractor and only pay for what was completed.

Renovation

Set yourself up to enjoy the process and succeed. New homes, remodeling, and renovating can and should be fun. Work with people who know what they are doing and remove the stress and drama from your project.

If you are considering remodeling or renovating or even building a new home please contact us as we would enjoy working with you.

561-597-0021 or info@iridiumdev.io

15Nov

New Home for Sale in Florida

by Lee Seward Home For Sale, building a house, Construction, construction companies, construction contractor, construction contractors, Contractors, Custom Homes, florida homes for sale, for sale by owner, general contractor services, Home Equity, Home Remodeling, houses for sale, Housing Market, licensed contractors, local building contractor, local construction company, new home construction, new home florida, new homes for sale florida, Property For Sale, Real Estate, real estate market, Rebuilding Homes, Remodeling, Renovation, Repairing Home, small construction companies, Subcontractors

Thinking of Moving?

Tired of the high taxes, crime, cold weather, and short summers?

Florida has 0% personal income tax.

5.5% corporate income tax.

6% state sales tax and max 2% local sales tax (Avge sales tax 7.02%)

$1.3-$1.5M New Home built 2023 in St. Petersburg annual property tax $3,500-$4,200 per yr.

Summer all year long!

20 minutes to white sandy beaches.

73 degree average Gulf water temps in November.

Lower cost of Living compared to the North East.

Shore Acres St. Petersburg FL

4 Bedroom 4.5 Bathroom Home

Chefs Kitchen

Spacious Rooms

4+ Car Garage

Elevated and Safe

Completion April 2024

New Homes, Additions, Renovations, Remodeling, St. Petersburg and Naples Florida.

561-597-0021 or info@iridiumdev.io

10Nov

Collaboration

by Lee Seward real estate commission, become a realtor, boost real estate earnings, Construction, Contractors, Custom Homes, Flood damage, Home Equity, Home For Sale, Home Remodeling, houses for sale, Housing Market, improve sales in real estate, Paint, Property For Sale, Real Estate, real estate agent, real estate license, real estate market, Rebuilding Homes, Remodeling, Renovation, Repairing Home, Subcontractors

Florida Realtor Referrals

Custom Homes

We are currently in search of esteemed real estate agents to collaborate with. Our objective is to establish a long-lasting partnership with you, by providing excellent contracting services for your clients, thereby elevating your reputation to an envious level. With over four decades of experience in construction, constructing homes and apartment complexes for distinguished personalities, we are a valuable asset to your team and we do not operate out of the back of a truck.

It is said that the friends you keep are a reflection of yourself. That is why we pride ourselves on being the perfect choice for referrals. We are more than capable, professional, and honest. We also offer remodeling loans which cover the cost of home improvements. This can prove advantageous when a client wishes to sell their property at a better value. Furthermore, we realize the importance of determining what is valuable real estate and worth renovating. We provide our professional opinion regarding prudent investments and offer options, irrespective of whether we lose a project. Helping people make sound decisions is more important than adding another project to our year.

Remodeling-New Homes-Renovations

Our firm, unlike our counterparts, distinguishes itself in multiple ways. We take the utmost pride in our professionalism, politeness, intelligence, expertise, transparency, and fair prices. These values are discernible in every interaction we have with our clients. We comprehend the significance of knowledge and utilize it to provide efficient, time-effective resolutions that save our clients money.

Our quotations are credible, transparent and are bound by ethical standards. We maintain our commitment to our clients without any hidden charges or deceitful practices. We present thorough and specific breakdown of every item that makes up the project scope, along with corresponding costs that are shared with you and your client, and finally, our fee is added to the end, leaving no room for ambiguity.

Our business model is rooted in honesty, integrity, and impartiality, and we will continue to demonstrate this attitude in upholding our clients’ interests.

Our Referral Fee

We offer a referral fee to our network of agents, because we believe in economy of scale we reduce our fee and offer a portion to our realtors keeping our price competitive to the clients. We offer the fees based on the size and scope of the project but our network agents are always generously rewarded. If you have a client who is seeking a remodeling or renovation job or even considering updating a home to sell, please give us a call we look forward to working together.

561-597-0021

8Nov

When to Remodel my House

by Lee Seward Remodeling

Remodeling

Many early conversations with Clients are contemplation of remodeling, should we or should we just trade up? The answer really depends on where you live and the neighborhood. Do you love your location so much to not move? Then it is a financial decision, today interest rates are higher and if you have a low rate and mortgage you may not want to change that. Staying in your current home may make more sense.

New bathroom is an easy decision, same as a new kitchen renovation. Should you add a second story addition? Or are you in a flood zone and considering the cost to elevate your home? We can help you with those decisions and guide you cost wise prior to engaging drawings and expense. One important factor when considering remodeling or major renovations is the total cost of the improvement added to the cost of the property? Will your total cost be less than the market value or sellable value of the improved home? That is an important consideration and yes I have come across many homeowners who say they are not concerend as they want to stay in the home forever but honestly you never know and why box yourself in.

Kitchen Renovation

Deciding what you want to do and creating a budget is easy with help and we would be more than happy to assist. You can add all the bling like Tommy Hilfiger did when we renovated his place or you can create a Chef’s Kitchen as we have done many times. The decision is yours and staying within a budget that works is on us.

On a high level overview the first place to start is create a wishlist of items you would want in any home. Then we can go over the items to give you ballpark cost to implement these items in your current home. This will help you decide what should stay in the scope of work or go. Once we have narrowed down the costs and scope of items you want, we can then engage an architect to draw up a plan with your designer. Once they have finished we can send the plans out for hard numbers, define the scope of work and pull permits to begin the build.

Sound simple?

It really is and you should always keep in mind is the overall cost compared to what your improved home would be worth. The value of improving your home compared to the cost of moving into a new home with a new mortgage. That perspective should define what is a have to have or have not.

Earlier I mentioned an Architect and an Interior Designer. These are very important people to implement into your project. I have seen many finished projects where the builder is the architect and designer. That is a huge mistake for an owner to make. Architects and Designers are involved in current designs and they have an educated background of design style. You do not want to throw everything into your project without having a design. You also want to stay away from trends and fads as they go away as fast as they appeared. A great Architect can design a second story that looks like your home was built that way from the beginning. A great Designer is going to tell you that a barn door for your bathroom is not a great idea and gives you no privacy. They will tell you that black fixtures while popular in the south is a design already out of style elsewhere and polish chrome is the current design style. Can you imagine renovating or building a new home and within a year the fixtures your builder selected are outdated design style? There are numerous new homes for sale where I can tell the builder is the designer and it shows horribly. Most design comes from Europe and is picked up in NYC and spread around the U.S. What you see here in the South or the West Coast may be dated already in NYC and Europe. Why choose something that is out when you can create something current that will be in style for the next 10+ years? Black window frames, black fixtures, have been a style from 2009, in most design situations it is not really in today.

Custom Home

To sum everything up, remodeling your home may be the best decision for you today. Staying within your budget and improved home valuation helps you spend money wisely. Making design choices that reflect current styles helps keep your investment relative to today and tomorrow design. Our house photos are older design styles and we are actually using all white windows as it is a classic design style for this type of home, our interior fixtures will be polished chrome, our bathrooms will be modern with spa like feeling and our kitchens are always chef quality.

If you would like to talk about remodeling your home and want to know ballpark costs, contact us at 561-597-0021 or info@iridiumdev.io

23Oct

Bathroom Remodeling

by Lee Seward Remodeling

Looking to create the Spa Bath?

Time to update you Bathrooms?

Looking to update your bathrooms? So many designs available today including european style fixtures or why not remove your outside wall and open your bathroom to the outdoors?

We have been installing wall mounted vanities and toilets for the past 10 years and they look great. The water tanks are concealed in the wall and you just have the bowel installed in the bath area. Two push button options regarding water capacity needed to flush. They even have elaborate remote control toilet seats that can do anything almost imaginable.

Don’t lose the remote or mix up the TV remote when Grandpa visits.

Suspended Vanities

Suspended Vanities are another great look and design that is fully functional and clean. Pair them with a sleek Robern Medicine cabinet and WOW! Garage lift mirror, inside has outlets for shaving or toothbrush charging, mirror back wall with clean glass shelves. You can even watch TV through the mirror.

Open Showers without doors or glass panels are really cool. Wide open without shower curbs or doors for a truly zen feeling. Our houses typically never have a shower curb or shower doors unless the space is tight.

Here is a picture of how we hide the shower drains.

You can also add custom made mirrors to really change the space. What ever your style there are so many options available. We have built many over the years and would be happy to work with you on your next Bathroom Remodeling Project.

Contact us at 561-597-0021

info@iridiumdev.io

22Oct

Home Equity

by Lee Seward real estate market, boost real estate earnings, building a house, buying a new home, Construction, construction companies, construction contractor, construction contractors, Contractors, Custom Homes, fix and flip, flipping florida, flipping homes, florida homes for sale, for sale by owner, general contractor services, Home Equity, Home For Sale, home mortgage, Home Remodeling, houses for sale, Housing Market, improve sales in real estate, investing in real estate, licensed contractors, local building contractor, local construction company, market trends in real estate, mortgage rates, new home construction, new home florida, new homes for sale florida, Property For Sale, Real Estate, real estate agent, real estate commission, real estate investing, real estate license, Rebuilding Homes, Remodeling, Renovation, Repairing Home, small construction companies

Create Equity and Wealth

Wealth Building

Challenging markets are when you seek ugly ducks in great neighborhoods. Renovate and create your equity and increase wealth.

Houses that have been on the market longer were overpriced and not as desirable. The location can be and at some point the seller will take reasonable offers or just remove the listing. These are the deals to seek out and create. Place an offer and see what happens.

Remodel

This home was flood damaged and the sellers want out. Remodeling this home regardless how cheap is not worth it because it can flood again. But you can raise the home for about $170,000 and create a sustainable environment and equity.

When you are looking to add money to improve a home you need to be able to sell the finished product for 2x+ or higher what your total costs are. We usually operate with 3x+ but we are also doing our own work.

Purchase is where you make the most gains. Know the market and what land costs are (reasonable costs). This helps you decide what your max purchase price will be. Know your improvement cost, this house at $300,000 and $170,000 in improvements = $470,000 total cost. The finished home elevated above FEMA floodplain will have lower insurance premiums saving a buyer $10,000+ every year. This home would sell easily finished at $940,000 in this neighborhood.

You created $470,000 in equity today. Many people will tell you that this is impossible, but it is possible. We do it and you can to.

Raise your Home

Spend money on sustainable remodeling. Elevating the home stops water damage from future flooding, it lowers your insurance rates by $10,000+ per year, the best thing is you just significantly increased your equity and wealth.

Contact Iridium Development and we can help you with raising your home.

info@iridiumdev.io

561-597-0021

Florida License #CGC1534948

10Oct

Shore Acres Pop Up

by Lee Seward Repairing Home, add second story addition, become a realtor, boost real estate earnings, building a house, Construction, construction companies, construction contractor, construction contractors, Contractors, Custom Homes, Flood damage, florida homes for sale, for sale by owner, general contractor services, Home Equity, Home For Sale, Home Remodeling, houses for sale, Housing Market, improve sales in real estate, licensed contractors, local building contractor, local construction company, new home construction, new home florida, new homes for sale florida, Property For Sale, Real Estate, real estate agent, real estate commission, real estate license, real estate market, Rebuilding Homes, Remodeling, Renovation, small construction companies, Subcontractors

Flood Damage Home Solution

Stop dealing with high flood insurance and damage. Raise the house and increase your home/property value.

No More Damage

We can use your existing footprint and build a new home on top of your block walls. We simply add columns and beams to support the new level.

New Second Story Home

This is a proven solution to ending extreme flood insurance premiums and also having to deal with water damage. Starting at $185,000 we can build an elevated home that would have a finished valuation of $950,000-$1,100,000.

Selective Demo

We do not go in and crush your home, we selectively demo your current home. Utilize the existing bones and build off by shoring up the existing frame. This saves you cost and time. Our process is complete for you in under 6 months.

We start with the layout of your existing home and rebuild that layout over the top of your concrete block walls. This is done by adding new columns and support beams.

If you have a Florida home in a flood zone, contact us for a free estimate and stop paying extreme flood insurance premiums. Protect your investment and increase your homes value. Repairing an existing flood prone home is equal to burning your cash. Raising your home increases your net worth.

info@iridiumdev.io

561-597-0021

cropped Screenshot 2023 06 20 at 10.52.12 AM

9Oct

How to Build a Spec House Part II

by Lee Seward Property For Sale, boost real estate earnings, building a house, Construction, construction companies, construction contractor, construction contractors, Contractors, Custom Homes, florida homes for sale, for sale by owner, general contractor services, Home Equity, Home For Sale, Home Remodeling, houses for sale, Housing Market, improve sales in real estate, licensed contractors, local building contractor, local construction company, new home construction, new home florida, new homes for sale florida, Real Estate, real estate agent, real estate commission, real estate license, real estate market, Rebuilding Homes, Remodeling, Renovation, Repairing Home, small construction companies, Subcontractors

House Design

On How to Build a Spec House Part I we discussed the math behind selecting the property and sale price. Part II we will go over the house design and how to deliver a product better than your competitors.

When you know your targeted market and house size, now you need to design the home you are going to build. Many people think you can have a house design before you have a property in mind and that is not true.

Select the house to fit the lot, do not select any house for any lot. An example can be a rear downhill sloping lot, if you select a home that is deep without a basement then you need to build the grade up at the rear of the home to compensate for the lot slope. This can be extremely expensive and usually when you need fill it is not available. For a down sloping rear lot a home with a walkout lower level is best. Just like a home with one story fits a flat lot perfectly. An uphill lot fits a house with a garage under to cut the vertical angle of the driveway and so on. You need to select something that works with the contours of the land and not against them.

Finishes and design are dictated by the comps of your market space. The sales prices dictate what you have to spend and the room for your profit. Colonial style homes have minimal wasted space so the cost per foot is less than something with more angles. Sometimes a home with more angles elevates the design style and sales price so it may be the best fit for your comps. You want to provide a great flowing usable lay out. Family space along with work space as in the Kitchen. Have you ever tried to cook in a Kitchen where the range is sandwiched in a brick or tile alcove? They provided 6″ of counter for fire protection on each side, it looks nice but really is not suitable for cooking.

House Selection

Put yourself in the buyer’s shoes and make sure your design is family friendly. You also need to design something that works with the budget. Most colonial style homes use square or rectangle layouts that have usable space, some houses with curved rooms have wasted space that incurs cost to build. True Modern homes are minimal, many designers say they are cheaper to build. I have found that is not true, they are beautiful and I love them but typically there are flush beams that limit wires, HVAC, plumbing pipes causing higher install cost. Larger windows are also expensive and especially in hurricane prone areas.

Before going to far in design start working your math to make sure you do not over design or over spend on professional fees for a house that blows your budget.

You have to Give to Get

If you build it do they come? That is only in the movies, you need to give to get and finishes are where the give is. Fancy paint colors, design fads, these are items to stay away. Working in the Northeast you see design styles earlier than you see on the west coast or southern states. Black windows for instance or waterfall countertops have been around since the early 2000s and we are 10+ years past that design style, black windows work in a modern design home or in a metal frame older style window. Modern Farmhouse… OMG Stay away!

You need a design most people will love, not to heavy and not skimpy. Design style, colors, textures that a majority of people will like. They can customize somethings after the purchase but you want to stay middle so most will be happy with your choices. Busy moldings, weird wood on walls, crazy paint color to create a feature wall, save those designs for your own house. Keep your spec house clean with room to add. Saving money is great and you need to, but keep in mind what your sale price is. Maybe a $1.10 sf floor is not going to look great in a $1.6M home. Same for a $8.50 sf floor in a $300K home. You have to find balance and you should one up your competitors in your price point but just do not over or under do it.

More to come: info@iridiumdev.io

9Oct

How to Build a Spec House Part I

by Lee Seward Housing Market, building a house, Construction, construction companies, construction contractor, construction contractors, Contractors, Custom Homes, florida homes for sale, for sale by owner, general contractor services, Home Equity, Home For Sale, Home Remodeling, houses for sale, improve sales in real estate, licensed contractors, local building contractor, local construction company, new home construction, new home florida, new homes for sale florida, Property For Sale, Real Estate, real estate market, Rebuilding Homes, Remodeling, Renovation, Repairing Home, small construction companies

Location Location Location

Yes it is all about location, great schools are very important, a street that is not busy, walkable area, low crime neighborhood, everything you would care about when selecting a place to live for yourself.

Now here is what you might not know about selecting the property. Ideally you want a lot that will allow the house to sit slightly uphill from the street. Not on a mountain, just an upward crown an elevation difference of 2ft depending on lot size and house location.

Next you want an open lot or one that you can open up. Clear out brush and dying trees. If there is a tree worth saving make sure it is not dying by having an arborist look at it.

Triangle lots are tough and usually not worth the trouble, corner lots are the same. Corner lots are viewed as having two front yards and the setbacks from the street in front typically are the same for the side street greatly reducing your build footprint.

Neighbors, you definitely do not want to build a spec house near the neighborhood hoarder or front yard mechanic. No fence will hide what you see on your first and every approach to your new home. You also want to get along with your new neighbors when you purchase your property.

Price, this is mathematics not feelings. Before you start looking for property you need to know a few things first.

What price are you looking to sell your new house at?
What are the comps for the targeted market? Bedroom, Baths, house sft, lot size?
What is the cost you can build at per foot to deliver the same type home in that space?
How big is the market space and how many days on market to sell?
Then select the area you want to build based on the local comps.

New homes sell for more than older homes per house size, bedroom count, and land size. Waterviews and waterfront increase the sales price as do pools and other features. Sometimes they are worth adding and sometimes not, the math will tell you.

Having completed your homework you can then decide on the price for the land. Your ceiling is set by the comps, you need to deduct the cost to build with the features the other comps have, then the land price, closing fees, and have enough profit to be worth the effort.

House for Sale

Trust the math, numbers do not lie. Be sure to include the build cost, land cost, closing costs to purchase, architect and permit fees, utility fees, insurance, taxes, finance fees, this has to be deducted from your selling number and net proceeds to be certain you will make a profit. When you sell you are responsible for paying all real estate closing fees title costs, and legal. This can be 7%-10%+ taken off the sale price depending on where you live.

What is the targeted profit that you should seek after closing costs from your sale and real estate commission?

That profit range is totally up to you but for the risk and cost of money, you should at the very least worst case scenario clear 25%+ per year over the cost. If you are setting your goals for less than you should give your money to an investor who will provide more return with less risk and less work/stress for you. What if the timeline from purchase to sale takes longer than a year? That profit margin you calculate has to be higher than 25%+ per year. If D.O.M. in your area is 180 days that is 6 months of sitting waiting for a buyer. Your home has to be showcase condition 24/7. Lawn maintenance, house cleaning, touch up paint, are all the weekly expenses you must cover to keep your house in showroom condition.

Now you have your math homework complete and you are ready to select and bid on a property. You have your construction cost, and all of your costs associated with the complete build and sale of your new house. These are fixed numbers based on tangible items. The purchase price is the last variable and when you reach your ceiling and the seller cannot make it work, you have to walk away. So many times I hear from builders that they paid more than they intended because the location is worth it and when they finally sell it wasn’t worth it.

At the end of all your hard work and late nights staring at the ceiling trying to sleep, all of this stress has to be worth it or why do it? Do your math and stick to the numbers.

Category Remodeling

Time to Build your Home

Create Equity 2024

10% Down for Loans up to $800,000

20% Down for a loan up to $1.5M

30% Down for a loans up to $3.5M

Put $700,000 of Equity in your Wallet

POPULATION GROWTH IN FLORIDA has been booming lately. According to recently released census data, Florida has seen its total population grow by 14.6% over the last decade, nearly double the growth rate of the United States.

The thousands of people streaming into Florida are putting pressure on housing prices. The Florida Realtors association reports that the statewide median sales price for single-family existing homes is $375,000, up 23% from the previous year.

With the increasing demand for real estate and rising prices across the state, many people have turned to construction loans to finance the building of new homes. If you’re going to spend a lot of money on a house, you might as well purchase a lot and build a custom dream home, right?

When someone decides to build a new dream home, one of the first things they start exploring are construction loans, which are a little different from conventional mortgages when you’re purchasing an existing home.

As you research, you’ll soon find that construction loans have different rules and qualifying criteria. The nightmare scenario to avoid is one where you’ve committed to purchasing a lot but end up struggling to find a construction loan.

Fortunately, there are loan officers that specialize in construction loans. They have years of experience working with underwriters to make sure you navigate the application, pre-approval, and closing process.

If you’re a homebuyer looking for a construction loan specialist, we can quickly connect you with several options customized to your specific needs so that you can make the best decision for you

Benefits of a new a construction loan in Florida

Construction loans are short-term financing that are used to cover the cost of building a house from start to finish. Construction loans can cover the costs of buying land, working with an architect to draft plans, permit fees, and the labor and materials necessary to complete the house.

The other important thing to consider is that home construction loans aren’t distributed as a lump sum. Instead, your lender will distribute money to you through a series of installment payments as the states of the construction are completed.

$14,000 Down Payment

5 Top Florida Construction Loans

1. TD Bank

The TD Bank construction loan has some great benefits if you’re looking to build a house, with down payments as low as 20% for a loan up to $1,500,000.

720-740 FICO score desired

20% down required on loans up to 1.5M

30% down required on loans up to 3M

One-time close

Primary or secondary homes are eligible

Fixed rate and ARMs are available

Purchased lot considered in the down payment

No pre-payment penalties

Interest rate locked before construction begins

If land has been owned for at least 6 months, we will lend up to 80% of the appraised value of the entire project.

If land has not been owned for at least 6 months, we will lend up to 80% of the land acquisition cost+cost of construction

No Condos or Co-Ops. No investment properties.

TD Bank requires 10% of the construction costs to be held in reserve, and you can use their loans for vacation properties.

2. Space Coast Credit Union

The folks over at Space Coast Credit Union offer a home construction loan up to $650,000, so long as you have a minimum credit score of 650.

One Loan: from Construction through Final Permanent Mortgage

One Application, One Closing and One Paperwork Filing

Up to 90% Financing Available

We Make the Payments to Your Builder at Key Points Throughout the Process

Automatic Modification to Traditional Home Loan at the End of Construction

Fast Pre-approval Decisions, Online or Over the Phone

No Intangible Tax

SCCU Member Service for the Life of the Loan

SCCU Interest Rate Guarantee

As far as fees go, Space Coast Credit Union is advertising no application fees or pre-payment penalties. As of the time of publishing, they are charging $1,100 in origination fees.

3. MidFlorida

MidFlorida is a regional credit union based in Lakeland, Florida with a construction mortgage product.

Down payment as low as 10%

Financing is secured before construction begins. You only need to be approved once.

Interest-only payments during construction

One-step, one-time closing

Converts to a fixed- or adjustable-rate mortgage.

Flexible loan terms up to 30 years

Jumbo loans available

4. Seacoast Bank

Seacoast Bank is another option as they lend in Florida and have a construction loan product.

Adjustable Rate Mortgage options are available

Fixed Rate Mortgage options are available that would give you the same fixed rate from construction through permanent loan

One-time closing

Local underwriting and closing decision-makers during the loan process

Seacoast Bank has a long history in Florida, tracing its roots back to 1926. Their primary areas of focus today are in Broward County through the Treasure Coast into Orlando and west to Tampa.

Does a Florida construction loan make sense for you?

Is the Contractor holding you back?

Details in your Design Expensive?

The Contractor is an Extension of your Creativity

We see and hear it all of the time, “I wanted to do this but the costs were to much so we removed it.”

Simple is easy and boring

Symmetry

Regardless what you imagine, don’t let yourself be restricted by simple.

Not Complicated

If you have experience and an open mind the work really isn’t complicated and there are ways to make it fit the budget.

You Control

The Designer is in control of the style and the contractor finds a way to make it happen.

Be You

Let Iridium Help

Private Commissioned Residences

For the Discerning Designer

561-597-0021

What is more exciting than SOLD in regards to your Investment?