My options are:
- Buy land outright and then get a construction loan for building the house
- Get a mortgage for the land (plop the cash in offset) and then slowly use cash for the build
In option 2, if there are cost blowouts during the build and I run out of cash before the house is complete/want to upgrade something, can I get a construction loan halfway through the build? Would banks even do that?
Appreciate your time folks!