Under LAM Development's innovative “On Your Lot” Program, existing homeowners in established neighborhoods can rebuild a new more modern home that fits in their existing lot and neighborhood. The new home will be more cost efficient to live in while giving the homeowner an opportunity to stay in the same area they know and love. By utilizing the services of Habitat ReStore and after consultation with their respective financial/tax advisors, homeowners may be able to realize significant tax advantages from the demolition of their existing homes.
If needed, LAM has a network of banking relationships with several area financial institutions that homeowners can utilize to establish the home improvement loan necessary to develop and build the new home of their choice and design.
While contininuing to reside in their existing home, homeowners will work directly with LAM's architects to design their new home which LAM will seek approval to build from the local township and homes association authorities. Once the appropriate permits are in place, LAM will work with the homeowner to secure temporary housing while the existing home is dismantled and donated to charity and the new home is constructed. LAM can even work with the homeowner to incorporate the cost of the temporary housing into the construction contract.
In most case, LAM can guarantee the new home will be completed and ready to move into within six months after the Habitat ReStore's dismantling process is completed. The finished product will be equal to other LAM homes and should provide instant, significantly increased equity to the homeowner.
Learn more about the “On Your Lot” Program by contacting an LAM representative.