How to Finance Your Custom Home Build

How to Finance Your Custom Home Build

Do you find yourself in a situation where you have to move to a home with more space because you’re now working from home or have family moving in? Or maybe you’re just tired of your current home and wish you could live somewhere different. Instead of looking for a different home to buy — why not just build your own?

When you choose Bennefield Construction to be your home builders in Victoria and the lower island, we’ll put you in touch with our interior designer, who can help you custom design the ideal home for you and your family. And our construction team is knowledgeable, skilled, and highly experienced, so your home will be done in no time.

We realize that it may be challenging to come up with the funding to finance your custom home construction. That’s why we have some excellent ideas on how to help you finance your new home construction.

 

Talk to Your Financial Experts

 

Talk to a trusted mortgage professional about possibly obtaining a construction mortgage. An appraiser will likely be sent out to appraise your lot and look at your building plans. Then, your mortgage specialist will work with you to come up with a rate and repayment plan that works for you.

Some home-building mortgages will allow you to draw money from them during the building process. Others require that the building gets done within a specific period, or you must have a certain type of certified builder complete your project. Read the fine print and lots of questions before you agree to any mortgage, so you know what stipulations you’re working with.

Also, take the time to weigh all your options with other professional financial experts. They’ll take a look at the funds you have versus the funds you need to complete your custom build. From there, they may suggest another form of loan or line of credit as opposed to a mortgage.

 

Think Carefully About the Spot You Choose to Build On

 

Don’t forget your custom-built home has to actually be built somewhere! If you own a large piece of land, you could simply construct your new home beside your old one. Or you could move somewhere temporarily while your new home is built on your current property.

If you must choose a new property to build on, you’ll need to consider all the costs when hiring a real estate agent as well as paying for closing costs. Your real estate agent can further advise you on finding a plot in your budget and help you sell your current home for as much as possible to recoup some of the costs.

 

Bennefield Construction aren’t just custom home builders with our own in-house interior designer — we can help you finance your custom home build in Victoria, too. Contact us today with any further questions about how we can help get the process started.

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