After deciding to build a new home, it can be an exciting time because you can, quite literally, build the home of your dreams. With this being said, there are some key considerations you need to make. Sadly, thousands of people make basic mistakes every single year but we have some tips to help you avoid joining this group!
First and foremost, how you are going to finance the project is probably one of the biggest considerations of all. In all likelihood, you will be setting up a mortgage to pay for the cost but have you thought about all of the options. For many years, we have been going to the banks immediately but this isn’t necessarily the way to get the best rates. Instead, look into our services at Benson Mortgages. Every year, we work with numerous banks and private lenders so you will receive great rates and various other bonuses. Moreover, we have a specialized construction financing department ready and waiting to help.
Once you have the finances in place, you need to come together with a professional and reliable building company. Since there are so many options on the market, this can be a little confusing but you just have to take your time. Rather than signing a contract with the first builder you come across, do your research, talk to friends and family, discuss your ideas with them, look at their previous projects, and more. If you do this, you are less likely to regret your decision later down the line.
Of course, the last thing you want to be thinking about when building a home is selling. Yet, this is an important consideration because you are likely to want to move at some point down the line. Whether it is for your children, retirement, or any other reasons, the house will get sold even if it is after you have passed away so make sure it has resale value.
Building a huge house with lots of extra features seems great at first, but what about the neighborhood? If you go too far beyond the other houses in the neighborhood, you will be overpriced and selling will be a problem in the future.
When building your own home, you essentially have a blank slate to do with whatever you wish. Therefore, you can make your home as energy efficient as possible to reduce the bills you will pay after moving in. Furthermore, the windows can remove heat loss whilst utilizing insulation so you won’t need the heating quite so much. Although you might have to spend out initially, the reduced bills over time will soon add up.
Although the basement is something that doesn’t often get a lot of consideration, paying attention to your basement design can pay dividends down the road. Not only can the basement be another functional space for you and your family, but it can also greatly help with the resale value of your home. Designing your basement in a way that allows it to become a secondary unit in the future can bring a lot of value, not only can it be a separate suite for your parents or in-laws, but it can also be rented out to generate extra income for your property. Another thing to consider when designing your basement is the presence of egress windows. These windows can allow more light into the basement and are mandated by the Ontario building code if you are planning to have anyone living in the basement.
At first, this sounds incredibly simple but this is a mistake we see far too often and it represents all the other simple things you need to remember. When designing rooms and the overall structure, many forget to consider what way the door will swing open. When getting carried away with the design, it can be easy to overlook this simple mistake both on your part and from the builder so be careful.
Finally, we also recommend contacting an attorney who will ensure that you are protected in the various contracts with builders. If you end up with problems despite choosing a credible builder, you need to know that you are protected and an attorney will do this. Over the years, we have gained great relationships with some attorneys so Benson Mortgages can also help here!