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Find out the cost.
Home Builder Loan.
Having an estimated cost to construct your new home will give you a clear picture of the financing you may require to establish a budget which will be your guide.
Your construction cost will entail, but is not limited to:
Estimated building cost
Architect's fees
Appraiser's fees
Quantity Surveyor's fees
Land development/landscaping
Permits
Fixtures/finishing
Legal cost
Inspection cost
Avoid changes to the plan mid-way through the project so as not to face project delays or cost overruns that can jeopardize the completion of the project. Ask for a floor plan and elevation drawings for an optimal vision of your future home.
In preparing your budget, it should also include your monthly living expenses and debt. This will give you a true picture of your cash flow during the construction period.
Tips
Ensure that you hire a reputable builder who will stay on time and within budget.
Investigate and select an experienced builder from an architect’s recommendation or two (2) references from customers who have had projects completed.
Requirements for builders:
A copy of the Builder's Business License and Degree or Certificate as proof of competency;
AND
List of completed projects and references in the past 24 months. Must include the following information:
- Project/structure type (house, multiple unit dwelling, business, etc.)
- Size/value of project
- Reference contact information
OR
- Larger established builders referred by Commercial Lending are adequate.
Obtain a copy of the builder’s business license and degree or certificate as proof of competency.
When entering into a contract with your builder, we recommend that you negotiate a Fixed-Cost contract, which will assist in managing the budget.