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  • Writer's pictureLendX Financial

Five Things To Be Mindful of When Building Your Home

Building a home is a whole different territory and if you don't have prior experience, let us take you through some things which will make this ride of a lifetime hassle-free.

Numbers are everything

While building a home the budget is paramount. This is true whether you are looking to buy a pre-built home or even if you are building the home from scratch. You need to make a balance between financial stability and yet build a home that will serve you well for the most part of your time. The budget for building a house involves a lot of costs that need to be taken into consideration, including contracts, tax benefits, construction materials, down payment, etc. You also need to calculate the 'per square foot' cost to build a house. Hire a trustworthy builder Picking a builder may not seem that big a task but there are plenty of options for you and that is where the task becomes daunting. You need to thoroughly research and decide to whom you will entrust the task of building your home. You could even ask friends and family who may have used the services of builders and ask them for references. Keep the future in mind While building your house it is important to keep the future in mind. You may be tempted to add all the features you want for your new abode, but also need to give some thought to the resale value for the future. If you need to sell your home for some unforeseen circumstances, you must be able to do that at a good cost. For that, the future buyers should have an interest in, and like the house. True, your house must be made to your taste, but must also be appealing to others/probable future buyers. Make an energy-efficient house These days it is easy to upgrade your home with energy-efficient features. But when you are building your house from scratch you need to give a thought about including these features right from the beginning and not as an afterthought. You would need to install energy-efficient windows, appliances, and other available systems which may seem costly initially but will save you a lot of money eventually. You may also get some rewards from Canadian Mortgage and Housing Corporation for choosing to put such systems in your house. Know all about the mortgage To make your home from the scratch you need to apply for a construction mortgage. For this, you would need to work closely with your mortgage broker and give estimates of the soft and hard costs of building the house along with a reserve sum that needs to be kept aside. The lender may also give you a time limit within which the construction needs to be completed. This may range anywhere between 6 and 12 months. Find out if you need to pay a penalty if the construction is not completed on time. If you are building your house from scratch and need any help, do not hesitate to contact LendX Financial in Brampton, Greater Toronto Area.

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