How to build your dream home

Building your own home is an exciting and rewarding journey! Imagine crafting a space that’s uniquely yours, tailored to your lifestyle, tastes, and future needs. Plus, building new means incorporating modern technologies and sustainable materials that can save you money on energy bills in the long run. It’s not just about a house—it’s about creating a space that grows with you, designed around your dreams

If you’re interested in building rather than buying your dream home, here’s the process you need to follow:

• Speak to your broker about your goals, so you can create a finance plan together
• Buy the land
• Design your home
• Find a reputable builder
• Obtain building permits and approvals
• Build the home

Unlike a traditional mortgage, a construction loan is designed specifically for people looking to build a new home or significantly renovate an existing property. These loans are disbursed in stages, known as “progress payments” or “drawdowns,” which align with the key milestones of the build—such as laying the foundation, framing, and final touches.

This staged approach helps manage costs more efficiently because you only pay interest on the amount drawn at each stage, rather than the full loan amount from the beginning. As your home progresses, the lender may conduct inspections to ensure the work aligns with the approved plans before releasing the next instalment.

Once construction is complete, the loan transitions into a standard home loan, avoiding the need to refinance or apply for a separate mortgage.

If you're thinking about building or undertaking major renovations please send me a message or give me a call.

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