If you want to build a custom home, you will need to consider a number of factors during the planning phase. Budget, location and changes will all have a large effect on the cost and the timeline of the project. The experts at Alair Homes Rosedale Toronto outline the steps you need to take to get the home of your dreams.
Choose the Right Lot
If you do not already own a lot in your desired neighborhood, you can consult with a real estate agent or a builder to find the right place. Builders may also have the advantage because they may know about lots that are not on the market. They can also do studies to determine if a particular project will work on a certain lot along with the impact it will have afterward.
Get Your Finances in Order
Building a new home from scratch is expensive. If you do not have cash reserves up front, you will likely have to apply for a construction loan. This will let the builder get funds when they are needed, and you will pay interest only on the amount that covers the lot during the building phase. This loan requires a good credit score, proof of income and a 10 percent down payment.
Hire an Experienced Team
Aside from a quality lender, you will need a civil engineer, an architect and an interior designer to build your custom home. In many cases, your builder will help to manage this group of people. The key is to hire a team whose design concepts are in line with your own. Check references and reviews before hiring anyone and make sure to interview former clients, if possible.
Have a Solid Budget
You can visualize your finished home in your mind, and your budget should reflect that. One large advantage of custom homes is being able to control exactly how much you want to spend on materials and kitchen appliances. When you factor in the energy efficiency of new houses, you may be able to get more for your money than you think. Talk to your builder and discuss your options.
Create a Realistic Timeline
Your special home will not be built in a month. The majority of custom builds take at least one year to complete with some jobs lasting up to 18 months. This timeline does not include possible delays due to weather or delivery problems. Before starting out, ensure that you will have a place to live while the new home is under construction. Be patient and understand the long wait will be worth it in the end.