Sometimes prospective homeowners opt to construct their dream home as they consider this to be a more cost effective solution to their housing needs. Construction does, however, add some challenges to the home ownership and financing process.
It is important to pay attention to key issues in order to expedite the mortgage process, and, more importantly, to facilitate long-term cost savings to the mortgagor.
As with the purchase of a home, one of the first issues that must be addressed when deciding to construct is ascertaining the amount of financing for which you can qualify. Doing this is key to determining the size and cost of your home, and also the level of decorative detail that can be accommodated. The total financing requirement is of even greater significance if the cost of the land acquisition must also be considered.
Having determined how much you can afford, here are some of the other significant issues and costs regarding the construction of a home that should be considered.
- Approvals from Authorities
- Builder's Estimate & Quantity Surveyor's Report
- Construction Financing
- Completion Certificate