With interest rates as low as they are today, home buyers are finding that they have more and more options available to them when they are looking to find their dream home. Between condo projects, town-homes, duplexes, bi-levels, acreages, and family homes, the average home buyer is in a unique position to be picky about exactly what features come with their properties. This characteristic is epitomized by the increasing availability of customized home solutions, in which a buyer can contract out the construction of a house that meets their exact design specifications.
While this option would normally be considered to be extremely costly, and somewhat unnecessary in light of a renovation, the availability of cheap mortgage financing in today’s economy is opening up this opportunity to more and more consumers. By then simply taking the time to understand what our financing options are for building a new home, a consumer can start planning around their new home construction goals.
By far, the easiest way for a buyer to finance a custom built home is through a program that allows the buyer to forward funds upon completion. These programs are generally run by larger manufacturers, which have the capacity to start a construction project without more than a deposit from the buyer. In general, a builder will require a buyer to put 5% of the final purchase value down upfront, and then they will begin the construction project. Read More →