Custom and luxury homes are a real estate market of their own, especially here in Niagara’s hot spots such as Grimsby and Fonthill. When it comes to building or renovating your dream home, Homes By Hendriks has the experience and answers.
Can You Finance a Custom Home?
While slightly different than a traditional mortgage, you can finance a custom home with most banks or lending institutions in Ontario. There are some important considerations to manage with financing a custom home:
- Ensuring an appropriate down payment is available
- Demolition and utility costs, if applicable
- Interest rates on your loan/mortgage
- The length of time you’ll be making payments for
- The land you’ll be building on and how it relates to the Niagara custom home you’re building
When it comes to financing a custom home, be sure that you’re working with a lender you trust and that builds your payment and loan around your budget & lifestyle.
Can You Finance Land for a Custom Home?
Typically, the answer is: no. Generally, most banks do not finance loans for vacant land.
With that in mind, there are often workarounds depending on your situation to “free up” or get a non-mortgage loan that might allow for a down payment or outright purchase of vacant land. With the current real estate market, most buyers are choosing to make cash offers on vacant land, then working out financing their luxury custom home build.
What is the Cost of Building a Custom Home?
One of the most common questions that we’re asked, and the one with the most variability.
When building a custom home with Homes By Hendriks, we truly mean that it’s a custom home. From Lincoln to Pelham, and beyond, we’re known for our proven custom home-building process.
We meet with you first thing to understand your goals, location, style preferences, and more to ensure that we understand your vision. We look at traditional costs such as your foundation and its size, to more unique considerations such as interior design finishes, tech features, and more! From there, our team will be able to provide you with a quote for your home, and take you one step closer to stepping into a home that makes you feel like you’ve arrived.
Reach out, we’re excited to learn about what a custom home means to you!
