Financing Your Dream Home Construction
Building a new home is an exciting journey, and at Mortgages Made Easy, we’re here to support you every step of the way. We work with you to select building loans designed to provide you with the necessary funds to finance the construction of your dream home. Whether you’re a first-time home builder or an experienced developer, we will guide you through the financing process and help you secure the best loan options available.
Points to Consider
When exploring building loans with Mortgages Made Easy, it’s essential to consider the following factors:
- Borrowing capacity: Understanding your borrowing capacity is crucial for your construction project. We can assess your finances and determine your maximum loan amount.
- Fixed-price building contract: A fixed-price building contract is typically required for most projects. This ensures transparency and agreement on the total build cost.
- Loan through progress payments: Building loans are advanced in stages as construction progresses. It’s vital to understand this payment structure and ensure you have sufficient funds for additional costs.
- Valuation and equity: A valuer may assess the completed value of your project based on your property’s equity. This valuation determines the collateral value for the loan.
- Managing changes and costs: Changes during construction can result in increased expenses. Careful planning and finalising plans beforehand can minimise the likelihood of changes. Budgeting for potential cost increases is important.
- Budgeting for landscaping: Allocate a portion of your budget for basic landscaping, including driveways and paths to complete your new home.
Don’t let financing be a roadblock to building your dream home.
Contact Mortgages Made Easy today to explore your building loan options and embark on the exciting journey of constructing your ideal home.