Building Your Own Home
Deciding whether to build or buy a new house can be a tough call. Learn more about the benefits, processes, financial requirements, and challenges to ensure it’s the right decision for you.
Is Building Right for You?
Building your dream home is an exciting and rewarding experience. This can include buying a newly built home, or purchasing a lot and building from the ground up. Knowing that you’ve looked at all the options carefully can help you confidently make the choice that’s right for you.
Let’s Compare: New Build versus Resale
When building new, you can build the home yourself or through a licensed professional and you will likely be the first to live in it.
- Choose your own style, features and finishes
- Up-to-date technology and building codes
- Energy efficient, likely lower utility bills
- Requires decorating and landscaping
- Need to envision the finished product
- Delays waiting for completion
A home up for resale has (most likely) been lived in by one or more owners and may be for sale by owner, realtor or financial institution.
- You can see upfront what you are buying
- Available to move in quickly
- Mature landscaping, fencing, etc.
- Unexpected repairs and/or maintenance
- Older technology and materials
- Less energy-efficient, higher utility bills
Ask the Experts: Questions for Realtors, Builders, Lawyers
Regardless of which option you lean towards, always check with the people who know the business!
Important details for new homes:
- What’s included in the price (what is the cost to build, building plans, upgrades)?
- What is the deposit amount required and payment timeline?
- How will you be updated on the build schedule and any delays?
- For more information on builder history and warranty details in the home building industry visit www.hcraontario.ca
For resale homes, you’ll want to review:
- Comparable properties and their prices
- Property taxes and recent utility bills
- A home inspection by licensed provider
- Quotes on required repairs/renovations
For every home purchase you should obtain approval from your borrower prior to submitting a firm offer and have your lawyer review your offer before signing!
Ready to build your next home with Libro or have questions?
Meet with a Coach to ask questions, or start a pre-approval. Libro will require information about your current financial situation for a pre-approval, including:
- Outstanding debts, such as personal loans, student loans, credit cards, etc.
- Monthly expenses