Being a girl and growing up in a family full of construction workers (all self employed) I knew more about construction at the age of 13 than most men know now.
I could give you a step by step on how to build a home, from the footings and foundations to finishes. I never knew how much this knowledge would come in handy as I grew up, built two of my own homes and now in my field as a mortgage agent.
I often get the question from my clients about the ability to afford and build their own dream home, for many its just a dream that they think is unattainable. Well I’m here to tell you that its easier than you think. How, you ask?
Over the next year, my family and I are going to be building a new home and I want to invite you along for the ride. I will share everything from how to organize your finances, from down payment, to financing, to permits to building our home and finally occupancy.
For many people this type of journey seems too much work or unattainable, so I want to show you how its done.
Hope you can join me on this journey, I plan on posting blogs video, and social media posts along the way. Join my family and I on the build of our home; follow the Journey Home Series.
Let’s start at the beginning with a little introduction to our family and how we got here.
In summer of 2016, we sold our long time home of 14+ years when the market was HOT. That year our family was going through some major changes. My daughter Danie graduated high school and planned on taking the following year off to work and figure out what she wanted to do. My son Matt, after graduating from College decided that he wanted to complete his first year University abroad in Ireland. In the summer of 2016 our family moved to an executive rental property until we decided what we were going to do. We were lucky enough that our realtor and friend Michael found us a fully furnished rental property. All of our furniture is currently in storage and in the summer of 2016 our lives changed.
In mid 2017, we found a property we liked and decided that we were going to build our dream home. We chose Dundas, Ontario as our new home. We loved Aldershot where we previously lived, however there was nowhere to build in Aldershot that was affordable.
For those of you who don’t know Dundas, it’s a small valley town part of Hamilton. Home to Webster Falls, Tew’s Falls and Dundas Peak. Dundas has the small town feel that you get in Aldershot, so it was perfect for us.
Our new property, was purchased in May 2017 for $390,000. It currently has an old home on it that we will be tearing down to build a new home.
When we found the property, our first call was to the Halton conservation, since we backed onto conservation land, we wanted to make sure we could build. We met with Halton conservation at the property and they informed us that we would be able to build within a certain space (we were happy with this). We were told we would need to apply for permit and the would allow us to build slightly bigger than the existing home. That’s all we needed so we purchased the property.
Financing? How does that work? Well the property was listed ‘as is’ because it really was on the brink of livable.
When lenders look at a listing for a property and see the words ‘as is’ or ‘handy man special’ they usually shy away. We knew that financing would be an issue with this property and the only option was going to be private financing with less money down or a traditional lender with 50% downpayment. We had a large down payment available from the sale of our home however we didn’t want to use all the funds for the purchase of the property.
We decide to put a private mortgage on the property while we waited for plans and permits to come through and then do the construction financing. We anticipated that this would have been 2-3 months (hahaha, first lesson, double and triple the amount of time you think it’s going to take).
Please follow along on our Journey Home as I update you on the ins an outs of building your dream home, the trials, the success, and the waiting. Next time I will speak to the financing and how we brought it all together.
Looking forward to connecting with you all as we go through our journey.
I will also be publishing this on my facebook business page L A Mortgage Team, Plains www.facebook.com/lamortgageteamplains, where I will be happy to interact with you and answer any questions. Let me know what your thinking, would love to hear from you.