So it’s important to understand the process and costs involved before jumping in.īuilding a home is very different from buying a home off the market - especially when it comes to financing the cost of construction.Ī mortgage on an existing home is fairly straightforward: you take out a single loan which involves one application, on appraisal, one closing date, and one set of closing costs. However, financing a home construction project is more complicated than buying an existing home. There are great perks to building your own home: you have control over the layout and materials, you can choose the location, and there’s no competition from other buyers. Instead of competing to buy an existing house, you might consider building a new home. Today’s tight housing markets and low interest rates have raised home prices in many areas. 15 min read How to build (and pay for) your dream home
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