My next custom home construction, How much will it cost?

Custom home building is a long process that can take up to a year or longer. But what is the cost of a custom home? The cost will depend on the size and style of the home, we can roughly estimate that will range from $300,000 to $1.5 million.

Can I find finance for my construction project?

The financing options for a custom home are different from traditional homes. First, you'll need to have at least 15% down payment in order to get approved for a traditional mortgage loan. This will be your largest upfront expense with financing your custom home. You'll also need to find out which type of loan you're eligible for and how much equity you have in your existing property before you start shopping around for loans.

Easier financing options

If you don't have enough money saved up for the down payment or if you're not sure about your credit score, there are other ways to finance your new custom house, such as getting an interest-free construction loan or taking out a personal line of credit (PL O).

What invisible costs should I consider?

If you decide to finance your custom house, make sure that you take into consideration the extra costs that come with it. You'll need to factor in the cost of property taxes, homeowners insurance, maintenance fees and property management if applicable.