New Home Financing Build in BC: Smart Homeowner Tips and Resources

New Home Financing Build in BC: Smart Homeowner Tips and Resources

Your dream home in beautiful British Columbia is ready to be built. You may have Pinterest boards, blueprints, and a dozen spa bathroom ideas. One thing remains: funding. Finding funds and navigating BC's housing market can be as easy as assembling IKEA furniture without instructions. Good news: finance can be complicated, but there are ways and resources to help you acquire the best possibilities. Let's discuss how to lock in financing so you can design that amazing open-concept kitchen.

Know Your Financing Options: Mortgages and More

Financing a home project is different from buying one. First, you have two mortgage options:

Construction Mortgages

They are for new construction. Funding is usually drawn in phases during construction. Consider it “just-in-time” finance. Your lender distributes additional funds when each part of your development is completed, so you only pay for what you've done.

Progressive Draw Mortgage

For consistent building funding. Here, payments are staged to match work done, unlike normal mortgages. YAY! Your lender will send inspectors to check your development in progress. This is an excellent way to keep funding flowing if approved. Ask our team at 88 Homes about the benefits and downsides of each option—we've seen it all!

Lender Who Understands New Builds

Lenders vary in funding. While your local bank may be good for your checking account, financing a new project is different. A lender who knows construction loans, permits, and BC building rules is essential. Work with a new construction lender or a home builder like 88 Homes to find skilled finance partners. Our black book includes a few people who know how to streamline the procedure. Financing your home build should be fun, not stressful.

Budget Realistically (With Wiggle Room)

Dreaming about your future home can be exciting, but a budget can be a bummer. A realistic budget is key to a pleasant building process. You'll need to budget for permits, labor, materials, and unexpected delays or market swings. Little-known secret? Add 10-15% for emergencies. So you're covered if prices change or that “must-have” custom kitchen island costs more than you expected. 88 Homes believes in transparency, so we'll tell you where each dollar goes.

Use BC Homeowner Grants

Now for the good stuff! BC grants and incentives can help you reduce your financial burden so you can spend more time furniture shopping.

Some Major Choices:

First-Time Home Buyers Program

BC exempts first-time buyers from transfer taxes. You may save $8,000 if you qualify. The Home Owner Grant can change the game by lowering property taxes for qualifying homeowners. Building outside Metro Vancouver (lucky you) may qualify for up to $770. 88 Homes knows these grants and incentives and can help you get the most out of every money.

Work With Goal-Oriented Experts

To be honest, a great home build requires experts that care about you. Financial planners and builders should be trustworthy, transparent, and as committed to your vision as you are. That's our role. We empower dreams at 88 Homes, not just construct them. Our goal is to Assist You Throughout.