Are you planning on building your dream home? Follow these 5 simple steps to avoid any costly mistakes and setbacks.
For most Canadians, their home is their most significant financial asset, which is why it’s important to put into place certain protections, such as mortgage life insurance. At AIME, we’ve created 20/20 Mortgage Life Insurance, which offers many benefits over more traditional bank-issued mortgage protection, including:
- you can choose your own beneficiary
- you’ll get to enjoy better premiums
- your mortgage policy will move with you if you decide to switch lenders
- you’re approved instantly
Aime’s 20/20 Mortgage Life Insurance offers You Complete Protection
At AIME, our goal is to offer mortgage protection to all families, no matter your budget or specific requirements. We offer affordable and flexible mortgage protection products to suit all your needs and help you secure your family’s financial future to gain peace of mind in the present.
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4 Steps to Building Your New Home
The process of building a new home begins long before the foundation is poured. In fact, construction is seamless and exciting when the homeowner has a good plan and an honest and experienced builder.
To avoid setbacks, costly mistakes, and other disappointments during the construction process, here are 4 important steps to follow when building your dream home:
1. Plan Your Budget
Money is often one of the biggest obstacles and may be the most complex piece to the puzzle of homeownership. Before building a house, you should begin to think about how much you can afford to spend and how much your new home will cost.
The six major expense categories to consider in your budget include:
- land
- foundation
- material cost
- general contractor’s fee
- site improvements
In addition to all of this, you must also take into consideration all the ‘hidden costs’ of owning a home - or rather those that aren’t included in the building contract. Make sure to include your budget the costs for:
- internet wiring and other utility bills
- installation of carpeting, landscaping, and ongoing yard care
- kitchen and laundry appliances
- annual house maintenance fees
Tip: While it’s important to dream, be sure you know how much you can safely spend on your new home to save yourself any serious financial trouble. Talk to your account or financial advisor as they can help you make smarter and more informed decisions.
2. Determine Your Needs
Selecting the right home design for your needs and lifestyle requires a lot of thought. Your new home is an investment in both your present and your future, so you must not only consider your current needs, but also any future requirements you may have.
Tip: Home plans that include flex spaces or bonus rooms can really adapt to your needs in the future, whether that’s a home office or a baby’s room.
3. Hire a Contractor
If you’re inexperienced in construction, the best thing you can do for yourself and your home is to hire a general contractor. To help you find the right person, here are some questions you should ask any potential contractors:
- Do they take on projects of your size?
- Are they willing to provide financial references, from suppliers and banks?
- Can they give you a list of previous clients?
- How many other projects will they have going on at the same time?
- How long have they been working in the business?
- How long have they worked with their subcontractors?
Remember: Finding a reputable, and quality-minded professional is key in ensuring that your new home is well-constructed and finished on time and within budget, so take your time and do your research.
4. Pick a Plan
Finding the right plan for your home can take some time and often, you will have the choice between a stock plan or a custom-designed home.
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Stock Plan: Many new homes are built using stock plans from a printed catalogue or online store. To help make it more personalized, your builder can make minor modifications (eg. to room size, window style, or other small details).
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Custom Home Plan: A custom home plan is created specifically for the family who will live there and the location that it sits upon. In most cases, a custom designed home will require the services of a licensed architect.
Whether you opt for a stock or a custom design, you should choose a plan that will meet your needs for many years to come. A building professional can always help you make a more informed decision.
Call Today
To find out more about how our mortgage life insurance products can protect your home and keep your family financially secure for many years to come, contact our Calgary office at 1-844-974-2020 or fill in our online contact form.
