Should You Buy a Lot Before Consulting a Toronto Custom Home Builder?
If you are considering building a custom home in Toronto, one of the decisions you will need to make is whether to purchase a lot before or after consulting a builder. As custom home builders in Toronto, we at Superior Construction have experience both in building on our customers’ already existing lots as well as helping them choose some excellent properties throughout the GTA.
There are pros and cons to buying a property before you consult with a Toronto custom home builder.
Pro: If you already own the property, it can be less costly.
Many of our customers want to build their custom homes on lots that they already own. Perhaps the land was an inheritance or perhaps they are looking at demolishing their existing home to construct a new one. Since they already own the land, they do not have to worry about realtor and legal fees, etc. Building on their existing lot may be the most economical option.
Con: It may end up costing you more up front.
Especially if you are purchasing the lot, doing so before you consult with a Toronto custom home builder could result in you making some costly mistakes. A realtor may not have all the answers you need about what kind of home can be built on the property you are interested in, or whether you will be able to demolish any existing structures. A custom home builder will be able to give you these answers before you commit to purchasing the property.
Pro: You may be able to get better loan terms
If you already have the land, then it may be easier for you to get a loan that will cover the full cost of your custom home (i.e. a construction loan). Purchasing the land will show your lender that you have committed to the project, and as a result you may be able to get better terms. We strongly recommend speaking with an attorney or loan officer to get an understanding of how construction loans work.
Con: Your design options may be restricted
If you have a particular design or style of home already in mind, then it is a good idea to consult with a Toronto custom home builder to ensure that the land you choose will be suitable. It can be easy to misjudge the size of lot you will need. Additionally, you will need to be aware of any by-laws that might restrict your design choices.
As you can see, there are advantages and disadvantages to purchasing a lot before consulting a Toronto custom home builder. If you do not already have the land however, you may find it more efficient to speak with a builder first. To get started on your custom home, call Superior Construction today!
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