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Building Your Dream Home Building your Dream Home Our Building Guide outlines some of the key things you need to consider Building a house can be an exciting when building or renovating. yet demanding task, but given the right support, you will enjoy many relaxing years in your dream home! working drawings with detailed Consider lead times on certain products specifications. Be sure to discuss the 7. Things You Should like windows. They can take several weeks features that fit your lifestyle, the size of your to be delivered to your site. If you order them lot and your budget. Once completed, these Know When Building too late it can severely impact your timelines. plans are the instructions for the builder; the better they are, the easier the build. Your Home 8. Do not use funds designated for your project to buy fixtures, fittings, furniture or 4. Give yourself enough time to get 10 any other materials outside the initial scope at least three quotations for absolutely of the individual project stages. This can everything to be done on the project well The journey to building your home should negatively impact whether there is enough 1. before sub-contractors have to be on site. begin with a conversation with one of our money to ensure your project is completed If you rush this part of the project you will mortgage specialists to determine your 2. Choosing the right land on time or within budget. mortgage qualifying limit. to build on is just as important as choosing not get the best results. the right house. Whether the land you own Stay in regular contact with your Choose a builder/contractor that 9. was gifted, inherited or purchased there are 5. contractor/builder. Keep a record of progress comes highly recommended and whose a few important things to consider before reports, make frequent unplanned visits to work you have physically seen and building a house on it. These include: your site to see the progress being made and inspected. Ensure that you do a a. The cost to complete your house. deal with issues as soon as they arise, as it thorough investigation into previous Costs can escalate substantially if your land will likely be cheaper for you in the long run. hides surprises below the surface. Ideally, construction projects he/she has managed and also speak to past clients. you should have test holes done on multiple 10. Always keep your mortgage specialist areas of the land to assess how deep you may abreast of your progress at every stage. Your Your builder/contractor will be have to dig before you reach solid rock; CIBC FirstCaribbean mortgage specialist has responsible for the site and everything b. The risk of flooding or landslides in extreme a wealth of experience and knowledge in that happens on it and can make or weather conditions; managing construction projects and can help break your project. Therefore, it is Many times clients create elaborate house c. Zoning restrictions (e.g., residential vs. you avoid many of the crucial that you spend time selecting plans only to be disappointed when they agriculture); this can impact how common mistakes the right one. realise their dream home will cost more much financing you may be clients tend to make. than they can afford. able to obtain; Avoid making major design d. The distance to work, 6. changes when the project has started. To avoid this common mistake, engage your public transportation, Not only will this be costly, but may CIBC FirstCaribbean mortgage specialist and schools, recreational require planning approval again. use our simple and seamless mortgage health facilities, grocery Even small changes in your fixtures check-up to find out exactly how much you stores and other and finishes, such as changing from can qualify for. retailers and close ceramic tiles to porcelain tiles or laying family members. Knowing how much you can afford can guide your tiles straight vs diagonally or you when planning your design and help you 3. It’s recommended changing from sash windows to to get into your home much faster. that you share your casement windows can eventually vision with a professional cause your project to run over the who can output your ideas to agreed budget. 1. 10 Things You Should Know When Building Your Home cont’d working drawings with detailed Consider lead times on certain products specifications. Be sure to discuss the 7. like windows. They can take several weeks features that fit your lifestyle, the size of your to be delivered to your site. If you order them lot and your budget. Once completed, these too late it can severely impact your timelines. plans are the instructions for the builder; the better they are, the easier the build. 8. Do not use funds designated for your project to buy fixtures, fittings, furniture or Give yourself enough time to get 4. any other materials outside the initial scope at least three quotations for absolutely of the individual project stages. This can everything to be done on the project well The journey to building your home should negatively impact whether there is enough 1. before sub-contractors have to be on site. begin with a conversation with one of our money to ensure your project is completed If you rush this part of the project you will mortgage specialists to determine your 2. Choosing the right land on time or within budget. mortgage qualifying limit. to build on is just as important as choosing not get the best results. the right house. Whether the land you own Stay in regular contact with your Choose a builder/contractor that 9. was gifted, inherited or purchased there are 5. contractor/builder. Keep a record of progress comes highly recommended and whose a few important things to consider before reports, make frequent unplanned visits to work you have physically seen and building a house on it. These include: your site to see the progress being made and inspected. Ensure that you do a a. The cost to complete your house. deal with issues as soon as they arise, as it thorough investigation into previous Costs can escalate substantially if your land will likely be cheaper for you in the long run. hides surprises below the surface. Ideally, construction projects he/she has managed and also speak to past clients. you should have test holes done on multiple 10. Always keep your mortgage specialist areas of the land to assess how deep you may abreast of your progress at every stage. Your Your builder/contractor will be have to dig before you reach solid rock; CIBC FirstCaribbean mortgage specialist has responsible for the site and everything b. The risk of flooding or landslides in extreme a wealth of experience and knowledge in that happens on it and can make or weather conditions; managing construction projects and can help break your project. Therefore, it is Many times clients create elaborate house c. Zoning restrictions (e.g., residential vs. you avoid many of the crucial that you spend time selecting plans only to be disappointed when they agriculture); this can impact how common mistakes the right one. realise their dream home will cost more much financing you may be clients tend to make. than they can afford. able to obtain; Avoid making major design d. The distance to work, 6. changes when the project has started. To avoid this common mistake, engage your public transportation, Not only will this be costly, but may CIBC FirstCaribbean mortgage specialist and schools, recreational require planning approval again. use our simple and seamless mortgage health facilities, grocery Even small changes in your fixtures check-up to find out exactly how much you stores and other and finishes, such as changing from can qualify for. retailers and close ceramic tiles to porcelain tiles or laying family members. Knowing how much you can afford can guide your tiles straight vs diagonally or you when planning your design and help you 3. It’s recommended changing from sash windows to to get into your home much faster. that you share your casement windows can eventually vision with a professional cause your project to run over the who can output your ideas to agreed budget. 2. Information Required ✔ Confirmation of assets and debts • Last three (3) months’ statements from your financial institution (i.e. savings, chequing, credit cards, hire purchase accounts, loan accounts) • Proof of the required down payment, legal and closing cost (i.e. evidence of the source of funds will also be required) • Credit Bureau report (where applicable). ✔ Salaried Employees • Letter of introduction from employer Unlike a standard mortgage where your confirming remuneration, the position mortgage specialist will provide you with one you hold within the company and length large lump sum when your loan is drawn, a of employment construction or bridging loan is typically • Most recent pay slip. drawn in multiple stages over 6-12 months. This construction loan usually attracts a ✔ Self-Employed applicants slightly higher interest rate than the standard • Last two years’ financial mortgage until your house is completed and statements including: is then converted into a mortgage. • Profit & Loss statements • Balance sheet Here is a list of the key • Cash Flow documents you will need when • Notes to Financials applying for a construction loan. • A full set of tax Your CIBC FirstCaribbean assessments for the mortgage specialist will tell you in detail last two years what’s required but here’s an outline: • Bank statements for the past twelve (12) months on ✔ Proof of identification the operating account for the period • Valid identification (i.e.
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