To do
Questions to ask
1. Establish Our Budget:
The Bank:
- Speak to the bank about our finances and get an idea of how much we can borrow.
- Discuss the repayment amounts with the bank –make a list of repayment amounts
- Discuss the process of getting a home loan with the bank – what do we need to know?
- (optional) Speak to your real estate agent about overcapitalization
- How much are we able to borrow?
- What will the repayments be?
- What is the process of getting a pre-approval?
- What paperwork would you require from us to get the ball rolling on pre-approvals?
2. Speak to the Family
Your Family Before Gathering Quotes:
- Discuss the information and what was discussed with the bank
- Figure out which repayment amount would best fit in with the family budget
- Create a “Needs” list as well as a “Wish” list for what you want in your new home addition
- What do we need to have in the new addition and what do we want?
- What can we afford to pay? What will be our budget?
- What are we looking for in company (Insurance, warranties, understanding staff? etc.)?
3. Seek Professional Help
Builders/Consultants:
- Gather 3-4 quotes based on what you need and, budget permitting, some wants
- Speak to the builders about our lists and our budget and establish what can be done
- Inform each builder of our needs consistently to compare apples to apples
- Can we build what we want with our budget? If not, What CAN we build with my budget?
- What specifically is included AND excluded in the cost/budget the builder provided?
- Why hire them? Do they have insurance? A current license? Warranties or guarantees?
4. Hold a Family Meeting
Your Family After Gathering Quotes:
- Narrow down the companies we’ve gotten quotes from
- Discuss what each builder/company offered and their guarantees
- Discuss the suitability of each builder/company for our family and addition
- Discuss what is included and excluded in each preliminary quote – “Could we live with that?”
- Decide on a builder/company and call them back to go through their process
- Which builder/company did we feel the most comfortable with?
- Which builder did we feel best aligned our needs, wants and budget?
- Do we need to relook at our budget/finances and/or what we want built?
- Are we happy and confident to move forward with a home addition with our chosen builder/company?
Who to speak to
what to keep in mind
- Bank/financial institution
- Family
- Design and Construct builders/companies
- (optional) Real estate agent
- Keep all documentation from the bank and builders
- Inclusions and exclusions differ with every builder
- Keep our family’s needs first and wants second
- Build a home addition that fits your family’s needs
- Understanding your finance/budget is crucial
Where to go
- Bank/financial institution
- (optional) Real estate agent
