When you start thinking about building a new home there are definitely a lot of thoughts and ideas that will cross your mind. In this blog we'll let you know exactly what those first thoughts should be.
Firstly, where do you want to move? This is an important one. You need to love the town you're either staying in or moving to. Secondly, different areas mean different prices for land. Believe it or not, the cost of land can vary immensely depending on the area. We're talking about the difference of 100's of thousands of dollars! Let's take West island and Chateauguay as an example. If you want to build in Point Claire chances are you're going to have to buy an existing older home and demo it. Depending on where this is, you're looking at anywhere from 400,000$ and up for about 8000sf of land. Don't forget to add demo costs, permitting, city connection etc... If you're looking in Chateauguay, right now there isn't much land left to actually buy, so you'll have to probably also buy an older home and demo it for the land. But demoing and building what you want isn't always the case. If you're thinking you can put whatever type of home you want, that would be incorrect. You'd have to get the home you're thinking about accepted by the city to make sure it fits in with the existing homes on the street. You'll want to call the city and ask them what you're allowed to build in that area and make sure the services are already brought in or how much it would actually cost to have them brought in.
If you're looking for land and it seems like a really good deal and too good to be true...Then it probably is. What I mean by that is, if the piece of land is listed for 80K for 7000sf it usually means it's in the middle of the woods and there isn't a road yet.. Unless the land is located at least 1 hr away from MTL you're probably not going to find land for this price. So do your research before you go and make an offer. You could be adding up to hundreds of thousands to that price tag.
The last little tip we could give you if you're thinking of building would be to go look on real estate websites. Looking at the homes in the areas that you're thinking might be an option for your new home. Look at sizes that would interest you and take note of the prices. You're not going to be able to get a brand new home for less than what you see a used home for. This way you'll be able to give yourself an idea of your budget and know if building a new home is for you.
When you have a good idea of what you want and your budget, you can actually speed up the process by going to the bank and getting a pre-approval.
With all this checked off your list you'll definitely have a really good idea of how to move forward with your potential new home.
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