- June 14, 2018
- Posted by: Forever Homes
- Category: Home Builder, London, New Home
For many people, building a new home is a dream come true. It allows you to customize the build to your exact specifications. Warrantied, energy-efficient appliances and the precise high-quality finishes you want mean you never have to compromise again.
Building a new home also eliminates the maintenance concerns that always surround the purchase of an existing house. Your home utilizes the latest building materials and finishes and meets today’s higher construction standards. You needn’t worry about bringing your home up to code or renovating. It is move-in ready.
Of course, you’ll have many questions and concerns before deciding on whether you should build a new home in London, Ontario. Here are just a few reasons why you’ll want to call our City home and what to consider during the process.
Today’s London is a flourishing, diverse city with all the amenities. Nonetheless, it retains much of its British roots. Nestled on the Thames River and surrounded by woodlands and farmlands, it’s easy to forget it is also strategically located with easy access to Toronto, Detroit, and Buffalo.
Unlike many other Ontario cities, London remains affordable. Buyers can easily build a new house in London for far less than what it costs in Toronto, and below the national average. Your money goes further in London which means you can buy a larger home and potentially be pickier with what kind of home you purchase.
Existing house listings cannot meet current buyer demands. If you ever want to sell your new custom-built home, you’ll get top dollar and can sell it easily in a red hot market with many interested buyers.
London’s business sector is also thriving, with many manufacturing, financial, high tech, healthcare, and educational jobs. The city’s home to some of the nation’s fastest growing companies and many industry giants such as 3M Canada, General Dynamics Land Systems, Ellis Don, and more. If you’re looking for employment opportunities, growing roots in London makes perfect sense.
London also has one of the largest selections of educational options, with ample elementary and secondary schools and numerous colleges and universities with impressive credentials. Children and young adults can learn and grow without leaving the community.
Of course, a city is more than businesses and schools. London also has an impressive art and cultural scene and over 100 heritage properties reflective of the city’s diverse and engaging past.
All major retailers, countless specialty shops, and farmer’s markets offer everything you need to stock your home. You’ll also discover countless opportunities for budget to fine dining, microbreweries and wineries, fitness and recreation, and outdoor adventures galore. This mid-sized city features many regional events and attracts world-class entertainers and events too.
London, Ontario residents are very proud of their city, and with good reason. It’s diverse, vibrant, and has so much to offer. It’s not overwhelmingly large, or small and lacking. It truly has it all if you’re considering building a new home.
Choosing the Ideal Neighbourhood
A beautiful new house only serves you well when it rests in the ideal community. Your new neighbourhood should offer accessibility, convenience, and the amenities you need.
You’ll find most new home developments in London in the north and west of the city. Both areas provide easy access to the downtown core, parks along the Thames River, shopping malls, The London International airport, hospitals, public transit, schools, and the MacDonald-Cartier freeway. The northern part of London is also home to Western, King’s, Huron, and Brescia Universities.
West London offers amazing parks and recreational activities, including riverfront hiking trails in Komoka Provincial Park. The north provides nearby access to Harris Park, the city’s primary meeting place for events as well as the serene wooded area, scenic views, and creek-side hiking trails at Medway Valley Heritage Forest.
London’s countless recreational centres offer summer camps, sports activities, and year-round fun for all ages. Baseball, hockey, skiing, snowboarding, cycling- London’s got it all. Once you decide on which area best suits your lifestyle, it’s time to choose a home design and lot.
Choosing a House Design & Lot
Building a new home is an exciting process, but it does require many decisions and a quality builder. You must understand what you need beforehand to simplify the process. While you don’t have to choose the finishes immediately, you should know whether you want a modern or traditional home. Think about the number of bedrooms and bathrooms you want and the square footage.
Analyze how you’ll use your property to define lot size. If you want a modern home with four bedrooms and four bathrooms, you need a lot to suit it. If the lot is too large or too small it will detract from the look.
Of course, lots come in many shapes and you have unique needs. Someone who loves gardening may want a sunny, corner lot while a family with children may need the security and quiet of a lot on a cul-de-sac and room for a pool. Consider what’s important to you so your lot provides usable space.
Finally, take a hard look at your finances to determine what you can truly afford. You may have exacting tastes, but your home also needs to suit your budget.
Creekview lots offer wooded seclusion, nearby Snake Creek, and access to one of London’s largest shopping centres, Masonville Mall. You’ll also find two 18-hole courses at nearby Sunningdale Golf and Country Club.
Wickerson Hills is the newest addition to the Byron area in west London. It’s located near the Thames River with endless walking and cycling paths and the Byron Optimist Sports Complex nearby.
Both spectacular areas are ideal places to build a new home, but nothing is more telling than a drive and walk through each. We do offer photos, floor plans and descriptions of each area, but they don’t do them justice. Visit the area and our sales office to see what’s available. If you’re looking to build later, we’re always developing new communities too.
Choosing a Home Builder
Few people have the resources or skills to undertake a new home build themselves. Consequently, most people choose to buy from a builder since they do all the work including preparing the lot, installing services, getting appropriate permits, and constructing the home. However, not every builder does this well or builds homes you like.
If you’re looking to build a contemporary home with plenty of space and high-end finishes, Forever Homes is a great choice. We know you need a comfortable, effective working relationship to create your dream home.
Meet with us and find out whether we’re a good fit. We want to understand your vision and we’re happy to show you the homes we’ve built. We’re proud of our work.
Let us answer your questions, introduce you to our team, and show you how we can serve you well. We have an A+ Better Business Bureau rating and an outstanding team you can trust.
We invite you to talk to our past customers too. Conversations with Forever Homes’ clients can help you understand the building experience and demonstrate how well we work with our clients. Our customer testimonials help you see what we do for our clients and what you can expect from us and our work.
When you choose Forever Homes, you can rest assured we’ll work closely with you to achieve the style and functionality you need. Many of our homes include engineered hardwood, quartz/granite countertops, crown moldings, and more in our standard designs. We offer various spacious floor plans too.
Our professional team can assist you with the many decisions you need to make when crafting a custom built home such as lot selection, finishes, and price considerations. We also offer many upgrades for the most discerning tastes and can ensure you receive the quality you want, while sticking to your building budget.
You’ll always know where you stand during the building process, we never cut corners, and we offer highly-competitive prices too.
Once you’ve made your design decisions, it’s time to consider financing. Forever Homes requires a 10 percent deposit, which you can pay in installments over the first 3 months, if needed.
A new build requires a progress draw mortgage. The approval process is very similar to applying for a mortgage for an existing home, but how you pay your deposit can differ. You may pay your deposit either in one lump sum when you make your offer to purchase, or in equal payments during the first 90-days of the build process.
The lender estimates the value or the home and the land based on your signed and accepted building contract and the house and site plans. Once approved, the progress draw mortgage disperses money in intervals to the builder. Typically, it involves three draws at the 35%, 65%, and 100% completion points during the build, and sometimes a draw for the land purchase too.
The lender inspects the property at each point, submits a report, and releases the appropriate percentage of funds. They will not release final funds at completion until the home meets your approval and you sign a release.
Always determine your budget and discuss your financing options before you commit to buy. As a buyer, it is always prudent to submit your financial information to your broker or lender beforehand to determine your budget and avoid any problems. Seek pre-approval and lock in your interest rate. If your build takes more than 90 days, some lenders offer interest rate caps on qualifying homes.
Mortgage products vary greatly, so it’s important to find what suits your lifestyle, finances, and tolerance for risk. Some buyers want to pay off their mortgage quickly, while others want lower monthly payments. Others want a variable rate mortgage to take advantage of the current low percentages. Still others want the security of a fixed interest rate mortgage and predictable monthly payments.
The products available to you depend on your credit, debt load, income, and other factors so seek professional independent advice before you choose a mortgage. Many people start with their bank since they’re established customers, but mortgage brokers are often a superior choice since they access many more products, work for you and not the lenders, and do not charge a fee. Your bank can only offer their limited products and may not offer the lowest interest rates either.
Additionally, rates and terms vary greatly between lenders as do their requirements to qualify for the loan. If you do not qualify through one lender you may qualify through another. A broker can explain your options such as the term, amortization, and payment schedule and match products to your financial situation and preferences.
Once you commit, your mortgage is a legally-binding document so reliable independent advice is vital. A broker will help you prepare your documents for pre-approval and explain the intricacies of mortgage products in simple language.
They can also provide advice on the fees you can expect to pay during the buying process. Typically, these include legal and appraisal fees, taxes, land transfer tax, and interest. You’ll want to include these expenses in your budget since no one wants unwelcome financial surprises, particularly when making a major purchase.
Forever Homes has built modern custom homes in London, Ontario since 1993. We rely on an experienced team of professionals to guide you through your new home build to ensure it meets your precise needs and budget.
Feel free to browse our website photos and plans and visit our communities. If you like what you see; contact us. We can often incorporate your ideas into existing plans with a few tweaks to avoid a substantially higher cost.
When you choose Forever Homes you’re backed by an honest, experienced team. We’re here to answer your questions, suggest solutions, and realize your dream. After all, you’re not buying a building – you’re creating a home. Let us help you build a home you’ll enjoy for many years to come.
Are you interested in building a new home in London, Ontario? Contact us to learn how we can build your dream home.
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