Building a Custom Home is a dream for many couples
Building a home in the Okanagan is a big task. It requires a unique set of requirements that are very different from a normal home transaction. The biggest is the release of funds to the building during construction and the timing of these payments during the build. Your financial institution will have very clear rules on when these are allowed.
It also involves a bigger financial commitment for the homeowner as the time it takes to build a home requires you to possibly pay for two mortgages or rent during your construction period. And of course you have to purchase the lot at the beginning of the journey, oh and don’t forget your construction insurance.
Let’s take a look at some of the costs and steps you will be facing if you decide to build a home in the Okanagan Valley.
Buying a Lot
Finding the right lot or property is essential to realizing your dream. In Kelowna and surrounding area there are a number of bare lot subdivisions being offered. it is often a controlled development with a selected group of custom builders that you can use. They may have building guidelines to follow for the neighbourhood. The Upper Mission in Kelowna has a number of these developments and lot prices start at $325,000 and up and offer “bring your own Builder” options. In West Kelowna, in the Shannon Lake Neighbourhood, new lot prices are in the $235,000 range.