To read more about choosing the right team check out this blog post. The second way would be to work with your project team to calculate what size house fits in your budget. The first is to price out your dream house and then scale back, if needed, to get it under budget. There are essentially two ways to go about determining this. The next step then is figuring out what size home you can afford. After pre-qualification you will have a reasonable idea of your total loan amount and monthly payments.
To determine your budget in this case, it is recommended to speak to the lender to get pre-qualified. Caribou Creek has helpful resources for lenders that lend on log home construction and in some cases may also lend on land in addition to the building. If you have been dreaming of this project awhile, you may not need the help of a financial planner, especially if you already have the means to get started and know how much you have to invest in this project.Īnother possibility is to finance the project. This idea is especially helpful if you are still years away from building. Additionally, they can help you create the funds you need for your dream home by giving you strategic investment options. A financial planner can help you determine the financial resources you already have such as, savings accounts, IRAs or 401Ks, other homes that have equity, etc. When determining how much you can afford, one idea is to start by enlisting advice from your financial planner.
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