The Owner Builder Checklist
Many lenders will finance owner builder projects. Keep in mind that these loans carry more risk for the lender. Therefore lenders ask applicants to prepare beforehand. It helps to go through a checklist to ensure that they cover all the steps.
Mortgage House provides a couple to add to your list.
Construction Induction Training
The process begins with obtaining a construction induction training card. They also call it a white card. The training provides education on the process, laws, and other important facts that you need to know. Whether you build the home yourself or hire a crew, the builder requires basic knowledge before starting the project.
Apply for the Permits
All major projects require a permit. It allows the corresponding government agencies to ensure that the area can handle it. New builds impact the local waste management, sanitation, and water utilities. It could also pose traffic challenges.
Hire Qualified Contractors
If you hire any contractors, it’s your duty to hire the best. Construction projects always experience surprises. If you hire a team that can handle challenges, it helps manage costs and the timeline.
If something goes wrong or the project experiences a delay, insurance protects you against potential losses. Insurance allows the lender to feel comfortable with the loan too.
Try our online home loan calculator for free.
Owner Builder Checklist Conclusion
As an owner-builder, it’s important to remain organised. Mortgage House helps applicants understand the process. These loans have drawdowns that differ from traditional mortgages. Contact our loan specialists to obtain more information.