Parade of Homes

BUILDING FOR THE FUTURE — Cont'd from page 111 #paradeofhomesmb www.homebuilders.mb.ca Follow us on Instagram to enter our weekly contests! official_mhba Perhaps more importantly, what do you want your life to look like in five years? If you want to have a dog and a fenced backyard, or a fireplace and basement rec room, work it into your plan from the start. Often, home buyers think they'll save money by finishing the basement or building a deck a few years down the road, but Nurse says it makes more sense to do it upfront. You can take advantage of your builder's contacts to get the job done quickly, and you'll save money and stress in the long run. "Realistically, are you going to have funds available to finish that basement in the next five to 10 years? Try to add that into the initial mortgage so that it's done," she says. "It's always going to be more advisable for you to do as much as you can at the outset of that build because every time you need to do renovations or add on, it's likely going to cost more money and a lot more time once your home is done." SCU allows members to make a lump sum payment of up to 20% of the initial mortgage amount every year, so you can choose to make a principal-only payment bi-weekly, monthly or annually to cover the extra cost. If you're planning to build a house, Nurse offers some practical advice that will help to ensure you're happy in your new home for the long term. "If you look at your life in the next five years, what do you realistically think you're going to need? Is your family going to grow? As your kids grow older are they going to need their own space? What is your life going to look like in five years that you can plan for now?" AT THE END OF THE DAY, YOUR HOME SHOULD BE A SOURCE OF PLEASURE, NOT REGRET. > FOR BUILDER MORTGAGES 101 — TURN TO PAGE 116 < That way you won't have to worry about coming up with a large sum of money later on to fund these projects, or pay the interest rate of a loan or a line of credit, which is always higher than a mortgage. "Although it makes your price tag bigger, it just gives you that peace of mind for the next five years." At the end of the day, your home should be a source of pleasure, not regret. "That's why being true to yourself and your family, and realistic about what your needs and your wants are, is more important than getting the lowest mortgage or getting the house for the cheapest price," Nurse says. "It's fundamental to think big picture. You want to enjoy your time in your new home. One thing homeowners can likely all agree on is that finding time in our busy lives to do a renovation or an exhaustive home project can be challenging." POH 112 Parade of Homes FALL 2021

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