In a real estate market where the listing price of a home is almost meaningless with multiple bidders pushing the offer price up, and the asking price is no longer the benchmark for how much a home is worth, what are the options between buying a resale home versus building your own infill dwelling within 4-6 months?
Hive Modular recently set up a Toronto team which will provide homeowners turn-key service from land acquisition to build to occupancy. So rather than having the
home owner find a contractor, deal with permits and coordinating delivery of the modules, you will have a team that will manage all your needs.
More about the team at www.hivemodular.com/toronto.
The turn-key service includes Architectural design by Hive, project and construction management by Equinox<http://www.equinoxdevelopment.ca/Residential.html>[your main point of contact once construction starts. They also take care of permits, crane and delivery of the modules, the site work, demolition if any, basement foundation, utility hookup, and any remaining site installation work], and myself as the realtor who will help you source appropriate lot/land and assisting you on resale of your existing home.
Equinox has a 20yr track record of building high end residential homes. We find you a stress free solution to building your own home. Just have to sit back and watch it happen. We try to make the
process easier for home owners rather than having to coordinate everything
yourselves.
The first step before looking into building a Hive Modular home will be to
get an idea on financing. Due to tighter lending rules, lenders will only lend
based on individual credit worthiness. The amount of the loan will be determined on a case by case scenario. If you already own land, or have some equity to finance the land and/or construction, currently own a home, we can help you move forward to the next steps. For financing of the modules, you will need to look into a construction loan. If you would like to speak to a qualified mortgage professional on the particulars of modular financing, I will be happy to send you the contact information.
- Do you currently own or rent?
- Have you been looking at resale homes as your next purchase? What is your desirable price range of your next home?
Let's take a look at what you get for a 2-story turn-key home in prime neighbourhoods of Central Toronto versus building your own Hive Modular home in 4- 6 months:
The 2 designs you see on the Toronto website<http://www.hivemodular.com/toronto>1740sf and 2060sf is turn key design [exclude land]. The square footage noted does not include basement square footage. Take note price quoted will be a turn key price including all Hive and Equinox construction and general contracting fees and services to build your home, including site work and permits. These homes are energy efficient dwellings of superior quality, Scavolini Italian European cabinetry, high end kitchen appliances by Miele, Wolf, Subzero, glass stair balustrade.
Budget conscious buyers can substitute kitchen and appliance options to fit their needs. However, realistically, shaving interior finishes cost will only save a fraction from the total build cost. To bring down cost significantly will be to shrink square footage. It's important to work out how much space you will really need.
If you would like to discuss possibilities of building your next home versus purchasing a resale, please get in touch. We take you and the vision for your next home seriously.
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