There’s nothing quite like going back to your roots. Nearly from the beginning of time, human beings have enjoyed the ability to build their own homes. As a person who’s thinking about building your own home, we want to discuss some of the advantages of building your own home. Once we’ve covered those, we’ll talk about how we make the construction loan process as easy as possible for you here at Consumers National Bank. Let’s begin!

Advantages of Building a Home

New home construction is exciting. From the time you buy the land and put the first shovel in the dirt until the time you walk through that completed threshold, you’ll know that you’re going to end up with exactly what you wanted. But total customization isn’t the only benefit. 

Here are a few other great reasons you may want to build your own home: 

• You can build other buildings on the land. When you choose your own lot, you won’t have to deal with as many restrictions. That means you can choose the perfect location for permits and zoning if you want to build a guest house or an add-on to your garage.
• More peace of mind. When you buy a pre-existing home, you’re also buying pre-existing conditions. You may not be aware of structural problems, outdated systems, or damage to the home. Building your own home is a good way to guarantee that everything is in working order from the start. You’ll know off the bat that you’re not getting a “money pit.”
• No gross reminders of past tenants. No matter how hard past tenants try to clean their homes, you’ll eventually run into a reminder of them if you’ve got a pre-existing home. Whether it’s a stray toenail lodged in the carpet or a dusty ladle that was accidentally shoved behind a kitchen drawer, it can be really weird to find these “artifacts from the past”. When you build it from scratch, you’ll know there’s nothing lurking around. 
• No community restrictions or fees. Many people balk at the idea of paying into the HOA, or being restricted on what colors to paint their home. For truly creative people and for those who just don’t like paying extra, building your own home is a good way to go. Since you’ll own both the land and the home, you will have complete freedom and independence.  
• Living the dream. As we mentioned earlier, it’s extremely appealing to be able to choose your own plot of land and build a home there. When you’re house-hunting, it can be hard to find a home that has every feature you want in it - but if you build it yourself, you can add as many features or unique quirks to it as you want!
• A manageable timeline. When you think of how long you’ve been wanting to build your dream home and you compare it to the amount of time it actually takes to build, you’ll be surprised. Some homes can take as little as 100 days to build,  while others can take up to 6 months or a year. Although it will take longer to build than it would be to move into a new home, isn’t it worth it to get a home you’ll love?

Consumers National Bank: Making Construction Loans Easy

At Consumers National Bank, we’ll help you every step of the way with your home loan for construction. We offer competitive rates for your residential construction loans. Read on to find out more about new construction loans. 

Construction loans are different from regular home loans (mortgages). They help you finance the home building process, and are usually shorter-term. The loans can be paid within a year or less after maturity, meaning they’re paid in full. Here at Consumers, you can use your land purchase as part of your down payment and only pay interest while your new home is being built. 

The contractor gets the funds needed to build the home in installments, which are referred to as “drafts,” from the bank. 

Here are some of the other benefits of using Consumers Bank for your construction financing:

• Local mortgage originators with Ohio housing market expertise
• Competitive, fixed rate loans
• Finance up to 90% of the home’s value (for owner-occupied homes only)
• Interest-only payments available during construction
• Land purchases can be considered a partial down payment

We have a number of loan originators for you to choose from on our New Home Construction page. We’ve got two at our Jackson-Belden office, one in Salem, one in Hartville, and one in Fairlawn, plus they will meet you at any one of our 21 branch locations by appointment, so you’ll find someone to help you no matter where you’re located. 

There are links provided below each originator so you can send an email or start an application right away - and if you need to talk, their cell numbers are listed - it doesn’t get any easier than that! Feel free to reach out to a loan originator today to begin building the home you’ve always wanted.