Building new home in new community

[nzwasp]

Has anyone built a new home in one of the new communities in Calgary?

My wife and I were thinking of doing this (since building an infill seems difficult) because of the size of the house you get versus cost. I think for 700k we could get something really nice.

Thing is we have an existing house and 20% down is 140k which is money we don't have. Do the banks or the builder work out something where you don't have to put as much down since you are selling your old house and moving into the new one?

[ercchry]

if you are moving into the new house you dont need 20% down, Matt (http://forums.beyond.ca/member.php?s=&action=getinfo&userid=3108) is a great guy to talk to about this sort of thing

[nzwasp]

thanks i pm'd him

[irs]

have you checked this property out?

http://forums.beyond.ca/st/347639/fs-renovated-2-storey-willow-park/

Jordon is selling it. Might be something he can help you with.


Looks nicely renovated and is fairly close to be inner city.
You do not have to drive to far if you work in the south or downtown.
Also living on the outskirts of town, you won't get as much money for your house when you go to sell it, because land is abundant.

Also looks like it has everything a new house has. Looks like something I would buy if I had the money. It also has a triple car garage. For all the toy's!!!

[nzwasp]

Hmm thanks but we really want to build our own. Also my wife wont touch the se ever.

[ercchry]

Originally posted by nzwasp
Hmm thanks but we really want to build our own. Also my wife wont touch the se ever.

willow park is 2 blocks from being sw, very attractive area to live in

[nzwasp]

I like the part of the sw that is enclosed by Crowchild and Glenmore west/Hwy 8.

[sputnik]

Originally posted by nzwasp
Also my wife wont touch the se ever.

:facepalm:

[nickyh]

When I built my new home while owning my old one, I talked to the builder and the bank when I did my pre-approval about the 25% they wanted.


Inititally they wanted me to go out and get a loan to cover the 25% but I simply explained i would be using the equity in my then current home to fund the new one.
I was able to put down the first 10% to proceed with the build and then I paid the remainder when the old home was sold, as long as when I went to the lawyers upon signing I had my mortgage discharge letter they were happy with that.

[barmanjay]

If your budget was 800,.. I'd say go to Castlekeep (part of aspen)

That place is almost sold out! amazing neighbourhood

[masoncgy]

Originally posted by nzwasp
I like the part of the sw that is enclosed by Crowchild and Glenmore west/Hwy 8.

Like Garrison Woods? North Glenmore Park? Lakeview?

I would assume Garrison since it's the newer homes that are in view along Glenmore. You should be able to find something good sized and well equipped for $700K in there.

[nzwasp]

The whole area all the way to 101st st sw! :)

Anyway i went and talked to some builders there, the type of mortgage i would need is completion mortgage with around 10% down to start.

[nzwasp]

Are Jager home builders recommended to build with? I have read 3 bad reviews on homestars website but not heard or found anything better other than a really old thread from beyond.

[JordanLotoski]

I think 700,000 in Aspen/west springs you won't get a whole lot. As for getting the 20% down, most people would get a home equity line of credit and use money from that as their down payment.

What I would suggest in your situation is sell your home, use th equity in it to build, go rent for 12 months....all is very stress free.

What area do you currently live in?