This video contains a few of the key points you need to consider when it comes to buying a lot. We bought a building lot and built our own home just outside of Peterborough Ontario. A lot of friends had questions for us afterwards, about how we were able to buy a lot and if they could do the same thing.
A lot of people don't realize that you need cash to buy a lot, because banks won't finance that land.
A lot of people, ourselves included, also grossly underestimate the amount of work and stress involved in building your own home and conducting the job yourself.
I hope this video helps familiarize you a bit with the basic considerations needed for buying a lot. There are many more topics that could be covered when it comes to building your own home, which I hope to cover in later videos.
One key point i forgot to mention in the video is that you can't forget to account for HST in Ontario. This is a whole other topic in and of itself, but you have to realize that while you will get a rebate for a portion of you purchase price at the end, you will still be paying HST upfront.
Thanks so much for watching. This is my first video so bare with me on the filming and editing quality - I know there is some room for improvement in the future!!!
I'm looking forward to hearing from everyone.
Regards,
Mitch
