The final instalment of BHC's Planning Guide is all about budgeting & investment cost. Here's a quick recap of what we've covered so far in our previous two Journals below. Let’s talk numbers!
The Value of Investing in Your Cabin
The first step to understanding the investment of a System 01 or 02 is to develop your total project budget for land and building. Then we can determine whether your building budget aligns with your vision.
Here's 3 categories that can help inform your understanding of the total investment:
Preliminary Costs (Soft Costs) - Things like a site survey, foundation engineering, permitting, or the hiring of a third-party consultant.
General Project Costs (Hard Costs) - Things like excavation, assembly construction and interior finishings.
Site Insurance - What insurance will you require during the construction phase and afterwards, and will your builder have insurance?
To get a better sense of what the total investment of your BHC project may look like, read through the Case Studies available on our website, each includes a breakdown of the budget. Remember, the prices recorded reflect the time at which the build occurred and are subject to change.
The Value of a BHC Cabin
Building an enduring cabin with sustainable, fabricated materials of the highest quality is a worthwhile financial investment that will provide lasting value for generations to come. It's a once-in-a-lifetime opportunity to create a cherished family retreat that will stand the test of time, ensuring enjoyment and memories for years ahead. Investing in quality construction now means lower maintenance costs and higher property value in the future, making it an extremely rewarding decision.
Understanding what you can afford will guide you in financing your project, from property purchase to construction and potentially converting it into a traditional mortgage.
Kickstart Your Budget Blueprint: Consider the following:
Total liquid assets
Cash allocation for the project
Comfortable monthly payment
Percentage of gross monthly income for payment
Monthly credit and instalment payments
Credit history or score
Type of home (owner-occupied or secondary residence)
Duration of property ownership or loan
Contractor usage
Home size comparison in the neighbourhood
Construction timeline
Chatting with Financial Professionals: Consult at least three financial institutions to:
Explore various financing options
Understand the impact of different loans on your project
Establish a comfortable financial budget
Total Project Budget: Calculate your total budget for land, building, and the overall project.
We hope that this journal has helped you understand the investment and value of your dream cabin with the goal of bringing that dream to reality. For more information, visit our website. We recommend reading through our Project Handbook and System Catalogs, or click here to Get Started.
