You have heard about this new trend in home designs and would like to have one for yourself. This trend, known as the “barndominium,” is taking American property owners by storm due to its beauty, longevity, and flexibility.
However, there is one thing that concerns many individuals regarding barndos – they want to know if banks will finance them.
A quick search over the web will reveal that barndo-living is gaining popularity. Majority of these barndos are utilized as family weekend retreats for those who live in the city but own real estate in the country. However, a growing minority of barndo owners are residing in them full-time as their main home.
But what exactly is a barndo? Will banks take an interest in financing them? Read on to find out.
What are barndominiums?
The word “barndominium” is a combination of the words “barn” and “condominiums,” and it is exactly what it sounds like – a barn-type living space. Barndos can be simple homes to high-end living spaces.
They are typically large, open buildings made from sheet metal siding and a steel frame. Their wide, open structure makes them appear like a storage area. Barndos, like traditional homes, combine comfort and the necessary amenities that you would want your home to have.
Lion Buildings, the premier name when it comes to constructing metal buildings, can help you build your dream barndominium at a friendly price. Their metal buildings are easy to install yet durable.
Finding a lender
One of the most significant disadvantages to building a barndo is that there are limited financing options. It is due to the fact that there are very few comparable properties in the market needed for the process of appraisal.
You can start with the bank in which you are already a client or member. They already know you and will consider your customer record when they make you a loan offer. This ordinarily makes the process less stressful and often culminates in a better offer than you would get elsewhere.
Another way to get the financing you need is by contacting a mortgage broker. Mortgage brokers usually provide free consultations so that you can communicate with them without expecting anything in return. After you tell them what your project is and your financial situation, the broker may assign you to one of their networks to determine what you qualify for.
