Whether you plan to finance your log or timber home or pay cash, it’s important to establish a sound budget and convey it to your design/build team. If you’re unsure about what you can afford, use an online mortgage estimator tool to help calculate a monthly principal and interest. (You’ll find one at loghome.com/mortgage-calculator and timberhomeliving.com/mortgage-calculator.)
To prevent surprises or deal with unforeseen overages (they almost always come up), set your working budget slightly less than the maximum calculated, and hold back 15 to 20 percent as a contingency.
Then start contacting lenders experienced with financing log and timber homes to start the loan process, beginning with pre-qualification. Later, once you’ve finalized your design, you can work with your builder and lender to obtain your actual loan.
HOW MUCH HOME WILL YOUR BUDGET BUY?
On their own, logs and timbers do not make for an expensive house; but like any custom home, buyers tend to want the best.
That’s why there isn’t a universal, nationwide budget equation that could apply
