Many ask “Where do I get financing for a dome home?” To answer a common question, we do not offer financing. The Monolithic Dome Institute teaches people about domes and their construction and Monolithic Constructors, Inc. is a construction firm to build domes. While it can be difficult to obtain, having financing in place will establish a budget and will dictate the size of the home. We offer some ideas on how to secure financing.
1. Maximize the appraisal value
When going to a financial institution to obtain a home loan, the institution needs an appraisal of your proposed home to get a comparable value. This appraisal looks at similar homes in the area that have recently sold, to give the financial institution an idea of what resale value your home. Dome home appraisals can be difficult because there are less of them than conventional homes. Another factor is dome homes are not resold as often, people usually live in domes homes rather than sell them. Maximizing the appraisal value can help you secure financing. To do this, build your dome home to homes similar in the area. For example, if the majority of homes in your area are ramblers, build a basement in your dome home.
2. Talk to several financial institutions
Securing financing for a dome takes persistence and dedication. Many dome homeowners have found that the first bank they went to did not offer them financing. Start with your local bank, see if they will give you a loan. Branch out from there and work your connections. Keep in mind that dome homes are custom homes and many loan officers are not accustomed to dealing with these types of homes. Stop in often and establish a relationship with the loan officer; give them every reason to trust you. If they know you and know you are serious, you are more likely to get a loan. For an example of a dome homeowner who used a relationship with a local bank, read this account from the owners of the Arcadia home.
3. Use personal line of credit
If you are unable to get a loan through a financial institution, it could be time to get creative. One option could be using your own personal line of credit through credit cards. It may be unconventional, but could be effective. For more on this method, read about how one Michigan couple used credit cards to build their dome home.
4. Use other collateral
Much like using a personal line of credit, using other collateral can be an alternative. Other property or homes you own could work for you to borrow against. One couple in Texas could not get a loan, so they used some property they owned as collateral to get their dome. Read more of their story here.
5. Have realistic expectations
As mentioned earlier, dome homes are custom homes. Do not expect to build a dome home for the same price as a spec home. Do your research and find out what custom homes cost in your area. Also be prepared for the process to take some time. Do not expect to walk into a bank and get a loan the same day.
We wish you luck on the journey to securing financing for your dome home. While we do not offer financing, we are more than happy to answer any questions you have and help along the way. Contact us by calling our office at +1 972-483-7423 or email at [email protected].