Building new gives you plenty of scope to tap into your own style, personality and household needs at an affordable price.
You might be asking how you even start building new. It’s much easier with a little help from experts, like a house and land property group, who will take care of the process. Here’s what the process looks like, right from the beginning.
First, budget.
You’ll need to determine your budget through a mortgage broker. That includes your deposit amount, how much you can borrow, and any incentives you can access. You’ll need a monetary figure to work with as you plan your new home.
If you’re on a strict budget, house and land packages are a great solution as the majority of costs (including land, house design, materials and labour) are included in a fixed price; meaning no unexpected blowouts.
Map out your wishlist.
Think about what what you ideally want in your dream home. Visit display homes, review magazines and look online for inspiration.
With your lifestyle and future plans in mind, write a detailed list of what you “need” (how many bedrooms, number of car spaces etc) and what you’d “like” in a perfect world (spa bath, stone benchtops etc). Then, if you can, refine your list down to your top five in each category.
Compromise will be on the cards as you review your list against your budget, but being able to articulate your “ideal” will get everyone working towards the same goal.
If you’re building with a house and land package, you can choose the house design that best matches your vision, then discuss the customisation options to really make it your own.
Apply for finance.
You’ll need to know the cost of your build to officially apply for your loan. House and land packages have a more streamlined financial setup than traditional builds. Two separate loans (a land mortgage and a construction loan) will likely be combined into one, and you’ll just pay a deposit at the outset and the remainder upon handover.
If you can afford to, it’s worth requesting a little buffer in your loan so that you can add some finishing touches, such as landscaping, to your property.
Choosing your block.
You’ll need to choose a house plan and a block that’s the correct size, shape and orientation to match (and vice versa).
An experienced property group will be able to guide you through the options and select a suitable block that fits with your ideal location. New estates these days are packed with brilliant amenities like shopping centres, cafes, parks, walking tracks, and community spirit.
Choosing your builder.
A property group will engage a reputable, trusted builder for your home, so you won’t have to worry about vetting several companies and crossing your fingers. If you’re building solo, you’ll need to talk to several builders to see what they offer before deciding.
You’ll need to consider:
- How long they’ve been operating and what their reputation is.
- Their portfolio: visit their display homes and drive by their previous builds. Even better, knock on the doors of some of their older homes and chat to the owners about their experience.
- Their price and cost structure: clarify what’s included in the price (and what warranties they have)
- Their capabilities: have they built something like yours before, or will your job be a stretch for them?
- The size of their team: can they deliver on your timeframe?
- How you feel: do you trust them? Do you feel they really listened to you?
Understanding your contract.
New home contracts are long-winded, for sure. Ask as many questions as you need to feel comfortable before signing, and confirm whether you have a cooling off period.
It’s best to engage a legal representative to review your contract and clarify any queries before you sign if you’re building without expert help.
Tap into any incentives.
In addition to delivering a perfectly-tailored home, building new comes with some great financial incentives.
The HomeBuilders grant will only apply if you sign a builder’s contract before 30 December 2020 and commence your build within three months, but at $25k, it is well worth applying for.
If your build will be the first home for all applicants, you may also be able to access $15k via the First Home Owner grant.
You might be able to bypass Lenders Insurance with the First Home Loan Deposit Scheme or to access a Stamp Duty Concession if your home package totals less than $550k.
Streamline the process if you can.
Building new on your own is a huge undertaking if you’ve never done it before. Engaging a property group to do the work for you is a good idea, so your home is built in the timeframe and to budget.
For example, we offer house plans and can source land blocks in a variety of locations, take care of all the behind-the-scenes details of your build, liaise with you every step of the way, and use only the best builders. You won’t have to venture out on your own at any point, which will save you time, money and stress, and get you into your new home faster.
