12 Jul Curious about building a new home? 5 tips to get your home building journey off to a good start
Building a new home is a huge investment. It could be one of the biggest and most exciting projects you’ll ever undertake. And, with the newly announced HomeBuilder $25K cash grant – it could be a golden opportunity for those eligible and looking to build.
If you’re curious about getting stuck into a new build, it’s important to take the time to plan carefully during the early stages to ensure it goes as smoothly as possible. Check out our 5 tips to provide you with the inspiration you need to get started on your new home build journey.
PLAN, PLAN, PLAN
Building a new house can be exciting, even life changing, but careful planning beforehand is essential! Think about the scope of your project, the aesthetic and what you want to achieve overall from your new build. Don’t forget to check to see if there are any restrictions. Contact your local council and explain your building plans as they will know exactly the do’s and don’ts in regards to building a new home.
The best way to prevent overspending is to decide early on how much money you’re willing to commit to the project. Set yourself a budget – and perhaps budget for more than you expect! Aside from the building costs, you need to factor in costs such as furniture, landscaping and outdoor concreting, fences and gates, decking and so on.
TEAM UP WITH THE BEST
Make sure you do your research before you decide on your builder. It pays to get your choice right in the beginning to avoid troubles later down the track. You will be working with your builder for many months so it’s vital to get the decision right early on! Be sure to check their credentials, past work, costs, references and ask a lot of questions about the type of work they have done and the way they work.
GRANTS UP FOR GRABS – KNOW WHAT YOU’RE ENTITLED TO
If you’re building your first home, not only could you be entitled to the $25,000 HomeBuilder Grant but you could also be entitled to other existing state and territory grants and concessions that are already available across the country. These include the first home owner grant programs, stamp duty concessions and the First Home Loan Deposit Scheme.
GET YOUR FINANCES READY
When you’re building a property, you’ll need a construction home loan to finance the process. Construction loans differ from regular home loans, due to building works requiring ongoing payments as the construction progresses. In the case of a traditional home loan, the total funds will be made available in a single lump sum, while a construction loan lets borrowers draw on the loan balance when payments need to be made to the builder.
EXPERT ADVICE MATTERS
Getting expert advice when it comes to construction loans is important, as they do differ from regular home loans, so if you are looking to build, contact your broker today! They are there to help you cut through the clutter and complexity by explaining the various options that are available to you – and help you get your home building journey off to a smooth start.