TOP 10 THINGS FIRST HOME BUYERS MUST KNOW WHEN BUILDING A NEW HOME
Owning the first home is one of the most significant steps a person will take in their lifetime. The freedom, pride and excitement of building a new home that is unique and perfect for you is an experience that all Australians should go through at some point of their lives. Unfortunately, many first home buyers feel daunted by the thought of going through a construction process. However, the reality is that building a new home for the first time can be quite a joyful journey if you are well informed and you are working with the right builder.
At Evolution Building Group we want to help first home buyers along the way to make sure they don’t feel overwhelmed and have a stress-free experience, this is why we have prepared a list of 10 you must know before building a new home :
1 - BUDGET
The first and most crucial step is to limit and define your budget, and then add some more for the unexpected costs ( we will tell you more about these below)
Once you have a number, make sure you do your research based on it and communicate to any potential builders how much you can afford to spend on your home from the beginning. A builder should be able to let you know what can be included in your new home and prepare a detailed quote. When you need to stick to a budget, it's important to be realistic about how much you can spend and what you can get with it. You should also be able to settle in your mind where you're willing to make compromises (number of rooms over premium inclusions for instance).
2 - FINANCE
To be realistic with your budget, you must be realistic with your financial situation. Making sure how much you can afford doesn’t mean the maximum you can borrow, but the maximum you are prepared to pay each month.
Remember, banks will lend you a scary amount of money, and it could be easy to fall into a trap where you borrow too much to build your dream home, and then your mortgage payments end up becoming your worst nightmare.
First home buyers should fully understand their budget, and how they can fit the monthly mortgage repayments while being able to maintain the lifestyle they want.
3 - GOVERNMENT GRANTS
As a first home buyer, you might be eligible for government grants and stamp duty concessions. These incentives vary from state to state. For instance, NSW can grant you $10,000 to make the dream of owning a new home a reality. Make sure you check on the government's website all the details and conditions on this grants and concessions before making any commitments.
4 - BUILDER
Choosing an experienced and trustworthy builder is the start point for having a stress-free building journey. You might have to spend some time on this step. As an advice, don’t rush it- do your research online, check out different display homes and seek recommendations from any friends and family that have built their homes before and even consider contacting previous customers of the potential builders.
When you meet builders, you really should be looking for trust- a trustworthy builder won’t see you merely as a number, they will want to know everything about your needs and requirements and will be happy to hear to everything you have to say, and this is because they genuinely care and want to create the perfect home for you and your family.
Looking for a builder might seem like a lot of work, but it doesn’t necessarily need to be overwhelming, here are a few things you should consider on a builder:
Reputation: What do the previous customers have to say about their building journey and result? Has the builder enough online reviews, or are they happy for you to contact any previous customers?
Price: The lowest price not necessarily means the best. Analyse your quotes carefully to ensure that the scope of the services to be provided are similar in nature when comparing quotes.
Communication: Does the builder make you feel at ease when discussing your building project? Or do you feel you are not being really listened? Is there open and clear communication between parts? Do they answer promptly to all your questions and requirements?
Flexibility of designs: Does the builder offer you the flexibility to customise a floor plan to better suit your needs? ( This is a game-changer as you don’t want to be stuck with a home design that is not functional for your family)
5 - LAND
When choosing a block, make sure its size suits both your budget and the home design you have in mind. It is also essential to check the incline of the land: The flatter the land, the easier and cheaper it will be to develop and build on. Sloping blocks can offer great views and often suit split-level homes, bear in mind tough, a sloping block may need to undergo excavation, which will need to be factored into the cost of your project. You should always review any planning provisions or design guidelines that may apply to your chosen lot before buying it or even selecting a home design.
6 - HOME DESIGN
When choosing a home design don’t get caught only on how it looks on photos, always think functionality. Take your time to analyse how you and your family will live in the space. Having a builder that allows you to make alterations to ensure your new home suits your needs during the planning process will be a lot easier than then wanting to make changes once you move in.
Understanding your home needs, and work out your home “must-haves” can help you choose a home design that works for your family now and in the future. With this in mind, you can decide the style of the home, number of bedrooms, single or double-storey, outdoor areas, open plan living spaces, and energy efficiency levels.
Once you decide on the basics, then you can have fun selecting fittings and finishes- it is always a huge advantage to walk through displays homes, as they will help you visualise your new home and make the decision making a lot easier!
7 - INCLUSIONS / EXCLUSIONS
Nowadays, builders offer you a pretty comprehensive list of inclusions and added extras when it comes to building a new home; however it is always important to check and clarify everything that is included and what is not- this will help you to avoid any unexpected additional costs. Usually, some of the items that are not included in a contract are: Site costs, driveways and cross overs, light fittings and floor coverings and facing and landscaping. Your builder will usually help you outline in the proposal how much these exclusions can cost you so you can set money aside for them.
8 - LOCATION / COMMUNITY
Keep in mind that the community you live in will have more impact on your life than even the home design you choose. It is really important to find a location and a community that suits your day to day needs, now and in the future. Explore different areas and even talk to existing residents. Before you buy a block of land always consider the local amenities: Shopping, education, recreation, public transport etc.…
A benefit of emerging land estates is that they have been precisely planned to offer a contemporary lifestyle for families in Australia, so you usually will find everything you need just minutes from home, and you will get to build a community with people that share your same lifestyle!
9 - EXTRA COSTS & LANDSCAPING
Make sure you think about everything when it comes to costs. There is a range of extras including stamp duty, conveyancing, government and bank fees, and mortgage insurance that can add up to thousands of dollars. These all chip into the deposit you have saved and reduce the amount you actually can put into the purchase of your new home.
Also, set a bit aside for landscaping. If you build a new home, you would always like to complete it with a beautiful garden!
10 - COMMUNICATION WITH YOUR BUILDER
There is no such thing as being too informed when it comes to building a new home. The more time you take to understand the steps involved in buying land and the building process, the easier it will generally be, so don’t be afraid to ask lots of questions to your builder before starting with your building journey. They will be more than happy to answer them and guide you through the process!
The building journey for a new home can take several months, so good communication with your builder during this time too is key. You should be able to contact your builder if you have some questions or concerns that need addressing, and your builder should be willing to listen to you and resolve any problems promptly. Developing a trust relation with open and clear communication with everyone involved in your building journey will ensure you have a stress free and enjoyable experience!
At Evolution Building Group, we want to make the dream of owning a home for first home buyers a reality. We are passionate about guiding our clients through the process and bring their vision to life in an affordable way without compromising on quality.
This is why our GO SERIES offer a range of stylish, functional and cost-effective homes with a number carefully designed floorplans, optional facades and internal and external colour schemes and upgrades to suit your lifestyle and budget.
If you're ready to start this exciting journey, contact us today! And we can offer you a free consultation to help you visualise your dream home and how to make it a reality!
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