It’s an exciting time to be looking at buying and building your first home, with the building industry picking up across the country as a result of low interest rates and rising economic activity.
To help you navigate your way as a first home buyer we have put together a very brief list of factors to consider when looking at building your own home:
Work out and know your financial limitations
- Talk with a bank or broker and determine what you can borrow – it can be worth getting a pre-approval letter from the bank as to what they are willing to lend.
- Set a budget and understand your weekly repayments. This should be done at an early stage as this will assist you in gaining a pre-approval.
Understand your own requirements
- Work out where you want to live – do you want to be close to your family, schools, work or transport, or all of the above?
- Identify what is important to you and your family? – do you need to be close to parks, hospitals or is your preference to be closer to shops and restaurants?
- Go and visit a number of new estates that fit your criteria.
- Check which building covenants and design guidelines which will need to be meet – these days most estates require you to build within certain guidelines.
- Take the time to visit a number of display homes and work with the sales consultants to find a design that suits your land and lifestyle.
- Once you have identified a design for your new home you will need to get a fixed price quote for the build.
- Ensure that you get a turn key price and remember that each time you make a change you may be up for additional costs.
- Is there flexibility with the builder, is there anything you can do yourself?
- What is the reputation and quality of the builder, how many homes are they building in your area, can you speak to a number of their past clients?
- Once you have settled on your inclusions and fixed your price a contract can be signed with the builder. If you haven’t already done so you should also sign a contract on your land with the developers.
- Once the house is completed you will need to take out Home Contents Insurance.
- You will also need to organise the connection of your services.
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