First home buyer tips on building your first home

First home buyer tips on building your first home

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

  1. 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.
  2. 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

  1. 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?
  2. 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?
  3. Go and visit a number of new estates that fit your criteria.
  4. Check which building covenants and design guidelines which will need to be meet – these days most estates require you to build within certain guidelines.
  5. 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.

Download a copy of your free Home Building Checklist here!

Building

  1. Once you have identified a design for your new home you will need to get a fixed price quote for the build.
  2. Ensure that you get a turn key price and remember that each time you make a change you may be up for additional costs.
  3. Is there flexibility with the builder, is there anything you can do yourself?
  4. 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?
  5. 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.

Moving in

  1. Once the house is completed you will need to take out Home Contents Insurance.
  2. You will also need to organise the connection of your services.

Download a copy of your free Home Building Checklist here!

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Ben Everingham

About

Ben founded Pumped On Property after building a multi-million dollar property portfolio over a 5 year period. His mission is to show you how to replace your income through property investing so you can do what you love…full time.