At iBuildNew we are passionate about helping our clients be informed about the new home building process. This means that when they start their building project they know what to expect and are not hit with any surprises. That is why we partnered with the team behind Step Ones Homes– helping make building your first home straight forward. Step One Homes has been kind enough to provide us with some handy tips and tricks about building for first timers!
6 Tips for First New Home Builders
1. Understand what government incentives you are eligible for?
First Home Owners Grants and Stamp Duty concessions are determined by state governments- meaning each state or territory has its own incentives for first home buyers. It can be confusing with so many different programs, but it is very important that you understand the government incentive in your state. For WA if you are eligible for the FHOG you can access $10,000 as a grant and if house & land is under $530,000 or land under $400,000 you can access a transfer duty concession. For more information the grant changes are explained in depth here.
2. Do you know the difference between buying an existing home or building a new?
The is a huge difference between buying an existing home and building a new home. With prices across the country continuing to rise one of the biggest upsides of building or buying new is the price. For example, H&L packages in growth areas can be well below the state medium price- this Bathurst H&L package in Wellard is under $300,000.
If you are planning on staying in your new home well into the future then building means that you can buy a home that will be fit your lifestyle now and into the future. Your home should grow with you, not restrict your way of life. And lastly, existing homes require maintenance and sometimes extensive renovations- your new home will minimise maintenance for many years.
3. How much of a deposit does your bank require to grant you pre-approval?
Each mortgage provider is different when it comes to how much deposit is needed to start building a new home, therefore it is important to speak to your bank to determine what cash savings you need to start. If you are also using the FHOG this will be helpful for your mortgage deposit.
4. Are your finances sorted?
It’s no secret that the property market moves fast, with land and house & land packages selling quickly. Everyone wants to get there slice of Australia (and we can’t really blame them, can we?) That is why it is vital to have all your finances fixed and ready to go so that you can jump on the next fantastic deal. Missing out is the worst feeling and we don’t want you to be disappointed, so make sure that you are prepared to find your new home.
5. Is it more important to get into the market then move into your ultimate dream home?
We aren’t saying not to find something that you love and will suit you for many years to come. However, being realistic about what you can get within your budget is very important. Step One Homes have some stunning yet affordable homes that are perfect for your first home. This may not be your forever home- but getting into the market and allowing your home to grow in value will help get you one step closer to upgrading.
6. Have you got independent advice?
Make sure that before choosing a builder you speak to an independent building expert to better understand how to find the perfect builder for you. At iBuildNew, we help you find builders and developers that are right for you given your location and requirements. This helps you accurately compare. We are also here to answer any home building questions that you may have.
If your still unsure about where to start when building your first home, make sure that you give us a call at iBuildNew and let us assist you with your building project. Call us on 1800 184 284 or book a call online.
Source: WA State Revenue
Let us do the legwork for you.
- We’ll ask the right questions to better understand your needs
- We’ll create a recommended shortlist ideally matched to you
- We’ll answer specific questions or concerns related to home building, land purchasing or financing
1800 184 284
