Everybody aspires to build their dream home one day and shares the desire to make their goals a reality. From imagining the ideal layout of the rooms to the interior design details, you’ll want to have the entire place set up according to plan. There may be plenty of questions filling your mind such as, how do you know when it’s the right time to take on a new property? For this article, we’ve provided a few tips to help check if you’re ready to build your first home.
Change In Lifestyle
After plenty of travelling and waving goodbye to shared houses, you may be looking forward to welcoming a new chapter of your life. Whether you have your heart set on settling down at your very own place or wanting to start a family, it’s time for the next step of building your first home. However, with any big decision, it’s definitely important not to rush into anything and to ensure you’re absolutely certain.
It’s no surprise that a new house comes along with additional expenses, moving fees, utility bills and ongoing mortgage repayments. Before signing up to build your first home, establishing secure employment where you’re comfortable and have a fixed position is crucial. By having steady pay and enjoying what you do, you’re able to keep away from the stress of juggling multiple career changes and adjusting to various work environments.
Your Savings Are Sorted
It’s no secret that the property market moves fast, with land and house & land packages selling quickly. Everyone wants to get their 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.
In order to stay on the right track, having a good rental and tenancy history can make a huge difference when securing a loan. By paying your rent in a timely manner, you’re able to properly set yourself up as a reliable and efficient homeowner.
Apart from embracing a change of pace, you’ll need to be able to confirm that you have enough funds saved up to meet the upcoming payments. When it comes to the deposit, aiming to reach the 20% amount could mean avoiding the cost of Lenders Mortgage Insurance. As part of getting your finances organised, taking care of any outstanding debt will need to be prioritised. To add, being well informed about any available government assistance or concessions is also extremely beneficial in the long run.
Home Design: HomeSolution by Metricon
You Have Done Your Research
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.
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.
Especially for building your first home, you’ll want to take the time to use your resources, ask questions in regards to managing income and learn more about the area where you want to live. Although there may be a lot of factors to take into consideration, you’ll be able to feel more confident when evaluating your preferences and can quickly keep on top of new responsibilities.
Understanding Which Home Is Right For You
There 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. 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 fit your lifestyle now and into the future. Your home should grow with you, not restrict your way of life.
Being realistic about what you can get within your budget is very important. Some may not be your forever home but avoid homes that require ongoing maintenance and sometimes extensive renovations. Getting into the market and allowing your home to grow in value will help get you one step closer to upgrading.
Get 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.
1800 184 284
