FAQ For Your New House Plan

At iBuildNew we have a team of amazing consultants who are here 7 days a week to provide you with personal and expert advice for your new house plan. For anyone who is planning to build and is comparing their options, these consultants are an invaluable resource. Chris, from our team of consultants, is passionate about helping you connect with the right builders. With years of experience in the industry, he can assist you with any queries you might have. I had the pleasure of sitting down with Chris and asking him some of the very common and important questions that our team of consultants are asked. Although his advice is sourced from years of experience, it is not personal and we recommend that if you have any further questions or would like clarification, that you give Chris a call on 1800 184 284. Frequently Asked QuestionsWhat are the costs of a knockdown rebuild? This is a very common question, because of the fact that there are a lot of unknowns. If you are wanting to live closer to the CBD but would like to build your own home, then you will need to consider a knock down rebuild. This is because the closer you get to the CBD, the more unlikely it is that you will be able to find vacant land. Typically, individuals will choose to buy a house that is old and virtually falling apart, so that they can knock it down and build on the vacant land. This includes extra costs that aren’t included in any base rate and need to be discussed with your builder. Every case is different but generally speaking, knock down rebuild project costs might include;

• Permits
• Demolition costs
• Onsite connections
• Tree removal
• Land levelling

What costs do I need to allow for if I want to build a dual occupancy?

We often have individuals call who are wanting to utilise the land that they have purchased to maximise return. This is often a great option for many individuals as there are many benefits for building a dual occupancy. However, it is very common for us to get enquiries about dual occupancy with budgets that might not actually work. The caller may have a good budget to build a single home, but as soon as you start building a dual occupancy there are additional costs that must be considered as upfront investments. This is not a complete list however; these extra costs can include:

• Town planning
• Demolition
• Soil tests
• Property service reports
• Stormwater connection
• Re-establishment survey

If you are planning on building a dual occupancy, then it is a good idea to speak to your builder about the additional costs that they also suggest you take into consideration. Don’t forget though that not all builders are able to build dual occupancy, so it’s a good idea to call us at iBuildNew and we can put you in contact with builders who can service your land for a dual occupancy build.

Why is my final contract price higher than the base price? Base prices for a new house plan can confuse a lot of our callers. They typically will choose a base rate that just fits into their budget, potentially committing to something that they can’t afford. We don’t want you to waste any time in the process of choosing a new house plan- we know everyone is very busy. So, when choosing a house design make sure that you consider extra costs that are not included in the base rate. This can sometimes be difficult because the inclusions for each builder differ. Some builders will include a lot, while others won’t. Excluded costs may include things such as:

• Flooring
• Upgrades
• Site costs
• Driveways & landscaping
• Changes to the floor plan
• Lighting

If you have any concerns about other excluded costs it is best to give us a call so that we can direct you to the people who can answer your questions. Alternatively, you could opt to purchase a turn-key property. This is a house that will have no extra costs, making the process simpler- if your wanting to invest in property, this is a perfect alternative. It also becomes much easier to secure finance with a turn-key purchase. For more benefits of a turn-key house head over to our blog or call us on 1800 184 284. Why do I need to compare different builders for my new house plan? The most powerful thing an individual who is building can do is to compare their building options. By having options to choose between you will be able to find a deal that is perfect for you and let the builders present you their options. Your decision may be based on price, customer service, included upgrades or deals, whatever it is, we want to help you build your dream. We recommend that you speak to 3 to 4 builders before making a decision- which is why when you call one of the consultants here, we will make sure that they help you create a manageable shortlist. Why is it important to get a lawyer to review my building contact?You have just chosen your dream new house plan; you have secured finance and you will start building shortly. It is an exciting time. However, with such a big investment there will be legal restrictions in place that protect both you and the builder. Your builder will have a building contract created, as it is a legal requirement on work over $5000. When reviewing the contract make sure that you take notice of sections about site visits, payment schedules and damages so that you know what to expect and what is expected of you. To reduce the risk you could even get a building contract review. It is a great idea, and with a competitive fixed cost from our friends at Titlexchange you will have peace of mind in your investment and be able to spend less time worrying.

What do I need to be eligible for the First Home Owners Grant? Thank you to the State governments there are several equity schemes that assist first home buyers to enter the property market. However, with a different program for each state, it can be difficult to know which one applies to you and whether you are eligible for a first home owner’s government contribution. Generally speaking, to be eligible for this you must:

• Be over 18 years’ old
• Occupy the house for a period of time
• Have no previous property

To understand the criteria that applies to you make sure that you check out your state governments website or call iBuildNew on 1800 184 284 for further assistance. How much deposit do I need and why should I compare home loan options? Typically, most banks will require around 10% of the purchase price as a deposit to give you a loan. This can also be influenced by your income, the length of time you have spent in your current job, equity in any other property or your credit history. We are not experts on finance and cannot provide you with any advice, other than to contact an expert. Comparing finance options can be as painful as comparing builders, so just in the way we simplify choosing a builder, uno Home Loans can simplify the process of choosing a bank or broker. They compare many finance options from a wide range of banks and brokers, including the big four banks, but also from smaller, independent mortgage providers who you may miss in your own research. This is a crucial process so that you get the best loan for your needs and don’t miss out on finance options that could be rewarding in the future. If you want more information on the services that uno Home Loans provide, simply head over to ibuildnew.com.au to enquire or call us directly on 1800 184 284. We would love to help you and put you in contact with all of the right people for your new home journey. Building a new home is an exciting time. We don't want you to waste any time on research that isn't necessary- we compile what you need on our easy to use site. However, if you have any more questions, please call us on 1800 184 284. I would love to chat to you!