It is every person’s dream to own or build a home. This is an experience that renters or first-time home buyers very much look forward to. It is especially exciting when undertaking a project to build your own home. Although sometimes, the excitement gets replaced by anxiety, especially if you do not know much about the process.
Whilst there are many things to consider, you won’t go wrong by starting with these five areas:
- Knowing the Cost for Home Building
If you asked the experts what you should consider, the first thing they would suggest that you consider is the cost of the land. The Housing Industry Association’s (HIA) latest data shows that average the cost per sqm in Sydney is $933 and $223 in Hobart. The cost of land varies considerably even between suburbs and we recommend that you carry out thorough research before agreeing to purchase any land. According to RealEstate.com the average house size in Australia is 243sqm, so the HIA puts the cost for the build portion at just under $300,000. Now that you have an idea of the total cost of the land plus the build you will need to consider stamp duty and legal costs.
- Understanding Land and Construction Loans
As residential property costs continue to increase, knowing how to apply for land and construction loans can help you to buy something you might otherwise be unable to afford. A land loan is a type of loan that a borrower obtains from a lender in order to buy an empty block of land. A construction loan on the other hand, sets a period in which the house must be totally constructed. When checking your loan options, it’s best to contact an expert such as a mortgage broker to help you with the approval process and other requirements.
- Getting Conveyancing Services Only From Experts
There are many conveyancing services offered online and offline. It’s important that you only acquire the services from a professional. A trusted licensed conveyancer will help prepare you for the journey. They will review your land contract, liaise with your bank and real estate agent, and will ensure that all documents are in order. Your conveyancer will guide you through the journey ensuring that you are organised for critical dates. Conveyancers are specialised in property transactions and it is safe to say that by engaging a licensed conveyancer your property transaction will occur much easier.
- Finding Great Home Designs
Before building a home it is wise to get into the habit of noting your preferences, this way you have a list to refer back to when the time comes. You should list everything from the neighbourhood in which you want to live – to the actual house design e.g. single or double storey, colorbond or tiled roof. It is always better to have the list ready rather than having to make rush, emotion driven decisions. If you have a family, you may wish to consider their preferences as it will also be their home. When choosing to build your own home you also have the option to engage the services of an architect or you can select a predesigned home from a reputable builder. A predesigned home will usually be cheaper and you have the added benefit of being able to walk through a show home prior to your home being built. Whether you choose an architect or a predesigned home these experts will be able to guide you as to what style of house works on the block of land that you have purchased and will also provide advice on choosing a building that complies with council guidelines.
- Choosing Quality But Easy to Maintain Furniture and Fitting
When building a house, it’s also the best time to choose easy to maintain furniture and fittings, such as your windows, doors and cabinets to name a few. If you fail to select quality furniture and fittings at the outset you may need to replace these items in a few years which could be costly. You must also bear in mind that you have your household bills to pay as well as the mortgage for the property therefore you should keep these payments in mind before signing up for any higher purchase agreements and adding to your weekly/monthly commitments. It is understandable that you wish your new home to be furnished beautifully but it is not wise to over stretch yourself financially.
Hopefully these five items will help lay the foundation for your new building. There are more elements and factors to consider but by consulting the experts, as suggested above, they will point you in the right direction.
Have a great time building your new home.
This article was submitted by Alex Morrison
Alex Morrison has been a SEO Expert in Melbourne for over 10 years. In this time he has worked with a range of businesses giving him an in depth understanding of many different industries including home improvement, financial support and health care. As the owner of Integral Media he is now utilising his knowledge and experience with his rapidly increasing client portfolio to help them achieve their business goals. [email protected]