First Step – Finance. Do you have a deposit saved or are you on your way? Start talking to a mortgage broker so you can see how your finances are placed. You may need to save a little more or make a few changes to your expenses to make it a little easier to get approval from the bank. Important tip: Keep in mind the First Home Owners (New Home) Grant is still available at $15,000 but won't be this way for long. Don't leave it too late, this is a great help when building your first home.
Second Step – Location. Think about where you work, where you like to catch up with friends and where you could see yourself living over the next five to ten years. Do you need transport, train or bus? Are you happy to commute by car? All of these factors play a part in selecting your location. We love working with a whiteboard or big sheet of paper. Make a big list of all those important elements and then start looking on a map.
Third Step – Research. Now you have an idea of how much you can spend and a rough idea of where you would like to live, lets start researching. Online real estate websites are a great resource, domain.com.au or realestate.com.au. Look for land listed in your suburbs of choice or house and land packages being advertised. Take a drive and see what is available in your price range.
Visit a few display homes and/or your local HIA display centre. Get a feel for what you like, what finishes/appliances/details you would like in your home. Collect samples, take photos and start a collage of your dream home.
Fourth Step – Get help from the professionals. Talk to your mortgage broker about where you are looking at living and what prices the packages are. Ask their advice on whether it is good value for what you are after. Talk through the loan payments during the building process and really understand how it all works and what the costs will be. Being prepared ahead of time will make the journey so much more enjoyable.
Lastly, do not feel like you have to go it alone. When you make the decision to build your dream home, a project management company can streamline the whole process for you and help you with any questions you may have along the way.
Are you in the middle of building your first home? Are you planning to in the next 12 - 18 months? We would love to hear your tips on getting started.