Buying your first home can be exciting because you get to influence how your home will look without having to renovate someone else’s dream home. However it is also a big commitment of time and money, so the process can be daunting. Here’s some tips for first-home buyers building a new home:
● Organise your finances: Speak to a mortgage broker to find out what you qualify for and how much you can borrow. This way you know what you can afford and avoid the disappointment of falling in love with something out of reach.
● Government support: As a first-time buyer, there are a number of Federal and State programs that you may be eligible for. You might be eligible for a first-home owner grant and various concessions. There are also Government schemes designed to help you if you are struggling to save a deposit.
● Get expert help: If you are struggling to save for a deposit or not sure what you can afford, try one of the many online savings tools or engage a financial advice professional. House and land contracts are also complex so seek assistance from a legal professional.
● Patience: Once you have selected the estate and chosen your block, you may not be able to build straight away. Buyers may have to wait until the land has been titled which could take 90 days to 18 months. If speed is important make sure to check when the block will be titled.
● Design: Visiting display homes is a great way of getting a feel for what living in the house would be like, to start thinking about fittings, finishes and layouts and to understand room dimensions. Just remember that most display homes are built with higher end options – so make sure you ask for an ‘as displayed’ price list to know exactly what you’re getting.
● Futureproof: Lastly, don’t forget to futureproof your home with energy-saving initiatives such as solar panels which could help with keeping energy costs down in the long-term and make your house more sustainable. Getting the right loan and understanding what government concession are available to you is a critical first step to the process. If you want more information about your borrowing options or if you’d like to discuss your current situation please contact one of our team