Building your first home is a dream for many young Australians – a place to call your own that has been designed to suit your family’s lifestyle and needs. But at the same time, it can seem like a daunting process with a lot of unknowns and things that need to be considered.
To help ease those worries, we’ve compiled six steps to consider when building your dream home!
1. Budget! Budget! Budget!
Your budget should be worked out based on your current financial circumstances, future costs, and your borrowing capacity! You might have a rough idea of what your budget will be, however it’s important to have an accurate view of your financial situation that even covers smaller details which may not seem important at the time but could end up costing you in the long run. Look into Government Grants and Stamp Duty Concessions you may be eligible for that can boost your build budget. Once your financial situation has been figured out don’t forget to factor extra costs into your overall budget such as mortgage insurance or landscaper costs, so you have a clear understanding of what you will be able to afford. Coral Homes offer customers upfront pricing on their new-build journey so there aren’t any hidden surprises down the track! Receive your instant quote on your chosen home design here.
2. Find the Right Mortgage Broker
Mortgage Brokers will sit down and discuss your borrowing options and provide financial advice. Before signing on with any of them, ensure you understand the fees they charge and any commissions they may receive from credit providers. Mortgage Brokers are there to help guide you through the loan application process, but occasionally their range of products may not suit your needs so it’s important to go with one that is right for you.
3. Explore Your Community
Once you‘ve met with your Mortgage Broker and have a clear idea of what you can afford, you can start looking into where you would like to live and what kind of house you want to build. Look into a few different suburbs, remembering that the local community feel can have a big impact on your life. Visit display homes centres to get an idea of the type of housing style you like that falls within your budget. Coral Homes have a range of Display Homes available to view in person or virtually from the comfort of your couch! They also offer House & Land packages that may suit your budget too.
4. Building Blocks
If you’ve already secured your block of land, there may be some restrictions which impact the type of home design able to be built, and may cause extra site costs to arise. Local regulations may have an impact on the type of house you’re able to build, while odd blocks like ones with a slope may require excavating prior to building that could add additional costs and eat into your budget. If you’re planning on carrying out a Knockdown Rebuild project, there are a number of parameters to consider in this scenario too such as block depth, frontage, slope, orientation, easements and setbacks, drainage and power supply.
5. Forward Planning
Forward planning could save you a lot of money in the long term, even after your home has been built! If you were thinking of adding a pool or backyard improvements in the future, make sure there’s going to be access as it would be very difficult to do these improvements in the future without them. If you weren’t planning on any major backyard projects, consider smaller things such as the amount of electrical and data points you are including as these are often forgotten during the build process, and could end up costing a lot more to install after your home has been completed.
6. Finally, the Furnishings
Once you’ve gone through the major steps it’s time to get onto the fun stuff! Customising your home to suit your style is a great experience, however if you’re looking for a helping hand along the way, the qualified interior designers at the Coral Homes’ Selection Showrooms are there to help guide you with everything from colour selection to interior fittings!
There are definitely a few other things to consider when building your first home, however it doesn’t have to be a scary experience. In fact, your first build should be an exciting time in your life and one to remember for years to come!