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What to do first if your considering building a new home
Are you feeling overwhelmed by the prospect of building your own home? Unsure where to start or how to navigate the building process? You’re not alone.
If you are weighing up building or buying, there are some key things you can do to bring your dream to reality and explore your options. I’m going to break down the top 3 steps you need to take if you are serious about building a new home.
Step 1: Understanding Your Finance
It’s easy to get caught up in the excitement of browsing display homes, imagining your ideal kitchen or the perfect cosy living room. But the truth is, starting with dream designs before understanding your financial reality can lead to disappointment and frustration down the road.
The first step? Take a deep dive into your finances. This means more than just knowing your bank balance. This is all about understanding your borrowing capacity, eligibility for grants, and the true extent of what you can afford.
As a first-time home builder, your finance options and eligibility are key players in this game. Stamp duty exemptions, grants, and lender requirements can all impact your budget and shape your home building decisions. Imagine falling in love with a home that’s way beyond your financial reach. It’s a recipe for disappointment.
Consider reaching out to a mortgage broker, they’re your allies in navigating the world of home loans. Unlike banks that push their own products, mortgage brokers shop around to find the best deals and help you understand your borrowing capacity.
Step 2: Finding the Perfect Block
Now that you’ve got a handle on your finances, it’s time to embark on the quest for the perfect block of land. The second step in your home building journey is all about location!
Where do you envision your dream home? North or south of the river? Beachside or countryside? Proximity to schools, amenities, and lifestyle hubs all play a role. Your chosen location can have a significant impact on your budget. Coastal properties or inner-city blocks may come at a premium, while suburban or rural options offer more affordability. It’s about finding the sweet spot that fits your lifestyle and financial plan.
As a building broker, I help clients reverse-engineer their home building process. I start with finance and work backwards, ensuring the chosen block aligns with the available budget for both land and construction.
Step 3: Picking Your Block and Builder
With your location in mind, it’s time to choose the right block and builder. Learn why selecting your block before your builder is crucial to avoiding disappointment down the road.
Consider factors like size, orientation, frontage, and shape. These elements will influence the design and functionality of your future home. Choosing a builder is like finding the missing piece of a puzzle.
Picking your block before selecting a builder is essential to avoid design disappointment. Ensure that your chosen block’s specifications align with your desired home design, including frontage requirements and orientation. Work closely with your builder to maximise your blocks potential. From site works to orientation, every detail matters in creating a home that suits your lifestyle and enhances your living experience.
Where to Start?
The first place you need to start is arming yourself with information! Surround yourself with a supportive network of professionals and experts. From mortgage brokers to building consultants, leverage their expertise to navigate the complexities of home building with confidence.
Before hitting display homes, get familiar with knowledge about the building process. Understanding the ins and outs will set you up for success.
Manage your expectations by aligning them with your budget and timeline. Understand the trade-offs involved in home design and construction. Realistic expectations pave the way for a smoother and more fulfilling building journey.
To recap the steps you need to know:
- Step 1: Understand Your Finance
- Determine your borrowing capacity and eligibility for grants.
- Get clarity on your budget before exploring home designs.
- Step 2: Find the Perfect Block
- Choose a location that fits your lifestyle and budget.
- Look for land that aligns with your desired home design.
- Step 3: Pick Your Block and Builder
- Select a block of land based on size, orientation, and budget.
- Choose a reputable builder whose style and expertise match your vision.
Ready to Build Like a Boss?
Still unsure where to begin? You can book a call with our team! As a building broker we can help you through the process with expert advice and support. We’ll break down the process and answer all your burning questions, making sure that you’re empowered to kick-start your building journey.
