If you’re considering building a new home, it’s important to plan ahead. Doing some research and preparation before you start will definitely give you a better result. Here are some valuable tips to get you on the right track!
Building a home is probably the biggest financial commitment you’ll ever make. So it’s important to understand all the costs involved. Ask yourself the following questions:
What can you afford?
Talk to a few lenders to ask questions and find out where you can get the best interest rate. You also need to decide on a budget for your new home and stick to it. Be clear with your builder about what your budget is and where you have flexibility. If you’re not clear from the start, it could lead to disappointment at handover.
How much deposit do you need?
Work out how much you need for a deposit based on the cost of the home you want to build, and make a savings plan.
What kind of mortgage would suit you?
Do you want a fixed or variable interest rate? Are you able to get pre-approval for your mortgage from your chosen lender? You may like to consider a mortgage broker. You can find out more by reading our blog – Should you use a mortgage broker for your home loan?
Buy the right land for you
Your home’s physical location is just as important as the home itself, so you need to get it right. Here are some handy tips for choosing the right block of land for you.
Talk to locals
This will help you understand the local area, and find out if it’s a good fit for your family. Are there young families? Are there lots of retired couples? If you’re an empty nester, you may not want to move into a neighbourhood that has lots of small children. So it’s worth doing some homework upfront.
Walk around the neighbourhood
This is one of the best ways to get a feel for the potential of the block you’re considering, and understand what’s within walking distance. Are there walking tracks, parks, local shops, or maybe a school? It’s important to check this out before you buy.
Consider your lifestyle
Do you need a large backyard for the kids? Are you a keen gardener, and if so, what’s the soil quality like? Do you need space for outdoor entertaining? The size, shape and location of the block of land you choose needs to be considered from the start.
Will there be extra expenses?
Don’t get caught out by unexpected costs. Will you need to create new power, phone or cable connections? Are you building on a sloped block? Will you need to excavate rock? It pays to thoroughly check the block of land you’re thinking of buying, before you commit to purchase.
Think about the features you really want in your new home and make a list. If budget’s an issue you may have to prioritise, but this is very common. Almost everyone has a limit! Ask yourself the following:
What features are most important to you?
What can’t you live without?
What features would be nice to have (if the budget allows), but you could do without?
Do you foresee any issues or extra expenses?
Know your responsibilities
When you’re building a new home, it’s important to understand the various roles and responsibilities required throughout the process. This will help you stay organised and keep track of every decision made. Who will be responsible for what? What should you rely on your builder for? What are your responsibilities? Who will make the important decisions?
One of your most important responsibilities is to read the building contract to see exactly what’s included. This is a legal document that clearly states what has been agreed to. It’s far better to ask questions before you sign the contract, rather than assuming certain things are included, only to be disappointed later.
As the owner, ultimately most decisions will come down to you. Make sure you’re available to answer questions as they arise, so deadlines aren’t affected. Ask questions upfront and clearly explain your priorities. It’s vital that your builder understands what you want, and you agree on everything in advance.
The construction manager usually acts as the main liaison person between you and the building team, during your build. In addition to this, they will usually provide assistance during the planning stage, ensuring that your home is built to your specifications and within the scheduled timeframe.
At Hallmark Homes, we’re here to help
There’s a lot to consider when you’re preparing to build a new home. If you need someone to talk to, the friendly team at Hallmark Homes is here to give you a hand. With over 35 years experience building quality homes, we can guide you through this exciting process.
If you’re thinking of building a new home in South East Queensland, the team at Hallmark Homes is ready to help. Come and check them out for yourself at one of our display centres. If you have any questions about our home designs or house and land packages, please contact us today.