Everybody dreams about owning a home. However, building for the first time is never easy. There are mixed feelings of excitement and confusion. From finance to choosing the right builder, there’s lot to know.
Building a home can be an overwhelming experience. One needs to look out for many things such as deciding where to buy the land, whether to use a broker or not, which bank to get the loan from and how to proceed. So, here’s a step by step guide to help you build your first home hassle free.
1. Apply for a home loan
To build a new home, setting up the finances is the crucial aspect. Check out how much it can cost and make sure to have pe-approval form different banks before you get started. It’s good to know your budget beforehand as it will allow you to make the decision on the kind of land you want to buy and how much you can spend on the building itself. Also, find out how much deposit need to be paid and check the contract to determine the payment related issues. Before applying for loan, take note of the additional costs such as Stamp Duty, mortgage insurance, legal fees associated with loan etc. Check if you are eligible for First Home owners grant. Click on the link below to check RevenueSA website for detailed information on first home owners grant and how to apply First Home Owners Grant RevenueSA
Mortgage brokers can help you in the whole process and make it simple for you and they don’t charge any fees from you. So it’s a good idea to use one if you have not had any experience with home loan process.
2. Choose the package
You can choose to buy the house & land packages offered by various investors/builders. They are usually ready to build as they already have council approvals, which makes the process quicker.
Otherwise you can choose to have a new custom home built as per your requirements. Also, it is very important to choose the location wisely and know what is the best affordable option according to the needs.
3. Find A land
When looking for a perfect block of land for your new home, keep in mind to check its location, schools, shopping centre, transport and medical facilities. When buying a new block of land, make sure to check if the design you want will suit the land. It has a direct impact on the cost, so it is always a good choice to get an expert professional to check the site before making a final purchase. Also, find out about retaining walls, existing trees and easements which can impact the cost significantly.
4. Choose a builder
Make sure to choose the right builder for the project. Get some ideas from the people around and get feedback. There are builders that provide free design and quote with cost estimation for every aspect of home. Do ask them for hidden costs and variations as they can make a huge impact on your budget. Moreover, check that the contract covers everything needed for completion of the project, so you do not have any surprises.
After signing the contract, it is time to do all the interior and exterior selection for your new home. This is the most exciting part which will decide how your home will look with all the material that you select. Interior designers can help you with this process if you have the budget to hire one otherwise most builders have an easy selections processes with their pre-selected lists. Make sure to look around to find something unique if you want your house to stand out.
6. Monitor the build
Once the building starts there is not much that you need to do except waiting for the completion. However, you can maintain the connection at every stage of construction and ensure everything getting completed on time and within budget. Discuss with the builder about the progress updates and get the photos of the site throughout the project.
7. Finish the handover
After the completion of the house the building supervisor will take you for a final inspection where you can make sure that everything has been done according the contract. Once you are satisfied with the build and all the issues have been resolved you can collect the keys making the final payments and move in. Get a copy of all relevant warranties and certificates as per the contract.
Though building a home is bit stressful process but taking help from a trusted builder to guide can make it easier. Make sure to do proper research at each step of the process as it will fulfill your realistic expectations. At Fortune Living we will help you and guide you at every step making sure all your needs are met. Call us today to discuss further how building your first home can be a breeze.