Thinking About Building? Here's What to Know Before You Start
Whether you're building your first home, your forever home, or an investment property, it's a big decision. Building can be an exciting journey, but it's also one that tends to divide people. Most homeowners will tell you they either loved the process or found it incredibly stressful. So how can you know what to expect before you dive in?
What to Consider Before You Build
If building is on your radar, the first step is to get really clear on your budget. That means working out how much you can borrow and how much you actually want to spend. While building might appear cheaper than buying an established home, it’s easy to get carried away with upgrades and finishes. Setting a firm budget upfront helps avoid surprises and keeps you focused on your financial goals.
Finding the Right Builder
Some people choose a house and land package while others find land and then approach builders separately. We help clients navigate both paths. Many builders have contacts to help you find land, and getting a builder involved early can be a smart move. They’ll help guide you on what kind of block will suit your design and offer advice on what to watch for when buying land.
When visiting display homes, take your time and ask lots of questions. Try to find a builder whose sales team listens to your needs and communicates well. Keep in mind that display homes often show the highest level of finishes. Some builders now take a more realistic approach to what they display, but it’s always good to ask what is included and what is an upgrade.
When choosing a builder, think about what matters most to you. Are you looking for fast build times? High quality? Great customer service? Do you have a specific floor plan or inclusion list in mind? These are all things to consider when making your choice.
What Are the Benefits of Building?
One of the biggest advantages of building is the stamp duty saving. For first home buyers, there is no stamp duty to pay on land up to a certain threshold. Even if it’s not your first home, you only pay stamp duty on the land value, which is usually far less than on a fully built property.
Another big benefit is the chance to design a home that really suits you. Can’t find a property with a walk-in pantry, north-facing alfresco, or separate study? You can create exactly what you want. Plus, everything is brand new and you’re the first owner, which means less maintenance and no surprises when you move in.
And the Downsides?
Now for the parts people find tough. Building doesn’t always go to plan. Delays can happen, things might not turn out quite how you pictured, and you’ll need to be flexible along the way. There are also extra costs to keep in mind, especially towards the end. These can include fencing, landscaping, driveways, window treatments, pools and extra upgrades chosen during the prestart phase. Planning ahead for these costs can help reduce stress.
Our Advice
The key is to weigh up whether the positives outweigh the things that might test your patience. If this isn’t your forever home, you might feel more relaxed about it. You just need something that works for now and fits your goals.
We’ve built homes ourselves, both for long-term living and shorter-term stays. If you’re thinking about building and want honest advice or guidance through the finance side of things, reach out to us. We’re here to help you work through the decision and find the right option for you.
