If you are planning on purchasing your first property, you may be wondering what your options are. Lucky for you, first-time homeowners have a plethora of options to choose from when building your first property. With so many house and land packages, brand new estates, and communities appearing all over the country, you’ll find that you are spoilt for choice. Today, we have a look at what your options are when building your first property, so read on to find out more!
What Are the Options When Building Your First Property
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Select Your Location
When it comes to building your first property, the first factor to look at is location. Only then will you be able to choose your ideal home builders in Sydney to make your dream a reality. When choosing the location for your first home, one should consider accessibility, amenities and budget. Once you have identified the location that suits your needs the most, you can move on to selecting a project home builder or an existing house and land package estate in your area of choice.
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Don’t Forget The FHOG
One of the most exciting things about building your first home is that you get to take advantage of the First Home Owner Grant (FHOG) which is a one-time payment that aims to encourage first home buyers into the market. To be eligible for this grant, you will need to be at least 18 years of age and either an Australian Citizen or Permanent Resident. If you are building your first home with a partner who is also a first-time homeowner, you’re in luck because you will both be eligible for the FHOG. With the assistance of this grant, you will be able to reduce on home building costs or even expand your horizons when it comes to purchasing a larger home or one that is in a more central location.
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Choose Your Builder
Once you’ve gotten your area and FHOG sorted, the time has come to choose your home builder. Finding the right builder for your new home is incredibly important, and we highly recommend getting advice from friends or family members who have worked with trusted home builders in the past. Your ideal home builder should offer you a detailed plan of your proposed build along with all the costs associated with it. Your builder should also be one that is renowned in project home building and be able to offer you examples of previous completed work or projects.
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Get Your Finances In Order
If you’re like the rest of us, getting your finances in order before embarking on your home building adventure is crucial. When it comes to building your own home, getting your finances approved sooner rather than later is the best way to avoid any potential delays or mishaps. Work out with your home builder how much the entire project is going to cost and ensure you have had your home loan approved before you begin. It is also important that you discuss with your builder on how much your deposit will be, how much the land title will cost and when your progressive payments will be required. Always remember that as a homeowner, you have the right to check on the progress of the build and to ensure that it is up to standard before making any payments.
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Complete Handover Once You Are Satisfied
Once your home has been built and it is to a level of your satisfaction, you should be ready to collect the keys. This is called the handover stage of the project. Prior to this stage, you will be able to assess your new home and ensure that it is up to standard. At this point, you should receive all the relevant documents, warranties, and certificates for your new home. It is also important that your builder provides you with written authority that the building is safe and all renovations have been completed.
Building your first home can be an incredibly exciting experience. We hope that this article has given you some insight into the options you have when building your first home, along with some tips and tricks when it comes to ensuring that everything is to your satisfaction,
