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Know what you want or need in a loan and shop around. Fixed rates, variable rates, redraw capabilities and the length of the loan are all important factors. Make sure the structure of your loan is right for you straight off the mark – this is a long-term commitment.
Builder quotes can vary by thousands of dollars, so while it may be tempting to go with the cheapest option presented to you, it is important to realise that comparing quotes based purely on monetary value may in fact cost you more in the long run. This is because you are not always comparing apples with apples. Some builders may not provide you with all the expenses upfront, and there are many items that may be inclusive with one builder and non-inclusive with another. It is important to recognise what sort of variations may be affecting your quote including things like labour rates and the quality of the materials. Take the time to understand why your quotes may vary so you know what you are paying for.
Take the time to work out what you can really afford. Many people are excited to buy their first home, but forget the extra fees or underestimate the cost of actually owning one. Find out what kind of fees may be applicable to you including home insurance, stamp duty, moving costs, council rates and transfer fees. Also, be prepared for maintenance costs which will now fall back onto you.
Review your floor plan thoroughly. Work out where your power points and light switches are best positioned, consider the location of your bedrooms to noisy areas like the laundry or living room and always ensure you have plenty of storage.
READ MORE: AVOID COMMON FLOOR PLAN ISSUES
Increasing the standard ceiling height to just 2700mm can instantly offer a more spacious feeling in your home! Highly recommended by almost every builder, it is worth the initial extra cost.
Building a new home offers the opportunity to make massive savings by increasing your energy efficiency. This can be as simple as orientating your home correctly, installing eaves and double-glazed windows and ensuring your insulation is adequate, or you can look at more complex solutions such as solar power or energy-saving appliances. New homes offer new home technologies, so now is your chance to cut down on your energy bills and decrease your carbon footprint!
You can never have too much storage in your home! A clever builder should be able to help you find extra nooks and crannies where you can include additional storage space for your belongings. Finding room for extra storage is highly recommended and your builder will have some great tips on ways to avoid a cluttered home.
It can be very difficult to predict where the future will take you, however it doesn’t hurt to consider possibilities like future pets, children or family. Make sure the home you choose accommodates for future plans too, to get as much out of the home as possible.
Having finally built or found the perfect home, the last thing you want to think about is selling it. However, your home is an investment, and it is important to think about a time where you need to sell it. When searching for your home, consider what other typical home buyers may want and accommodate for this if possible. The location is also extremely important, and while your preferences should be paramount, thinking ahead is important too.
Are we overlooking something? Let us know in the comments below!