2016 is a great time for first home buyers who choose to build. Interest rates are low, government grants are still in place and you save on stamp duty. You can actually build a brand new home for less than buying established! As a first home buyer, you’re eager to get into your own place and have it just the way you want, right? But before you get too carried away, its important that you stick to your budget so that you don’t over capitalize on your investment.
Here are our tips on how you can save when building your first home.
- Don’t change things
Keep things simple and don’t change the plan. Its your very first home, there will be compromises. In fact there are always compromises when it comes to building. House and land packages aimed at those entering the market have been designed to keep costs down, ensuring that first home buyers can afford to purchase. Once you start changing the floor plan or kitchen design you could end up paying $1000’s more. Try and keep to the plan, layout and size.
- Don’t upgrade your finishes and fittings
Yes it is nice to be able to upgrade your benches to stone, your tiles to those luxury tiles from Italy and your shower head to one that plays lights and music (yes, they do exist). But it just isn’t worth it. You will over capitalize on your home and chances are you won’t get your money back when you go to sell. Your budgets and allowances will allow for quality and on trend tiles and flooring without breaking your budget.
- Ensure you get a fixed price contract before you sign
Fixed price contract will ensure you have no hidden surprises at the end. Be sure to read over it thoroughly and ask your friends and family to read it as well. If you are unsure about what it does and doesn’t include, ask your builder. The right decision is an informed one.
- Remember to it’s not your forever home
Your first home is the first of many stepping stones till you get to your forever home. It will be smaller, it won’t have all the features and finishes you may want, but it will be yours!
If your ready to take the next step to building your first home, contact us today!