Building your dream home can be an exciting but daunting process, you may start out finding the right location and block of land, or you may select your perfect house first. Buying land and building your home is one of the biggest undertakings you will make and can be quite overwhelming. These key steps will help you through the process and keep you within your budget and stress-free as possible.
Step 1: Research
When choosing an area think about what is important to you and your lifestyle both now and into the future.
Once you have decided on a lot you will need to sign contracts and pay an initial deposit. It is important that you understand the process involved which will be explained by the Land Sales Consultant. A copy of your land contract will also be emailed to your nominated conveyancer/solicitor to view prior to your contract signing.
When finding a block of land in your preferred location there are a few things to consider.
While you wait for your land to title, it’s time to research home designs and builders, check the design fit within your remaining budget and decide who you want to build with. You’ll need to make sure the home design you select can be adapted to comply with the design guidelines in the area your land is. You will need to work closely with your builder in the lead up to the settlement of your land and ensure you have provided them with all necessary information, relevant to your building contract.
Once you’ve selected a floorplan and façade to fit your lot, you will then have an appointment with a colour design consultant to select all your colours, fixtures, fittings and finishing touches. It is important to remember not to get too carried away in your consultation, as it can be easy for upgraded items to blow out your budget quickly.
It is a good idea to go to your colour consultation prepared - find images of colours and finishes you like, or even create a vision board to refer to.
Your builder should now put together your home design costs, including any upgrades, inclusions, and your final site costs (if your lot is yet to titled, a provisional sum will usually be included), into a Building Contract.
It is important you go through both your written contract and plans, to ensure you understand everything and it’s exactly as you want and within your allocated budget. If there are errors or you have gone over budget, now is the time to fix things, as many builders will charge to made changes after contracts are signed.
Construction of your new home is broken down into various stages. You will be invoiced a percentage of your overall contract value at the completion of each stage so you will need to make sure your bank is prepared for these payment stages. These stages are usually;
With your final inspection completed and any required touch ups or issues completed, it is now time to arrange for the final settlement payment to be made. Completion of your home needs to be within two years of settlement.
Planning in advance for removalists, selecting service providers for water, gas, electricity, NBN and other services. Organising connections once final settlement is complete will ensure a smooth handover and move in process.
With your final payment now made, you will receive the keys to your new home and will be guided through manuals and after care of your new home with a representative from your builder.
Your home will be covered by a range of guarantees, warranties and maintenance programs, it is important you familiarise yourself with these details and understand your responsibilities as the home owner, to ensure you do not do anything to void any guarantees or warranties.