What are design guidelines and why do I need them?
So, you have decided to purchase vacant land and build your new home at Dennis Family Corporations’ Westbrook residential estate. Before you do, it’s really important to understand exactly what obligations, rules and restrictions you’ll have to work within.
The design of your new house will need to comply with DFC’s design guidelines for Westbrook. Why do we have design guidelines?
Making the decision to buy land and build a new home is an exciting journey but can also be a daunting process even if you already own a home. That’s where the team at Westbrook is here to help and step you through the process.
Here’s our quick guide to the steps involved in buying your second home…
Where to next? It’s important to establish your budget. When working out your budget, you’ll need to factor in extra costs such as conveyancing, taxes, duties and fees.
We recommend that you contact your bank or a mortgage broker to find the right type of loan to suit your needs. Once again, our team can help you out by recommending a mortgage broker who’ll be able to step you through the finance process and apply for a home loan.
One of the most frequently asked, and notoriously difficult to answer, questions regarding purchasing property is: ‘should I buy before selling my existing property, or should I sell my existing property first?’.
Quite simply, every situation is different, and we recommend you consult an independent financial advisor before making any binding decisions.
There are a few key considerations that can help inform your decision making.
Another option chosen by some purchasers is to keep their current home as an investment and upsize to something larger. This can provide financial benefits, however, we recommend you speak to your financial advisor about your options before making any decisions.
Here’s where our team is key! Our team have years of experience and have a unique understanding of how daunting the process can be. They’ll be with you every step of the way to make sure your dream of buying land and building the right home for right now is seamless.
Once you choose a block of land, you’ll need to pay an initial deposit to secure the land. The initial deposit is fully refundable and paid into a trust account. Once the initial deposit has been received a contract signing appointment will be made.
At your appointment, you will be required to sign an unconditional contract of sale and all parties whose name/s appear on your contract will need to attend, along with photo identification such as a Passport or Driver’s Licence.
The civil construction of each land release takes approximately 12 months. Before any machinery comes onsite, plans must be approved by the relevant authorities. Once these are approved, the construction phases would generally include: removing topsoil; laying of sewer, drainage, water and gas systems; kerb and channel installed; electrical and communications cabling laid; and the construction of footpaths and asphalting of roads.
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.
Throughout the construction phases, you will be issued with letters from our conveyancing team providing updates on construction and when settlement is expected. Of course, our team are always there to assist, answer any questions and provide guidance.
If finance is required, you must obtain finance before settlement. You’ll receive a land title document at settlement and then you can start building your home.