For most First Home Buyers the journey is long and often times will involve many display home visits and house inspections with no end in sight. The reason being is that it is extremely hard to find one house (already existing) that will tick every box. But then you realise, the ‘right’ one can’t be found because it doesn’t exist yet.
Some home buyers are comfortable with finding an existing home that is close to but not quite perfect, while many opt to build their ideal home brand new. Building a house is exciting, maybe even more so than purchasing an existing home, you get to see it all unfold.
So you’ve made the exciting decision to build your first home, buckle up, it’s time for the adventure of a lifetime! Not only will you now start your journey to home ownership, but you get to be a part of every aspect of creating your very own slice of heaven.
Building a new home is extremely rewarding, however, the entire experience can sometimes be tainted if not properly prepared for and if the build team you choose is not experienced to take on such a project.
As overwhelming as it may seem, the home building process can actually be a very enjoyable experience, you just need to take the time at the start to do your research and plan accordingly.
So, to guide you through how to go about starting your journey to building your new home, here are some useful (and exciting) things to think about.
Start with an end goal in sight
As with any big project, you have to first clearly outline the end goal, so naturally when taking on a home build project you’d do the same. Creating your new home is all about setting goals for what your ideal home will consist of (also known as your ‘Wishlist’ & ‘Must Haves’) and then taking appropriate steps to achieve them.
Before even speaking to any home builders, it’s important that you take the time to think about what you want from a home. Think about the lifestyle you want to live and most importantly, think about your life a few years from now and what that looks like – your home should be built to cater to your present and future lifestyle (most Australians will live in their home for at least a few years once purchased or built).
Not only that, it’s good to think about what style of home you would like, your preferred location (or as close to that depending on your budget), the number of bedrooms etc. Even if nothing is set in stone as yet, having a clear direction will help give you a sense of what the end result should be and roughly what it will cost you (in both time and money).
Research is key
There are several things to consider when building a new home, all of which will have an impact on the end result. Doing your research before even starting the build talks is essential. A good place to start is having a general idea of the area that you would like to live in, location will, in turn, will have a flow-on effect to the budget which then will impact the home design and all other aspects of your new home.
Adequate planning will help you to better understand your options and/or limitations for when you do eventually consult with home builders and architects.
Once you know what your ‘end goal’ looks like, you can research your options accordingly based on what you’ve decided are your ‘Must-Haves’ and ‘Wishlist’ elements.
‘Must-Haves’ are the more practical and essential requirements of your home;
Where do you want to live?
What type of dwelling would you like? (single storey home, double storey home, townhouse)
What number of bedrooms should it have?
Your ‘Wishlist’ items are linked to the more emotional elements of the home;
Size and style of kitchen
Number of bathrooms
Number of garages
Pool and other entertainment areas
This may seem like a lot to take in and think about at once, but most reputable home builders will have options of house and land packages and house designs on hand that would already tick some important boxes and that can be your starting point.
Confirm a budget
We’ve all heard the saying that property is most likely the biggest person that any person will likely make in their lifetime, which is why budgeting appropriately for this is not to be taken lightly.
During your home building journey, you will no doubt be reminded about and asked about your budget (and rightly so). This is THE most important aspect to get right straight off the bat. Everything from location, to house design to materials used, all are determined by budget constraints.
Having a realistic budget in mind will help focus your efforts and ensure you have sufficient funds at every stage of the build and a bit extra for contingencies.
When confirming your budget, of course, you’ll start (and end) with what you can afford to build your home, but you should consider how this cost (and the ongoing costs of home ownership) fits in with your overall plans for the future.
It is recommended to consult with experts in the industry to help you get an accurate and realistic indication of what budget you have to work with. Speaking with a loan expert to get you the right home loan can have a real impact on your finances in the short and long term. Getting this right will save you a world of headache and heartache down the track.
Once you know what funds you have available to work with, you can then carefully allocate this to the costs that you are likely to face (this is where your research done prior will come into play). It pays to be an educated home buyer (home builder), literally.
It is important to remember that the costs incurred during this time include but isn’t limited to just the actual build only – you should factor in costs for construction loan fees, cost of land, solicitor fees, taxes and other expenses pertaining to building a home.
Regardless of whether you choose to build a home or purchase an existing home, you will likely incur related fees and taxes – such as the nature of the property market. For this reason, it is wise (and highly recommended) to leave room in the budget for contingencies.
Start your new home build search
Now with all of that well thought out strategy and a confirmed (realistic) budget, you get to actively take steps to get the ’house building’ show on the road.
This is the point in the journey where it starts to feel a bit more real – the excitement builds, and you get to enjoy the process a bit more. Your search for suitable options kicks off and you look to find that ideal piece of land, you start looking into reputable home builders (preferably one who can provide a full-service build process) and definitely start visiting a few display homes for inspiration and take it from there. There is no timeline as to how long this step takes but it is always a good idea to not rush into any decisions.
Ultimately, the key to an enjoyable home build process is communication, ask lots of questions and make sure you understand all aspects of the project so that you can make informed decisions.
Master builders like Ausmar Homes will not only have a variety of turn-key house & land packages and house design options available that suit your specific budget and needs, they will also walk you through the entire build process ensuring your build is completed to the highest standard and as agreed.
The key takeaway
There is no single way to get into the property market and a wide range of options are available to first home buyers and first home builders alike, and there is no quick fix if your home building process doesn’t go as planned. Hence the importance of proper planning and consideration is key to a seamless new home build project.
So be sure to align yourself with experts in the industry who can help you navigate the process both financially and concerning the build itself.
Getting a foot in the property market doesn’t need to be an impossible dream, you can now have an Ausmar Home to call your own with a deposit as low as 10k. This exclusive first home buyer solution gives you the opportunity to build a brand-new home with Ausmar Homes and all you need is;
To have a solid rental history, even if it’s as short as three months,
To be able to qualify for the state governments first owners grant and
To have a clear credit history
Ausmar Homes first home buyer’s solution (as with all our home builds) is backed by honesty, integrity, and transparency throughout the entire build process.
Simply contact our First Home build specialists and we’ll be in touch and have you on your way to owning your first home sooner than you thought.