Picture this. No more rent inspections. Painting walls whatever colour makes you happy and hanging pictures wherever you want. Having a pet or two. Creating spaces that entirely suit you.
That’s what owning your own home can mean. A place where you don’t have to worry about the uncertainty and rules of renting, and can get on with living the way you want to.
Why build?
There are merits in buying an existing home, such as not having to wait through build times, being able to see exactly what you are buying, and possibly getting to live in a fully established suburb.
However, many people prefer to be able to create a new home from scratch so they can choose the style and layout, tailor spaces, include contemporary fittings and fixtures, knowing that the latest construction techniques and materials are modern and potentially more environmentally sustainable, and not have to deal with possible hidden damage and associated renovations. Building a home in a new estate can also mean that you will be amongst brand new community amenities and that neighbours are likely to be similar to you.
Help for First Home Buyers #
Affordability is obviously the first thing you need to consider when choosing to buy or build a new home.
Fortunately, the State and Federal Governments offer some financial incentives, grants and schemes that you may qualify for. Each have their own their own eligibility criteria, so be sure to check the links for more information.
- First Home Owner Grant: this one-time payment of $10,000 could help you purchase your first home
For more info: https://www.wa.gov.au/organisation/department-of-treasury-and-finance/first-home-owner-grant-fhog
- 5% Deposit Scheme: (Or 2% for single parents or guardian). This scheme has expanded its eligibility, now with no income caps or Lenders Mortgage Insurance
For more info: https://firsthomebuyers.gov.au/australian-government-5-percent-deposit-scheme
- First Home Super Saver Scheme: save a deposit for your first home using your super. Through voluntary super contributions of up to $15,000, you could grow your savings faster, take advantage of lower tax rates, and then withdraw up to $50,000 from your super for a home deposit
For more info: https://firsthomebuyers.gov.au/first-home-super-saver-scheme
- Help to Buy Scheme: this shared equity scheme helps first homebuyers, with the Australian Government contributing up to 40% towards the purchase price of your new home
For more info: https://firsthomebuyers.gov.au/australian-government-help-buy-scheme
- Keystart Home Loan: with Keystart’s new purchase price limit of up to $860,000, a 2% deposit and no Lender’s Mortgage Insurance, your new home could be within reach
For more info: https://www.keystart.com.au/time-to-be-your-own-landlord
It can be a little confusing at first, and eligibility criteria applies, so be sure to check with your bank, licensed broker or financial advisor.
Choosing where to buy your land
It doesn’t matter how attractive your home is if you don’t like where you are living.
There are some important factors to consider when choosing which block of land is right for you.
Timing – depending on how quickly you want to progress can influence the choices available to you. Do you want to start immediately, or are you prepared to wait for future land releases? Factor in when the land will be Titled as that will affect when settlement takes place and when your build can commence.
Budget – Coastal properties and large lots obviously come with a higher price tag. Balance location preferences with the practicalities of managing your finances. You will also need to factor in how block size and situation can influence the size and orientation of your actual home as well as the cost to build and maintain it. It’s important to talk to your financial advisor or finance provider early in the planning stages so you can confidently know what you are comfortable with.
Lifestyle and Lifestage – Look for land estates that suit how you want to live. Close schools, shops and health services are important to many. Perhaps walkable parks and playgrounds within the estate have a high priority, or where you work means you want to be close to public transport services for example. Are you planning to travel more often and therefore wanting a smaller low-maintenance block for a lock-n-leave lifestyle, or do you want a large block to accommodate a growing family with more space to socialise?
Essential services – When comparing land estates, take a close look at what services and facilities are included beyond the standard provision of water, power and sewage. Is there reticulated natural gas and/or renewable energy, is the latest broadband internet in place, and what about buffer zones and easements that offer protection from sound and the elements?
If you like getting out and about, consider access to major roads and public transport, and also what community and recreation areas are available nearby.
The vibe – When you are looking at new estates, and their development plans, keep your radar up for how it feels. Check the track-record of the land developer and their reputation for delivering quality. Is this going to be the place that you will look forward to going home to? Look at streetscapes and parks, verges and streetlighting, landscaping inclusions and fencing styles. This neighbourhood is going to become your extended home and it needs to be designed to encourage an integrated and inclusive community where you feel safe and welcome.
More than bricks and mortar #
Be it a house and land package, a project build or a custom build, there are some founding factors that will influence your decision about which new home to build.
First up is affordability, of course. But remember that even if your home is one with a simple floorplan and limited inclusions, it will still be YOUR home, and you can decorate it however you want to add more personality and character over time.
Build costs start to increase for larger and double-storey homes, and if you want higher or luxury quality materials, fittings and fixtures.
You also need to consider what size of home will suit your block of land, and which home design has the orientation that suits the block and maximises space and energy efficiencies.
Most land estates have building covenants (to protect the harmony and quality of the neighbourhood) and these may guide choices in finishes, colours and materials. These requirements are usually on the land developments’ websites or available from sales representatives.
Your lifestyle will obviously influence which home best suits you - large or compact, private havens or expansive shared spaces, one generation or multi-generational living. Sculleries, home offices and outdoor kitchens are increasingly popular so consider flexible layouts that allow you to tailor spaces to suit your needs. Keep in mind that your needs could change too as children join or leave the nest, working-from-home becomes more frequent, or friends come to stay regularly.
Do your research. Look at floorplans and elevation renders, and visit land estates where builds have recently been completed or are in progress. You will be able to see what roof materials complement different bricks, exterior wall colours and textures. You will also get a tangible feel for different home designs and styles, which is a lot easier than trying to picture the finished product from a floorplan.
It is very important that you choose a home builder that not only offers the style of home and floorplans you are after, but also shares your vision, and offers experienced representatives to guide you through the whole process from purchase to handing over your keys. Check reviews and chat to family, friends and people living in new estates to learn as much as you can about a builder’s value and reputation.
Building a new home, in a place you are proud of, is an exciting reflection of your independence and achievement.
Talk to the Parcel Property team about Mundi, a place to live and breathe.
Disclaimer:
The information in this article is general in nature and does not take into account your personal financial situation, objectives or needs. It should not be considered financial, legal or taxation advice. Before making any decisions, you should seek independent professional advice from a licensed broker, adviser, financial institution or relevant government authority. Grant/scheme criteria, eligibility requirements and lending policies can change at any time, and are at the discretion of the lender, so please ensure you check the most up-to-date information from official sources.
