Step by Step Guide to the Home Building Process
Hello World! Welcome Friends! Whether you’re looking to make an investment or get yourself into a brand new home, building a property from scratch for the very first time can be intimidating. The home building process can be a long and complex one, but that shouldn’t ruin your excitement while you anticipate your new investment property or home.
Learning about the process and being aware of your role throughout it can make it much easier to approach since you’ll know how to handle anything that might come your way.
Go Homes is a home builder based in Perth. We worked with them to put together a guide to help take the mystery and stress out of things for first time home builders.
Read this blog to learn what you’ll need to do and be aware of to make it a smooth and enjoyable journey.
Set Your Budget & Do Your Research
Whether you already have a preferred house design in mind or want to customize your build, there are some things to factor in while making your decision. This includes your budget.
Does your preferred house design or custom home fit into your budget? What will your options be and how would you work around them?
Having a clearly defined budget going in will make it easier to make important decisions later on. It’ll also prevent you from incurring a level of debt that you can’t afford to maintain over the long term.
Find Your Land
If you’ve already picked your location, you may not have many options when it comes to buying the kind of land you want to build on. However, bear in mind that your home design has to be compatible with the block you’re building on.
If you’ve already made up your mind on your preferred house design, you’ll need to find a block that is compatible with it. Get the help of an expert and/or your builder to inspect your land before you decide to purchase it.
Choose Your Home Design
There are plenty of home designs for you to choose from, including custom homes, house and land packages as well as project homes.
Each option has its advantages, disadvantages and costs, so it’s important to identify which home design will suit your needs and your budget. It’s all about striking the right balance between the home of your dreams and what your budget will allow for.
Choose Your Home Builder
Finding the right home builder for your project is crucial. During your research, you should get recommendations from friends and also survey the list of licensed builders on the Master Builders’ Association.
Get your preferred builders to quote on your home build. They should provide you with a detailed plan and must outline the costings for every aspect of your home accurately.
Once you’re engaged with the home builder of your choice, ensure that the contract covers all the necessary details including a timeline of completion that both parties are agreeable to. Get the help of your solicitor or conveyancer to verify every clause before you sign the contract.
Apply For A Home Loan
Before you do this, find out how much deposit you’re required to pay. Get your conveyancer or solicitor to check your contract to help you understand how progress payments will be determined.
Don’t forget to factor in additional costs such as Stamp Duty, legal fees, and loan fees.
Sign The Contract
Once you have checked the costs, go through the contract carefully with your solicitor or conveyancer before you sign it. You must also ensure that your contract complies with the laws and council requirements in your local area.
You must also check that your builder has obtained the necessary building licenses and permits from relevant authorities. Sign the contract only when you’re 100% confident as it can be costly to make changes.
Monitor The Build
Before the construction begins, you’ll meet with your builder to select the final material, fittings and furnishing for your home. After that, monitoring your build closely is crucial to ensure that it stays on time and within budget.
Doing this will also allow you to choose the design elements of your build along the way.
Complete The Handover
About a week from the time construction ends, you should be able to collect the keys and make any final payments before you move in. Ensure that you receive a copy of relevant certificates and warranties as stated in your contract.
You must also receive written authority from your builder that your home build is complete and safe to occupy.
Whether you’re going to be living in the house or renting it out as an investment property, successfully completing a home building project is definitely cause for celebration.
Reward yourself for all your hard work by taking some time to celebrate! Go out for a meal, buy a nice bottle of bubbles or do whatever it takes to give yourself a big pat on the back.
Article Source: Step by Step Guide to the Home Building Process