Building a home is the perfect way to fulfil all your wishes when it comes to the perfect house for you and your family. Whether you enjoy the luxury of walk-in robes, the convenience of a butler’s pantry, or simply want to create the ideal environment for entertaining on the weekends, building your home for the first time from the ground up is a rewarding and exciting experience that guarantees you get exactly what you have in mind.
However, there is a lot to consider as a first time home builder, and it’s not uncommon for many first-timers to get lost in it all. If it’s your first time building a house, we have put together a practical first-time home building guide that you can follow in order to smoothly navigate your building experience.
One of the first steps you will want to take will involve figuring out your budget and from there, how much of a deposit you will need in order to take out a home loan. Having an idea of your budget is also great as it means you’re less likely to overspend on extras in your new home that you may not necessarily need, such as an additional bedroom or bathroom.
Once you have a figure in mind, you can then determine how much you will need. The preferred amount set aside for a deposit is 20% (of the price of the home you intend to build), but this isn’t feasible for everyone – anywhere from 5% and upwards is enough. However, unless you reach that 20% deposit, you will also pay lender’s mortgage insurance (LMI), which can add considerable cost when building your first home. If you are a first home buyer and find yourself in this situation, it may be worth applying for the First Home Loan Deposit Scheme, which is a government incentive to help first home builders get into their property sooner by removing the need to pay lender’s mortgage insurance with as little as a 5% deposit.
At Brighton Homes, we are proud to work alongside our in-house finance experts at MyChoice Home Loans. To help you better understand the different home loan options available to you, the financial experts at MyChoice can discuss the process and help you to secure the right loan for first home builders.
If you haven’t already decided on purchasing a block of land before building your house, you can consider a Ready by Brighton package. This means you will only be making repayments on a single loan, rather than separate loans for house and land, which is more cost-effective. In the case of a Ready by Brighton package, the house is pre-built. This means that you won’t have the same ability to build the exact home you want, but it tends to cost less than purchasing a pre-established home.
Building a new house is one of the most exciting projects you will likely undertake in your lifetime. However it can be daunting and sometimes the wrong decisions can result in setbacks. That’s why we’ve created this guide of the most common building mistakes you should avoid as a first-time home builder.
With years of award-winning experience, we create stylish architecturally designed homes for first-time builders that entice your senses. Couple this with our 60 year structural warranty and you can look forward to enjoying your new home that is built to last.
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