Allow me to put paid to a few myths surrounding building a new home. Many people are reluctant to take the plunge fearing any number of unsubstantiated eventualities – often based on hearsay or the advice of a ‘friend of a friend’.
After all, building a new home is the most cost effective way to achieve the home of your dreams. A sumptuous residence which is perfectly tailored to meet the requirements of your family now and into the future. So what is stopping us from taking the plunge?
Money Matters
The single number one misconception surrounding the choice of build or buy established, is cost. People assume because you are getting a luxurious new home, it must cost more – like a tailored suit perhaps.
According to the experts at Wisdom Homes, who have been in the business for almost 20 years, while this thinking is understandable, in most cases, the reverse it actually true.
First home buyer
If you are building a new home and are a first home buyer, you may be entitled to concessions or grants towards stamp duty costs. A calculator can be accessed here which can give you an idea of how much you may be eligible to receive.
Hidden costs
When building a new home you can tailor a home which has the luxuries you want but minus the peripherals you don’t. Don’t need a huge block of land? How about ensuites for every bedroom or a theatre room? By identifying where you can budget and where you want to splurge, you can get more house for your money.
Seeing is believing
Another sticking in point with buyers is the reluctance to buy something without seeing it first. They feel an established home allows a buyer to see what they are getting. Again, the reverse is probably closer to the truth.
Take a walk through a builder’s Display Home and ask questions. Gather as much information on inclusions, exclusions and finishes as possible. This way you have a clear understanding of exactly what you are signing up for.
Older home have inevitably undergone quick makeovers to prepare them for sale. Vendors are often reluctant to outlay large sums of money, preferring the quick fix instead.
This means scrimping on materials or concealing rather than repairing things which won’t translate into profit such as stumps or electrical wiring. Unfortunately, by the time you discover these issue it may be too late, costing you dearly.
Builder Bust
A common trepidation for new home builders surrounds paying advances to a builder who winds up going bust or filing for bankruptcy – forfeiting deposits and payments.
The building industry is littered with anecdotes of fly-by-night companies who give the building trade a bad name. The solution is to partner with a builder who has a long history in the business, a reputation for excellence and is backed by verifiable testimonials.
Poor choice of locations
A misconception surrounding new house and land packages, is that it will mean compromising on quality infrastructure such as transport, education facilities and shopping.
Incentives and Government initiatives mean that there are laws surrounding the planning and development of new developments. These are done with an eye to grow housing affordability and improving access to infrastructure. There are many new housing estates still within commuting distance to big cities, creating affordable homes for everyone.
Quality – build, materials and expertise
If you have had the misfortune to watch the progression of numerous inner-city multi-unit developments being erected, buyers have a right to be nervous about the quality of construction materials and expertise involved. In the rush to complete projects and realise a return on investment, many of these units appear to be made of little more than cardboard and staples!
There is a vast difference between these mass produced developments and builders of custom designed homes, constructed to the highest standards and specs possible. Reputation is a reliable measure of the quality of finish, materials and craftsmanship, as is longevity. A builder who provides a subpar product won’t be in the industry for long.
Cost overruns
Building a home, to an outsider, can appear to be an unknown quantity which risks budget blowouts. For those with tight bottom lines, this can make those tossing up whether to build a home, apprehensive.
This risk is mitigated by using a trustworthy, industry respected builder who can provide a transparent pricing structure and a guaranteed set price once all your selections and finishes have been sorted. Read your contracts carefully to ensure there will be no surprises and you are getting an all inclusive cost.
With a little planning and forethought pitfalls surrounding a new home build can be nipped in the bud early. To do this, select a qualified, Award-Winning builder who has been in the business for a substantial amount of time and has a long list of happy customers. Follow these simple rules and you are well on your way to enjoying your brand new home and a luxurious lifestyle.
