Step 1: Know your options and the process
Think about the next 5-10 years. Is home ownership in the picture? Maybe you want to buy shares, travel or even build an investment property.
Talking to friends and family who’ve already built their new home and who can give you an idea of what’s involved. You’ve probably got your eye on the property market and social media too, but talking to our new home consultant will help you understand more about the home buying process.
Ultimately, it comes down to what’s right for you, where you want to live and what lifestyle you want to live. Working out what’s important to you can help take care of some of the bigger questions right up front.
Step 2: Get your finances in order
Now’s the time to get real about your financial situation. “Money 101 “means the more savings you have, the better off you’ll be.
Look at what you’re spending and where you can save.
Start paying off your credit cards, store cards and personal loans and consider consolidating in outstanding loans.
Check your credit rating and take any action needed to bring it into good standing.
Figure out how much you’ll need for a deposit and other home building costs (like stamp duty
Explore your home loan options, working with us can make this so much easier and pain free. We collaborate with one of the best finance brokers in Perth!
Check for any available grants or subsidies from the Commonwealth or State governments.
Step 3: Get pre-approved finance and look for your location
Also known as conditional approval, pre-approved finance is basically a letter from your lender that tells you how much they’re likely to let you borrow based on your financial situation, objectives and needs.
Pre-approved finance gives you a clear idea of what you can afford and puts you in a strong position when you are working out where and what you can build.
Step 4: Start the fun stuff
With everything in place, its now time to start the fun stuff. Fun but still tricky, with some big decisions to be made! You will:
select your new home design or have one custom designed, and lock in your price
place your initial deposit
select you colours, finishes, fittings & appliances (big tip here, think about future proofing your electrical work….you can never have too many power points)
get a timeline for scheduling and construction.
From here you’ll start to see your new home dream take shape. Your slab will go down, walls will go up, your roof will go on and it will be exciting to walk in around your home. At a point though, it will hit lock up stage with the windows and doors all installed and the interior will become the focus. This is when all your fixings, appliances and finishing touches get applied. Funnily enough each of these major stages is when you will get issued a progress payment and you will need to draw down on your loan to pay your builder as they build.
Once the build is complete its handover time!
