Owning your own slice of Australia has long been the dream of would-be buyers and with the beefed-up government incentives for first home owners soon to end, now could be the perfect time to buy your land and build your castle.
While buying an existing property has its advantages, there is nothing quite like seeing your own property take shape from the foundations to the last roofing tile.
Building your own home gives you significant control over not only the structure and features of the property, but also the internal fixtures and fitting that make the difference between a house and a home.
When it comes to finance, the process is a little different for a new property compared with an established building.
For example, rather than paying a lump sum at settlement – as with an existing property purchase – a construction loan is paid down in segments as required throughout the construction period.
Staggered payments will ensure that the builder is paid at various stages of the construction process. The lender may also revalue the property during construction to ensure that it is on track to meet the targeted valuation.
If you’re considering building your own home it is important to work to a tight budget. Construction can take up to a year or more depending on the project and you may have to meet additional living expenses during this period. For some this will mean renting, for others it may involve another year living with the parents.
If you’re unsure of the financing process, or to evaluate how much you can borrow to build your dream home, give me a call – we can run through all the scenarios as well as identify the most appropriate products to meet your needs.
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