Building your home? Read this
Whether you’re building your dream home or your first home, the process of building your property is exciting. You have a blank canvas and can design the property to your liking. You can have as many bedrooms as you like, or even a kitchen in the garage.
Even though it’s exciting, you should be aware of some of the pitfalls when building your home.
Here are 3 tips when building
Budget
The first thing you should do is budget for the build. First, research the areas you see yourself living in (if you don't already own the land). Secondly, research how much it will cost to build your home, including all the inclusions you would want in your home. This should be done before committing to the building contract.
Fixed price contract
Many builders thrive on variations. Variations are an extra cost the builder incurs and passes onto the customer when there is a change to the original scope of works. e.g., the soil removal costs were more than what was allocated for in the contract, so the additional expense gets passed on to the owner. Lenders will not pay for variations unless you increase your loan after the property has been completed.
Allow for additional expenses
When the builder hands over your property, they usually don't hand over a fully completed property, generally landscaping, blinds, driveways, and fencing are not included. These are required for council to issue the final occupancy certificate (final approval from council to live in the property).
