How to make building your home a reality
Building and owning a perfect family home is the ultimate life dream come true. However, many Australians believe that this in an unachievable ambition or something they will only be able to afford in the very distant future. The good news is that it doesn’t have to be, and with some planning, patience and smart decisions you may be moving into a brand new home much sooner than you think. Here are some simple steps you should take to make building your home a reality.
Set your goals
Your first action should be to determine what type of home you want to build and why. Do you want to build a home for a growing family or are you looking at downsizing into a smaller home for retirement? Is a custom built home or a house and land package your best option? Take into consideration the different types of homes and features you like, and even the neighbourhoods you prefer. This will all help determine the costs involved and your financing options, as well as help you find the right home builder for the job.
Also create a timeframe within which you want to achieve your different goals. Short term goals could include getting your finances in order and creating a savings plan, while longer term goals could be to secure finance or to find a location and builder, and the ultimately the date by which you want to move into your new home.
Building a home is a big financial commitment, and before you start any of the building process you should plan everything out properly. Do some research into the current property market and try to determine how much it will cost to build a new home. Keep in mind that it is important to find a home in a price range which you can comfortably afford. Once you have some figures in mind, have a look at your personal finances and determine how much financing you would require, if you have enough funds for a deposit, and if you’d be able to afford the monthly mortgage repayments. You may want to speak to your bank or a financial advisor for professional advice on handling your finances during this period.
Save for a deposit and down payment
Not many people are fortunate enough to have all their finances in order to start the building process immediately. The majority of us will have to take some time to build up our savings to be able to afford a dream home. You may have to adapt your lifestyle to boost your savings. Aim to cut back on any unnecessary spending and luxuries or consider alternative options such as decreasing your rent by moving back into your parent’s home for a while.
Speak to your bank or a reputable financing institute about securing a home loan with the best possible interest rate. Don’t lose heart if your financial circumstances or credit rating isn’t satisfactory, the bank may be willing to offer you a loan if a third party such as a family member can act as your guarantor or co-applicant.
Don’t worry if you aren’t a property expert – there are many professionals who can assist you with the whole process of building a new home and who can provide seasoned advice on any building matters. Ross North Group is such a company. We are builders of house and land packages in Perth, who not only specialise in building premium new homes but can assist you with financing services, finding a suitable location, choosing a house plan and building a beautifully designed and finished home. Our team takes pride in supporting you with building advice and skills to ensure a worry-free and easy building process. And once you start looking at designs, you can choose from our selection of over 50 beautifully designed homes, which can all be customised with a range of quality finishes and extras. For more information contact us today on 08 9431 8150.