Things you need to consider when building your first home
Building a new home should mean you get exactly what you want – and how you want it!
Building means you remove compromise – the layout of the property, how big (or small) you want your house to be, how much space you leave for a front or backyard, interior finishes & fixtures, general theming and colour decisions… By having control over these elements, you give yourself the best chance of bringing your dream home to life.
But before you can start laying the (literal) groundwork for your new property, it’s important to make your vision as clear as possible. To make the process a little less overwhelming, we’ve come up with some key areas of consideration when planning your first building project.
Consider Your Long-Term Budget
Buying a house, or land to build your first home is one of the most important financial decisions you will make during your lifetime. That’s why it is essential to have sound understanding of your current financial situation and be well-assured that this will be stable for the foreseeable future.
Careful budgeting is the first step – it’s important to be realistic, not only about your current financial circumstances but also about future costs. You need to work out how much deposit and monthly mortgage payments you can afford, especially if starting a family, or planning to do so in the future. Keep in mind that extra costs can increase conveyancing, bank fees, and mortgage insurance can cost well over $10,000.
It’s also important to explore your options for assistance – the first home buyers grant, as well as other government grants and stamp duty concessions are available to assist first-time buyers.
Green is the only way to go. Making efforts to ensure the home your building is both environmentally sustainable and energy-efficient has massive repercussions for yourself and the community you live in.
With the rise of electricity costs and the strong focus on minimising carbon footprint, there are several avenues to explore to ensure you’re living sustainably; the addition of solar panels, rain-water tanks, or greywater gardening systems all massively contribute to reducing the impact on your local environment.
These features also pay themselves off in the long-term, potentially saving you a fortune on electricity and water bills.
Efficiency should also influence your layout design – thinking about where major appliances are going to be used allows you to strategically position power outlets where you need them most. Furthermore, careful consideration of room layout allows you to plan around smaller appliances like lamps, hairdryers, phone chargers, etc.
Consider Resale Value
Eventually, most homeowners reach a time where they may consider selling their house and land. When that time comes, you’ll want to know that you already maximised your profit potential through careful planning and long-term strategy.
Ensuring the potential suburbs you are considering have consistent growth in the median house value is a great place to start. Equally important is proximity to local schools (both primary, secondary, and even universities), amenities (shopping centers, business districts, recreation centers, gyms, etc.) and community spaces (parks, playgrounds, sports ovals).
All of these features can massively improve the livability of a suburb, and therefore the value of your property in that suburb.