You can only build what you can afford. But, where the magic of building comes into play is how it lets you spend your budget on the areas of your home that will bring you the most happiness. You can make decisions using a give and take system that will, upon completion, paint the picture of what your personal best lifestyle looks like with the budget you have, be it big or small.
Regardless of whether your budget is big or small building lets you direct your spending on the areas of your home that will bring you the most happiness. Learn how you can squeeze the most value out of your home building budget.
As a home building advocate, I frequently come across stories from individuals who have experienced the stress and frustration that can come with planning to build a new home. Unfortunately, these stories often go unheard, leaving … Read More
Getting a loan to buy a home is not the same as getting a loan to build a home. Here’s a checklist that makes sure you’ve got what you need when it comes to choosing the best home loan for your personal circumstances.
Most lenders offer guarantor loan products for first home buyers, although they go by different names, depending on the financial institution. Terms you might hear that refer to these types of arrangements include:Family PledgeFamily SupportFamily EquityFast TrackFamily Guarantee
As a rule, lenders mortgage insurance is required when you don’t have enough deposit, typically less than twenty per cent. Along with your deposit, most lenders will also expect to see proof of consistent savings for a period of at least six months. If you are required to pay LMI, the mortgage insurer may impose similar conditions. These conditions push a lot of borrowers, and particularly first home buyers, out of the market. So, what can you do?
Rather than wait until you can afford to build your ‘ultimate dream home’, why not build a home that you can afford now and build the dream home later.
Should you use a home loan or a construction loan? The truth is you should use both. When you buy your land, you’ll purchase it using a home loan, but if you want to save thousands of dollars while your home is being built then you’ll want to take out a construction loan for the amount needed to build your home.
Here is a basic list of things you’ll need to supply when applying for pre-approval. The lender you’re applying with will have a more detailed list of what they require to assess your pre-approval application. The amount you’ll be able to borrow is calculated on your personal financial position across the board. Applying to borrow money is an information-gathering exercise. It can also be a time-consuming exercise, and you can waste time if you have to have numerous meetings with your broker because you don’t have everything they need to assess your situation.
A mortgage broker seeks, finds and compares home loan products from a vast pool of banks and lending institutions. They have access to the best deals currently being offered by the banks and will know where to look to find a solution that will be best suited to your needs. They are the go-between agent between the borrower and the lender.
So how much is your budget? Let’s look at what you can really afford to build for your building budget. Your building budget is a simple equation: Savings + grants + loans = budget. Plus, if you’re a First Home Owner you will need to learn how much you’re eligible for in grants and concessions. Now, before you even begin to look at what you can build, think about what you can reasonably afford.
Site costs are the costs of preparing your block of land for building and other site-dependant costs, such as slab upgrades. But how can you make sure that site costs won’t blow your budget?
Deciding whether or not to work with an architect can be a tough choice. Let’s make things a little clearer for you.
Buying your first property can be daunting because you just don’t know what you don’t know. The biggest stumbling block is at the starting line, as first-timers rush to real estate websites and spend their weekends hitting the pavement on the hunt for their perfect property.
There’s a huge focus on House and Land Packages and that might be ok for investors but if you’re serious about building a home that let’s you live your best lifestyle, then avoiding a House & … Read More
Jed contacted me when he was at his wits end trying to find a builder. He’d already purchased a block of land so there was no backing out. When I asked Jed about who he had … Read More
Trust. We all want it, we all need it, heck our happiness depends on it. So why then can it be so hard to give? Call me jumpy, but a phone call this morning from one … Read More
The Story Marty purchased a 500m2 block in a new estate. With the prospect of capturing the available views, Marty had a local building designer design a beautiful double story home for him on his new … Read More
Your best lifestyle starts with your best floorplan The quality of your home isn’t just about the tiles, fixtures and fittings. It’s about the floorplan. If you are building a new home, you want to ensure … Read More
What questions do you need to ask when buying a block of land? Knowing the right questions to ask when buying block of land will help you avoid the biggest and most costly mistakes made. But … Read More