1. FINDING THE BEST BLOCK FOR YOUR HOME
If you're thinking of home Building in Colac, you'll want to ensure that you are choosing a block in an area that delivers a good investment for you now and into the future. Things to consider are:
- Location? - Consider the overall feel of the area where you are building. Consider it's proximity and/or accessibility to schools, shops, public transport, recreation etc?
- Family friendliness – Are there or will there be playgrounds, open space, parks, trails etc?
- Neighbours – Consider the target market that will be attracted to the area.
- Security – Look around, would you consider the area to be a ‘safe’ neighbourhood?
- Quiet – Like the idea of kids playing cricket in the street? Live with minimal thoroughfare traffic.
- Views and Prestige? - Living in a prestigious area can make for a good investment.
- Price – Does the area present good value now and will it enjoy steady growth into the future?
Read about Colac's most lifestyle friendly estate Wyuna Estate here.
2. SET A REALISTIC BUDGET
In our mind our home is built according to two things:
1. Our Needs and
2. Our Desires.
However, in reality our home is built according to one thing: Our Budget!
Being realistic about your position will help you have a happy home building experience. Don't set yourself up to feel disappointed when you find you can't have something you desired. Start with the things that you absolutely need and consider anything extra that you can afford on top of that as a bonus - it's a guaranteed method to avoid the budget blues.
Types of home builders - Where do you sit on spectrum?
As someone who is thinking of building, would you describe yourself as:
- Building the luxury home of your dreams with little expense spared.
- Building a beautiful new house you’ll be proud to call home.
- Building a comfortable new home with good liveability and practicality.
- A first home owner building a home to escape the rent trap.
- Building an investment property solely for the purpose of building wealth.
Your answer will be determined by your budget. Establishing a budget early helps helps you be realistic about the type of home you can afford to build. We recommend construction loans over regular home loans, as that can be the difference between you cracking a ripper deal right now and you paying rent for another few years.
If you'd like to really get into the nitty gritty about your personal financial position, you should get in touch with a Financial Advisor. You need someone who understands property and who can present options and possibilities for you that your may not be aware of. A good financial advisor will work with you over the long term to achieve your goals.
3. CHOOSE A BUILDER THAT MAKES YOU SMILE
Building a new home is a journey you embark upon with your builder. You need to feel that your builder has your best interests at heart and most importantly listens and responds to your needs. The best and simplest way to find this out is to spend some time chatting about where you are at, what you desire compared to what you need etc. Go through this process with 2-3 builders. You will get a feel for who you want to proceed to prepare a quote for you.
If you find a builder that suits you but some of the terms in their offering doesn't sit right with you, don’t be afraid to try to negotiate. Lay your cards on the table early in the piece. It’s easier to question terms before you have developed a working relationship. Throughout your build, visit your home often and exert common sense. Again, if something doesn’t look right, speak up then and there. It’s a whole lot easier to fix the problem at that point, rather that once the home is complete.
4. FLOOR-PLAN IS KING
The majority of home owners value liveability, practicality and value. A great floor-plan with basic features will hold its value better that a poorly designed floor-plan with upmarket features. Natural light brings an innate quality and ambiance to a home that money can’t buy. Living spaces that are orientated to capture the natural light will add value to your home. If you find a floor-plan you love, a draftsperson or builder will be able to shuffle things around to maximises the natural elements.
Explore our House and Land Packages - you can build any house on any lot. Visit Wyuna Estate to find available lots for you and ask your preferred builder to put together a package for you on any available lot.
5. BUILD FOR YOU BUT CONSIDER OTHERS
When building a home, naturally you’ll build it to suite you, but it may be worth taking into account the things you could do to make your home also attractive to the next person. Chances are, some day you’ll want to be on the move again. Despite the years that will have passed, you'll want your home to be an attractive option for the next person. By following a few basic guide-lines you can ensure your home ticks all the boxes for great liveability, practicality and value for money, both for you now but also for someone else into the future.
6. CONSIDER PRE-SALES
Whilst titled land enables purchasers to build immediately, savvy buyers continue to be attracted to the pre-sales phase of purchasing a block where the benefits to the purchaser are plentiful. In the pre-sales phase your ability to negotiate a price with the developer is at it’s best. The price agreed on now is set and the biggest benefit is of course that the buyer only pays for their block upon settlement after titles have been released, giving them some 6-12 months to pay for their block depending on the circumstances. Wyuna Estate offers the opportunity to purchase land during the pre-sales phase.
7. KNOWLEDGE IS POWER
There are so many advantages of building a new home that the majority of people aren’t aware of. At Build in Colac we openly share knowledge. We make it achievable for people who have never been exposed to building to be in the home building market. This has nothing to do with building cheap homes and everything to do with building smart homes that focus spending on the areas that bring you the most happiness. Marketing is powerful, but education is power so explore your options. The Blog is a terrific resource sharing only local knowledge.
8. BUILDING A HOME CAN HELP YOU BUILD WEALTH
Buy following a few basic guidelines, building a new home can be like buying wholesale in that you can often sell a new home for more than it cost you to build it. Building a new home can deliver instant equity enabling you to build wealth for you, rather than someone else. Few people are also aware that when you buy an existing home that you pay stamp duty on the full purchase price of that house. Depending on your circumstances that could be up to $24,000 on a $400,000 home on top of the purchase price. When you build a new home, you only pay stamp duty on the purchase price of the land. There is no stamp duty applied to the building. That could be $20,000 in your pocket! Want to learn more about Stamp Duty? Click here.
9. DON’T RUSH IT
Buying or building a home is one of the biggest investments you’ll ever make so don’t rush it. Don’t settle for anything that doesn’t look right. Everyone at Build in Colac believes in happy home building experiences. But that doesn’t mean that we don’t question things. Nor does it mean that we don’t go back and forth with our builder as many times as is needed to get things right. The right builder shares your desire to create the perfect home for you. Your happiness is their happiness so don’t hold back in voicing your thoughts. Find out how to choose the right builder (and everything else you need to know about building a home) at Build in Oz.
10. SPEND YOUR MONEY IN THE AREAS THAT BRING YOU THE MOST HAPPINESS.
Prior to meeting builders take some time to know what you would truly value most in your new home. This helps you to spend money on things that you value most and not worry so much about the things that you don’t. For example, having an alfresco area to enjoy balmy summer nights by the BBQ might add more value to your lifestyle than Italian tap-ware, glass splash-backs and porcelain tiles. It’s all about knowing what you value before you begin!
CONTACT US FOR A CHAT
At buildincolac.com.au we are always happy to talk 'home building' and answer any questions you may have. Natalie Stevens, founder of Build In Colac can be contacted directly by emailing info@buildincolac or call anytime on 0407 889 458. For all land enquiries you can contact Sam Stevens on 0408529843 or email info@buildincolac.com.au.