The decision to build, or knockdown and rebuild a property isn’t one to make lightly.
It requires an understanding of what’s involved and where to get started.
There are many questions that need to be answered before you should embark on building your dream home. It’s common to become overwhelmed if you don’t know where to start or who to turn to for assistance. Understanding the process and having a clear plan in place will not only save you time but also money.
Inview Property Group provides an independent and stress-free service. We work alongside independent and qualified financial brokers, draftspersons and select quality builders. Project managing from start to finish, we reduce the risk and possible impact by realistically stepping through each stage. Take the guesswork out to achieve your desired end product.
Here’s a glimpse of what’s involved in building your dream home
Prepare your finances
Understanding the limits of your financial capacity is the most important step. Seek professional advice for this. Running through all the options will help you to understand your allowance for both the land and the building. A pre-approval doesn’t always mean you can build a new home or knock down and rebuild an existing property.
Research, more research and then research some more
Selecting the right design for your current block or choosing the block to suit your favourite design is important. Become familiar with the local council’s requirements, and developer guidelines in new estates. Learn the terminology: setbacks, frontages, easements, overlays, and flood level requirements are just a few of the considerations for a building project. All of these items will impact what is possible to be built on your land. Influencing the final cost.
Understand values
Being clear on your total budget will ensure you select the correct land or site to rebuild. It must fit your budget, but more importantly, you should be creating a home that is suitable for the demographic of the area.
It’s important to ensure you’re not overcapitalising or under-building. The end value and resale price should always be front of mind when making decisions throughout out the project.
Select the right builder
Selecting the right builder isn’t just about liking their design. The building process is usually 12+ months, so you need to make sure it’s a relationship that will stand the test of time.
Talk to past clients about their experiences with any builders that you are short-listing. You need to have full confidence in your builder, not just on quality but also the level of communication throughout the build ensuring you can sit back and enjoy the process.
Allow for all costs
Understand possible costs – the following are examples of additional costs that may need to be factored into your budget:
- Architect/drafting design
- Demolition contractor
- Asset Protection Permit
- Temporary fencing/established fencing
- Water metre
- Tree Removal
- Service disconnection and removal
- Site survey and soil test
- Maintenance of block
Be realistic on the timeframe
Rebuilding or building a new home can take some time to commence and complete. Be prepared to be patient with the process.
Rushing the construction by selecting the builder who promises the fastest build time or cheapest rate could be costly in the long term.
Creating your dream home can be very rewarding if you have the know-how
To find out more and book your initial consultation, contact Lynda McNeill at Inview Property Group today.
