Just after some ideas of do's and don'ts and things to look out for if you built your house. We are at the early stages of looking into building our family home (not an investment property). It's all very new territory so after any pointers!
Do you think the benefits of building (having the design you want and a brand new home) outweigh the annoyances (having to do literally everything and the expense it brings - landscaping, paving etc etc).
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14-10-2015 16:16 #1
Has anyone built?
14-10-2015 20:20 #2
14-10-2015 20:43 #3
There was a great thread on here where we all shared our building tips, I'll see if I can find it for you.
14-10-2015 21:10 #4
Has anyone built?
I think it's important to do a realistic calculation of how much building a new house will cost. It might be more than you think. I spent $70K on landscaping, fencing, blinds/curtains, retaining walls, light fittings and ceiling fans. The builders did the aircon, security system, patio and flooring - some house packages don't include these items so they would be extra. You also need to consider the interest on the loan (assuming you're taking out a mortgage) that accrues when you can't yet live in the house. I moved into my new house 20 months after purchasing the land and paid $40K in interest while still having to pay rent elsewhere.
Once you've worked out what it will cost then it's just a matter of comparing it to the price and condition of existing homes and deciding for yourself what is best for you.
A new home exactly how you want it is pretty awesome. I moved away 12 months after moving into mine. Sigh.
Would I build my next house? If it works out cheaper or slightly more expensive than buying. I'm prepared to pay a bit extra to get exactly what I want but not heaps more.
Last edited by babyno1onboard; 14-10-2015 at 21:22.
14-10-2015 21:31 #5
15-10-2015 02:52 #6Senior Member
- Join Date
- Aug 2015
In terms of costs
You could/should set up your land and construction loan as interest only during construction and then flick over to principal and interest upon settlement.
Consider when building you only pay stamp duty on the land and not the construction costs as opposed to stamp duty on the full amount of an established property.
Building you receive a min 7 year structural guarantee so you have the safety net of the builder having to fix any major structural issues vs. established where there is no guarantee.
I have done both. Build and buy established.
I liked the ability to choose a floorplan/decor in a location that I liked with building.
But I also enjoyed renovating an older home!
Best thing to do is as a pp said. Weigh up the cost options and what is more cost effective for you (if it's purely finance driven)
Write a list of pros and cons of both building/buying - I think when you have a list it can help take the emotion out of the decision.
Hope this helps X
17-10-2015 21:45 #7
Thanks for the replies. We looked at some homes today and I can see how you can easily add an extra $50-80k on to the price they give you to actually finish the home off. The show homes look amazing but when you look at the basic price you get the bare bones and not much else.
It's all so confusing too as each builder adds their own things in to entice you and it's hard to know which is better value for money
How much wiggle room is there for negotiating? Can you ask them to throw things in for you (eg dishwasher, aircon etc)?
17-10-2015 22:37 #8
It is mega confusing... Narrowing down the choice of builder based on what floor plan suit your needs and block size/shape could help.
I'm not sure if you can negotiate. It's worth asking though!!! If you do, ask for the aircon (they are like $10-15K) rather than the dishwater ($1k)
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18-10-2015 07:50 #9
Display homes are very consuming & overwhelming.
We've recently finished building & spent hours looking at plans, builders and what we got for our $.
In the end we narrowed our builder down to two choices, both were smaller builders (e.g. Not big chain project builders). Our final choice came down to flexibility, contact hours & price.
In regards to flexibility, we had full choice of EVERYTHING! And I mean not just in a selection centre where other builders give you a choice of certain bricks, tiles, carpets, paints etc.
I was able to choose my floors from whichever flooring company, my tiles from wherever, paint, taps, carpet etc. Sometimes this was overwhelming but it truly allowed us to create our dream house.
Also in regards to flexibility if we chose to change certain aspects through the build we did so with no penalisation, our builder only charged what it cost. Big companies often slug admin fees + their profit margin for whatever the change is.
Your personal situation may be different to ours but we didn't have the ability to make multiple appts & phone calls in the standard working hours of 8-5 M-F. This was pivotal in our decision too, I don't know how many times our builder spoke to us late at night or very early morning & 7 days a week.
And together with this service he was actually on par with the big companies in pricing.
Good luck! It can be an awesome experience!!
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