Building your dream home is an incredibly exciting opportunity and something that everyone wishes they will get the chance to do in their life. With a blank canvas, you can construct a home that fits your needs perfectly and provides you with some features you've always wanted.
However, before you get to work and invest large sums of money into the project, it’s important you plan everything perfectly. In fact, here are nine crucial things you need to know before you start your new build.
1. Do your finances truly stack up?
The biggest mistake people make when they build their dream home is that they over-leverage themselves. They design and build a home that is well outside of their budget and then find the need to take on high levels of debt to finish the project.
Even after the build is complete, far too many homeowners are left with crippling mortgage payments that take away from the enjoyment of owning their dream home. Instead, carefully plan out how you will fund and finance your dream home and leave some wriggle room for future expenses, such as landscaping and maintenance.
2. Are there any grants available to you?
You may be surprised to learn that, in Tasmania, there are a number of generous government grants in place to help those looking to build their dream home. Currently, there is a $20,000 grant scheme that's valid up until the 30th June 2018.
This First Home Owner Grant is not available to everyone but is perfect for those who meet the criteria and will help you avoid racking up a high mortgage afterwards. Be sure to speak to your local authority for up-to-date grants that might be applicable to you.
3. Have you chosen the right broker?
One of the best ways to ensure you finance your new home correctly is to work with a mortgage broker. They can give you expert advice on all the available borrowing options and then help you through the application progress.
However, you should ensure that your broker is fully qualified and experienced in their role, before handing over any payments. You can check if they are licensed through the ATSIC's online register. Also, find out what product agreements they have in place, as not all brokers can offer the specific range of borrowing options you might need.
4. Have you considered the local amenities and services?
It is important that you review the area in which you are planning to build, to ensure it offers all of the necessary services your family will need. This includes things like shops, schools, doctor surgeries and churches.
It is important that you are 100% happy that the area has everything you’ll need. Never rush into buying a piece of land and starting a build before you are certain it is an area you will love now and also in the future. For example, as your children start to grow up they will need to move to different schools.
5. Will it be suitable as you age?
In much the same way you should think about your children’s futures, you should also consider whether or not the house is perfect for your future. As you age, you might require easier access to certain facilities.
Also, the property itself might not be best suited. For example, if you plan on retiring and living in that home, then you’ll need to be able to move around it easily. Integrating downstairs bedrooms and bathrooms is a good way to anticipate any such problems.
6. Is there a sense of community that you know you’ll enjoy?
Once again, it is not just the local amenities you'll need to rely on every day, but also the local residents. If you're planning on living there for a number of years, then you should only move to an area that has a strong sense of community that you love.
Think about who lives nearby and how old they are. Is there the potential to make new friends whom you can invite over? Do you have any issues with any local residents that you think will grow worse over time?
7. Does the house fit your basic living needs?
When you're designing the home, it’s all too easy to get caught up in designing extravagant and exciting features within your home. A such, you need to keep a clear head and be sure that the building has everything you need.
Consider things like, are there enough bedrooms for your family and any guests? Are there enough bathrooms to suit everyone's needs? Is the kitchen big enough for your family? Is there suitable off-road parking? If you have children, consider what they might require as they age, such as a parking space of their own.
8. Are you truly in love with the style and design?
You should only ever design and build your dream home once. If your architect has drawn up some plans and you're really not overly keen on a few features, then speak up now. You are the one who has to live there after all.
Reconfiguring your house a few years down the line will be extremely expensive and a massive drain on your time and energy. As such, explore a large number of different design options and styles before settling on the one you truly love.
9. Are you sure you’re working with a trusted builder?
The make-or-break stage of building your dream home will come down to the building firm you decide to work with. Far too many people take on an unreliable and inexperienced builder, simply because they are cheapest.
This is not the right path to take. Instead, carefully review a number of local building firms and look at examples of their previous work. If possible, try and track down past clients. If you have any doubts about a firm, then walk away. They could cause the project to overrun both in terms of time and money.
Finding your perfect builder, today
If you’re having your home built in Tasmania, then look no further. Here at Rainbow Building Solutions - Hobart & Launceston, we offer the highest quality planning and construction service for private homeowners living anywhere in Tasmania.
With years of experience spent designing and constructing bespoke, personalised homes, we really do know what we're doing. Our tailored service can help you to ensure you have a home you love and that falls within your budget. To find out more about how we can help you with your dream home, contact our friendly team today.