Building your first or any new home is an exciting process. It is the Australian dream to own your own home, and luckily the first home buyers grant of $20,000 available until 30 June makes this possible for many young Queenslanders. I work as a building consultant here in Gympie at the Stirling Homes Display. If you are looking to build in Gympie or the Sunshine Coast our company can help you. I would like to share with you the first home buyers checklist.
Step 1 -Do you qualify as a first home buyer?
To qualify as a first Home Buyer and to receive the $20,000 grant you must:
-Be an Australian Citizen or Permanent Resident
-Be building or buying a NEW home under 750K
-You or your spouse must not have previously owned property in Australian
-Must be a minimum of 18 Years
-Must enter into a build Contract before the 30 June 2017
Step 2- Talk with a Building Consultant
-They can help you understand the process and guide you through the steps.
-A building consultant is there to help make this a fun, hassle free experience.
Step 3 – Determine your Borrowing Capacity
Before you commit to buying a house and land package talk with a Broker or your Bank
-Your financier, based on your income and Deposit will be able to give you a Conditional approval on your lending capacity.
-Affordability is number 1 . Look at how much you are paying now in rent or board .
-Consider your other financial commitments.
-Advise your Building Consultant-they will help you find a home to suit your needs and budget
Step 4- Buying Your Land
Before you sign a contract on a block of land Consider-
-Is the block level and ready to build on?
-How Steep is the Block?
-Could the block require retaining walls?
-What extra costs do I need to budget?
-Is there a covenant on the land? What are the requirements?
Many a time we see first home buyers get lured into a cheap block. Unfortunately they get caught out and incur extra site costs which they weren’t expecting.
A simple way to avoid this is to arrange a Site Visit with your Building Consultant/Builder who can confirm your site works costs prior to signing any legal contracts
Step 5 – Choosing your new home Design
image via www.stirlinghomesqld.com.au
As a first home buyer it is very easy to get caught up in the emotion of designing and the must haves of a house you are going to call you own.
-Design to your budget- your borrowing capacity will usually set the Budget
-Remember RE-SALE 4 bedrooms/2 Bathrooms has become expected. Your house must meet the banks expectation. The bank will require a valuer to assess the house and land you have picked meets the market value.
-Ask for a full Turnkey Build Package…No extra costs.
Why not consider a House and Land Package? The blocks have been carefully selected and the homes have been to designed for the individual block. They are excellent value for money and Tick all the boxes for the bank.
Talk with your Building Consultant they will help you. Its a great feeling to be a homeowner!!!