What are the rules when buying a new build and how do you avoid the pitfalls associated with building your dream home? Andrew Winter shares his tips...
Buying a block of land and building your new house is the great Aussie drea, so it’s hardly surprising buyers are attracted to new builds. Plus there are other advantages like reduced maintenance.
But what are the rules when buying a new build and how do you avoid the pitfalls associated with building your dream home?
- First of all, are you happy to live on a new estate and be the only one living in the street while others are building all around you?
- Or would you rather delay your build until the street is more developed? The advantage of being the first to build is it’s much easier and you don’t have to consider the other residents.
- But waiting does have one advantage; your neighbours will have already put up the fencing.
- Never choose a house plan first, buy the land, obviously taking into account the type of house that you want to build. Land is restricted, whereas house plan choices are innumerable.
- Don’t forget to think about the orientation, the aspect and the future street apeal and where you’re going to put your outdoor entertaining space.
- Check with the local council for any building restrictions, as they could impact on the design of your dream home.
- Lastly, don’t overcapitalise on the cost of the building or the interior fittings. With the huge variety builders offer, it’s easy to blow your budget.
As a rule, homes well over the suburb’s average price grow less in value in percentage terms, so bear this in mind unless you intend to be there for 10 years or more.
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