So you have decided to pursue building your own home, to your very own specification. Congratulations! There are many aspects to be considered, from choosing a home builder to hiring the services of an architect or design team. Prior to any of this happening, however, it’s vital you get your finance and budget in order. Without a proper budget, it is impossible to keep track of costs and – even worse – you may even find yourself unwittingly running over budget.
Over the years, the team at Start Right Homes have helped thousands of Perth residents achieve their dream home, on schedule and – more importantly – on budget. Staying on budget is extremely important, especially if you have already secured finance to complete the project. Here are a few of our tips to help keep you on track.
This may seem a little obvious, but the planning process is one of the most important aspects of building a home. Taking the time to conduct proper research can save you a ton of money down the track, so it’s definitely worth doing.
Here at Start Right Homes, we can help you calculate how much your dream home will cost, the amount you will need to borrow and what your monthly repayments will be. This sort of finance planning is invaluable, and you really shouldn’t start the building process without it.
Being a first-time home buyer gives you a distinct financial advantage – you will be eligible to apply for the Government’s $10,000 first-time home owner grant. This grant is open to all first-time owners in Western Australia and will help you to stretch your budget a little further. To find out more about it, feel free to ask one of our friendly team.
When arranging finance and setting your budget, consider the wide range of choices available to you – including low deposit and no deposit finance options. If saving for a deposit has taken you longer than expected, then talk to Start Right Homes about your financial options.
Being on a budget and sticking to it does not necessarily mean you have to compromise on quality and workmanship. A good builder will help you get the best value for money on all fronts and help you spend your hard-earned money wisely.
It pays to be level-headed and realistic when it comes to building a new home. If you have a budget, then it’s important to stick to it. If you borrow correctly for the size and type of property you desire, then this should be relatively easy. If your dreams go further than your budget, then it’s worth rethinking what your needs and wants really are.
Speak to your builder about what is realistic and what you can afford. A good builder will work with you to deliver as much as possible while being upfront and honest about what is realistically possible.
Make sure you are rigid about keeping records of all quotes, mortgage options, agreed prices and money already spent. A spreadsheet can help with this process. If you are building a home with a partner or spouse, then it may be a good idea to nominate one person as being in charge of the budget, so that overlaps don’t happen unexpectedly.
We hope these budgeting tips have been helpful in getting you started on building your dream home. As one of Perth’s leading home builders, Start Right Homes has a wealth of knowledge and expertise to help point you in the right direction.