Buying a house and land package is a major undertaking that requires adequate planning and decision making. Here are some important steps to take before signing on the dotted line.
Blogger: Cameron Bell, sales and marketing manager, Complete Homes
1. Get your finances in order
It’s not always fun, but it's crucial to know what you can afford before the buying process begins.
- List all your income and expenses.
- List all the expenses and fees that you will incur when you take out a loan and start building.
- Speak to a financial institute to find out if you qualify for a loan.
- Determine the amount that you can borrow without causing unnecessary financial strain.
- Apply for pre-approval on a home loan.
2. Find the right neighbourhood
You should aim to build a home in a community that fits your lifestyle and that will grow the future value of the property.
- Determine how far the land is from your work, friends and family.
- Look out for big roads or noisy traffic intersections in the area.
- Find out where the nearest schools, public transport, parks and shopping areas are located.
- Consider the quality and style of the neighbouring homes.
3. Find a builder
A good builder will help ensure a smooth, enjoyable building process and a rewarding end product.
- Research local home builders online and get referrals from friends.
- Visit recent projects and current building sites of builders you are considering.
- Check potential builders’ licences and credentials.
- Ask about necessary warranties and insurance.
- Ask your builder for a detailed contract.
- Speak to your builder about finding suitable land in your preferred neighbourhood.
4. Determine the details
Once you have settled on a builder and determined where to build, you will be better equipped to decide on the details of the home and building process.
- Communicate your preferences and end goals with the builder.
- Discuss the various design and layout options available.
- Ask your builder about features that can enhance the sustainability of your home and help you save on the costs of water, gas and electricity.
- Request for a detailed plan or contract that stipulates all the building processes, timelines, features, finishes and costs. This contract should be beneficial to both parties.
- If anything is unclear, ask for more information and bring in a solicitor to check the detail of the contract.