Are your finances in order and are you in a stable position?
Ensuring your finances are sorted before building and having a budget in mind is super important and the first question you need to ask yourself. Before you make any big decisions work out what you are willing to spend, and also where the money is going to come from. It is worth remembering that there are always extra things needed to finish off your newly built home, so make sure you allow enough for those unexpected costs. Know what your maximum price is, and stick to it. Talk to a broker, your bank or your building consultant for more help with deciding on a budget that allows you to build the house you want, without impacting your lifestyle.
Have you outgrown your current home, or are you looking for a place to call your own?
Before you embark on the massive journey that is building your own home, ask yourself, why you are wanting to build? Have you outgrown your current home? Maybe you have added to your family and need more bedrooms, or perhaps your children are all teenagers/young adults now and you just need extra space. Whatever the reason, knowing what you want from your new home will help when it comes time to making big decisions about the layout and design of your home.
Are you prepared for the time involved in the building process?
Building a new house is not a quick process, and it certainly isn’t something you want to rush. A quality builder wants to ensure that your home is built to the highest standards, and they won’t cut corners just to get you into your new place quicker. Chat with your building consultant before you commit to anything about what the estimated build times are, and remember that there can be unexpected outside influences that can affect this for the better or worse.
Can you afford the repayments of a mortgage?
Stick to your budget, stretching past what you can really afford will only end up causing you stress in the future. Allow for unforeseen costs, get financial advice, and only do what you feel comfortable with. There is no point moving into your dream home, only to discover you can’t afford to live happily on whatever money remains once you have paid the mortgage.
Is there land available around the location you would like to live in?
If you have a specific location that you want to live in then it is a good idea to check the availability of land in that area. It is better to find out there aren’t any blocks in your chosen area before you are committed, it will save you a lot of time and disappointment. Consider areas nearby to your first preference, or have a list of potential locations to help maximise your search for the perfect block.
Are you interested in creating a home that’s designed just the way you like it?
Do you like the idea of creating a home that is tailored to suit your family and lifestyle? Instead of just choosing a house plan off the shelf, you can have input into the layout of your new home and customise it just the way you want. While completely custom homes can cost a bit more, you can also make changes to a floorplan that you already like to make it just right for you and your lifestyle.
Have you spoken to a builder about the building process?
To make sure you really know what is involved in building your own home, talk to a builder. They will be able to tell you exactly what to expect, which will mean that you can make informed decisions before, during, and after the building process.