Choosing to build rather than buy a home is a big decision. There are lots of important practical factors to consider, as well as the emotional journey ahead. But with simple planning, building your own home can be a smooth and rewarding path to living life your way.
Building options
It’s important to start by understanding what sort of home you want? Are you looking for something you can grow into, or grow old with. Do you want something for entertaining or for an investment? There are many things to think about and this ranges from the location and community you want to live in, to the size and number of bedrooms you want, as well as the sort of finishes and fittings.
Keep things simple and write a list of what is important to you. Then put that list in priority order. Get your friends and family around to give their thoughts and try to get to a point where you know what are your ‘must haves’, your ‘would be nice to haves’, and what you could ‘do without’.
Get out at the weekends to walk through the communities and the Display Villages, and talk with the Peet team about what you’re looking for. They can point you in the direction of builders to talk to and the options available to you based on what you’ve decided that you want.
Buying a home is an important decision to be carefully thought through, but never downplay the importance of how it makes you feel, too.
Impacting Factors
Each builder offers different packages and levels of customizations therefore its important to have a frank conversation about what you’re looking for. Wooden floors are cosmetic, but they will still impact the total cost and possibly timelines. Swimming pools require specialist contractors and different types of consent not to mention how this could potentially affect the size of land you decide to go for. And of course, different types of land will have different challenges. Obtaining a flat area of land may remove the complexity of retaining walls as an example.
Some builders will have specific inclusions and exclusions too. These would vary from builder to builder but will often include items such as floorings, types of window treatments and painting. It’s important to know what other costs you may need to take into account..
Find out what the projected build time is and what events could delay it – the weather is an obvious factor. You may find that you have to source accomodation while your house is being built, but that is the perfect opportunity to rent within the community that you intend to live in to begin to lay down those roots early by joining community groups and getting to know your neighbours around you.
Cost is a big factor when building a new home. Review your finances carefully and determine what you can afford. There are solutions for different budgets. A bank or mortgage broker could point you in the right direction and the internet is a great place to initially look at the cost of a new home so that you can get an idea of what is achievable within your budget.
It’s also important to talk to your bank or mortgage broker about the various Federal and State Government grants and concessions that could be available to you. From the extended HomeBuilder grant, to the First Home Owner (FHOG) scheme, Stamp Duty concessions and assistance with saving a deposit through the First Home Loan Deposit Scheme (FHLDS) – there is plenty on offer to help you get building faster.
Decision Process and Outcome Influences
You may find yourself feeling overwhelmed with options, however once you establish the answers to a few of these key questions below, you will find that these will help to determine what the key factors are when choosing where and what to build.
- What sort of community do you want to live in?
- How far do you want to travel to work or to see friends and family?
- Do you want to be close to the beach, city or a suburban hub?
- Do you entertain a lot?
- Do your kids need their own space for play/study?
When researching communities use Google maps for reviewing routes and travel times, or look up bus or train timetables to see if transit paths are available.
Check what’s on in the area, get feedback on local schools (and see if they meet your needs), read the reviews on local parks or restaurants, and get a feel for the community. Here are some ideas to get you thinking, with Peet’s Approach to Families.
Building and Buying Considerations
Keep in mind how your life may change in the years ahead – you may need to balance a growing family, but also consider how decisions may impact your house as an investment.
A young family needs room to grow. Teenagers require their own space! And that ensuite will be greatly appreciated. Your career may also change? More people are working flexibly now, so consider a room for an office. Your house needs good bones that will allow for different requirements.
Think about your long term investment goals too. If you make personal customizations ensure that they will provide a good financial return. If you sell or rent your home a new build can be a safer investment with builder guarantees and modern building methods.
Certain building decisions are easier to change down the track, but remodelling a kitchen (which is currently one of the most valuable spaces in the home) can be a costly enterprise. Additionally a good builder should be steering you in the right direction about smart-home technology, the suitable number of powerpoints to have and light fixtures that will never go out of style.
Have a plan
Building a new home shouldn’t be a daunting process. But start with understanding what you really want and then exploring the options online and in the display villages. From there you can connect with builders and form a plan to achieve your goals and build a new life as well as a new home.
Explore the Peet Communities on offer here, and use the wealth of online material offered to guide you. You can explore just some of the house and land options available here within our communities.
