Excited in Home Building?
Building your new home is very exciting and there is much to think about.
Two Golden Rules
1. Do not sign anything with your builder until you have read all the small print. If there is anything that you do not understand, ask for advice from an independent builder, consultant, or obtain legal advice. Remember once you have signed a building contract you cannot normally back out if you change your mind. There is no ‘cooling off’ period.
2. Ensure that everything important is confirmed in writing and keep a copy.
What can you afford to build?
1. Have you worked out your total budget including the cost of the land, land valuation, legal fees, duty, settlement agents’ fees, rates and taxes (including land tax), site works, building costs, furnishing costs, landscaping and moving expenses?
2. Have you checked whether you will qualify for finance? Many banks and building societies have brochures on the different types of home loans available. You may wish to consider seeking the services of a mortgage broker or an independent financial adviser.
3. Are you eligible for any financial assistance from the Government to build a new home? Check with the HDMF for loan procedures
4. Is the finance package the most suitable for your needs? Shop around to ensure you get the best package, and seek independent advice if you think you need it.
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