Finding My Dream Home:
Buying your home is usually the Biggest single financial decision that you will make in your life. It deserves at the very least some basic, research. So many people get the urge to buy a home and simply rush out and sign up. They have quite a number of years to sit back and regret their lack of planning for this important decision.
Location, Location, Location, - but which location ?
4 Simple Steps:
The First critical step is, ask yourself, 'What are the exact reasons I want to live in this particular area'. It may be that you want easy access to the city, or be close to the beach. It you have young children you may wish to be close to schools and parks. If you are an empty nester you may want serenity and a house on 5 acres. Sit with pen, paper, and anyone else involved in the decision, and list exactly what it is you want from the area in which you wish to live. Make a 'Must have' list followed by a 'wish list' This process will narrow your search to a group of suburbs.
The Second step is to rank each suburb in your search area for each of the item on the 'must have' list. If this is done conscientiously you'll be amazed at how clarifying and productive it will be. Of course one of your 'must have' items should be a purchase price range. You may have to consult your local mortgage broker such as The Money Tree, to get an accurate figure for your affordable price range. There are many good online source for information for your research but make it easy on yourself an contact a good real estate agent such as Rudin Real Estate.
The Third step is to ask yourself is "In what type of dwelling do I wish to live?" Is the "must have" a 2 x 1, a 3 x 2 , or a 4 x 2 with pool, spa, air con, office and balcony ? Ask yourself do I like to mow lots of lawn or do you hate gardens. Do I need a Lock up Garage or will a car port do. This list will determine what type of dwelling and the sized of the land its on.
The Fourth step is, determine the right price. Its harder to do than you think. By all means rush out, sign up and probably pay too much. Many buyer do, and live to regret it. But if you want to be certain you are getting value for money then the secret is, 'do your research'. As suggested above, there is some very valuable information readily available online but it is often more time efficient to contact a good real estate agent.
A ˜Buyers Agent" are an alternative, if you donhave the time to do the research. Use a reputable one and I believe you may be pleasantly very surprised. Of course they charge a fee for their services. But if your time is short and they turn up a bargain for you they will have saved you much more than their fee. Tip: If you must obtain finance to make your purchase then make your purchase contract "conditional" (in writing) on "Unconditional Finance Approval". Also we recommend that you get your house inspected for structural integrity by a qualified person. Get you proposed house inspected by a qualified pest controller for white ants too. Make sure both of these are also written conditions of the purchase.
Or Building your dream home
Creating your dream home and watching it rise from the earth can give you a powerful sense of achievement. .
Before you start the following is a must;
1.Create a "must have" list (see above) for ˜where" you want to build your dream home. And another list for ˜what type" of dream home you want to live in.
2. Confirm your builder is licensed. Builders' registration gives you protection from shoddy work and future liability claims.
3. Always get a fixed price contract from a registered builder with detailed plans and specifications so that ALL work to be done, is detailed before construction begins. HIA and MBA Fixed Price Contracts are good examples of the standard to which the builder must comply and importantly these can be referred to should a dispute arise.
4. Be warned it can take a lot more of your time, energy and input than you might think. Problems can happen so be prepared. These can include cost blowouts, delays due to lack of material supply, bad weather, bad tradesman, or disputes with neighbours or local authorities, so be prepared.
There are Several different building alternatives:
House and land packages: the one-stop-shop version of home buying. You buy the land and house from the developer, choosing from a set range of land and house designs. Some packages also include carpets and floor coverings and landscaping. If budget permits, consider the landscaping package. It can often save you a lot of water, fertilizer, frustration, time and money.
Project homes: project home companies build many homes each year from a number of standard designs. You purchase the land separately.
Custom-built homes: custom builders focus on quality not quantity. Because each house is custom designed, they are generally more expensive than project homes.
Transportable or Modular Homes: These are constructed in a factory, transported in sections and placed on your block of land. They are usually constructed with steel frames on cement flooring and are becoming quite popular in because of the high quality specification at a very competitive price.
Kit homes: these are like a giant Lego toy. The house components and plans are delivered to your site ready for you or a builder to construct. Make sure you choose a reputable supplier and a good builder. They can be very cheap to build, particularly if you are an owner builder. This can be satisfying but very time consuming and frustrating. This is not recommended unless you are a tradesman.
Which builder: Talk to friends, neighbours, professional bodies and architects. Call the Housing Industry Authority or Master Builders Association for a short list of registered builders in your area. Inspect some of the houses they have built previously.
Warranties: Confirm these are included in your contract. All contracts must contain warranties. They detail performance of the work, materials used, compliance with legal guidelines, completion time and fitness for occupation. The warranty protects you from shoddy workmanship.
