I’d like to share my experience with group members who is currently building or planning to build their new home. I’m trying my best to summarize key factors only…
· **Your budget**
This is very important to figure out how much your partner & you afford for a land & house according to your income, savings etc. Also, better to discuss with trusted mortgage broker or Bank lending specialist that how much you can borrow
· **Buying a land**
Search a land considering your borrowing limit. Select a land with reasonable frontage. Avoid any slopes, easements, or significant trees. Avoid the areas with highly reactive soil types.
· **Select a builder.**
No builder is perfect & all the builders looking for a profit. Never select a builder only looking at their display homes. Always get a recommendation from your close friends who recently built their new homes. Also visit their homes & rate the build yourselves. Also consider builder’s unit rates per sqm & quality of the material included in basic package. Try to select a builder who provides a custom design, fixed footing cost, fixed price & wide range of selections. Try to go with a medium size builder with good product review rate (www.productreview.com.au). Also consider the builder’s flexibility outsourcing the possible scope of works (e.g: Heating & cooling, flooring etc.)
· **Building process**
Always communicate with the builder during the building process. Maintain a good relationship with site supervisor. Check the compliance of the build against the working drawings, avoid any disputes however always follow up their building process. You can also hire a good building inspector (depending on your budget) to inspect the significant stages of the building process.
· **Practical Completion**
Make sure builder has completed all the scope of works agreed in your contract. I highly recommend hiring external building inspector for the final PC inspection. Make sure builder formally agrees to fix all the identified defects before handing over the keys or during the 3 months defect liability period.
I provided above information to the best of my knowledge & experience. It is your responsibility to rely on them or not. However, I’m glad to assist anyone who needs any guidance….Thanks🙂
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