Six key questions to ask when building a new home.

Six key questions to ask when building a new home.

Building a new home can be both an exciting and daunting experience. It’s one of the biggest decisions you’ll make in your life, so it’s important to ask some key questions before you embark on the journey. By now you’ve hopefully taken the first step in deciding to work with a qualified team of professionals (Choosing a Team of Successful & Qualified Property Advisors – Strike Property) but considering these questions will ensure you’re in the best position before beginning the process.

1) How much can I afford?

This is probably one of the most important questions to ask yourself before beginning your journey. Your Mortgage Broker will make sure you know your budget so we can ensure we are only sourcing properties you can afford. Things that will be considered in order to narrow down your budget are income, debt and what size deposit you have. Are you able to utilise an equity release from a property you already own? Do you have family who are willing to help build up your deposit?

2) Is it possible to customise the property?

This is probably one of the most important questions to ask yourself before beginning your journey. Your Mortgage Broker will make sure you know your budget so we can ensure we are only sourcing properties you can afford. Things that will be considered in order to narrow down your budget are income, debt and what size deposit you have. Are you able to utilise an equity release from a property you already own? Do you have family who are willing to help build up your deposit?

Basic upgrades are things like 900mm appliances, waterfall edge to stone bench tops in your kitchen, ducted air conditioning, higher ceilings, alternative floor coverings or tile upgrades etc.

3) Where do I want to live?

When building you own home, it’s important to consider the location and where you see yourself living. If you have a family, you might prioritise safety and location of schools and parks. If you’re a single or couple with no children, you might consider proximity to public transport or your workplace most important. If you’re retired, you may be looking for somewhere with a slower pace of life so you can enjoy the quiet.

4) When will the house be complete?

This will always depend on some elements that are out of yours or the builder’s control. Land is often purchased unregistered, which means you cannot settle on the block until registration has taken place. Until you own that block of land, you’re unable to get building approval or start construction.

In today’s climate especially, it’s important to have the right expectation on build timeframe. If you have factors in your life that require you to be moved into your new home by a certain date, you may be best to purchase a block that’s already registered. Even though there are unforeseeable circumstances that may cause delays during construction, you can be sure that there will be no delays caused by registration of the land not occurring as anticipated.

On the flip side, there are also benefits to purchasing a block with a delayed registration – this allows you more time to continue saving and building up a larger deposit, or for that pay rise to kick in that you’ve been promised at work!

5) What are my 'must haves'?

Your builder will have certain features or upgrades that are available to you, but before you consider these, create a list of features that are non-negotiable to you. Prior to considering features of the actual home, you want to ensure you consider things like the size of back yard you want etc.

6) What are the warranties for your new home and inclusions?

Brand new homes in Queensland come with a builder’s maintenance warranty and structural warranties. The Maintenance warranty is 12 months and covers defects in material and workmanship. When you team with Strike Property we ensure that you take advantage of this warranty by scheduling a 12 month warranty inspection. This means any maintenance items that have been identified during your first year of living there, can be reported to the builder so they can rectify any items covered.

Your builder’s structural warranty is 6 years and 6 months and is utilised in the unlikely event that something structural goes wrong with the property.

Remember too, there are manufacturer’s warranties on appliances like your oven, cooktop and dishwasher. These are generally two years, but you may have the option of taking out extended warranty.

For more information you can visit: www.strikeproperty.com.au

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