5 Mistakes First Home Builders Make In Melbourne
So you’re ready to build your first home in Melbourne. Congratulations! With plenty of government grants and concessions, a strong property market and the fact that it’s currently cheaper to buy land and build than buy an established property, your timing is perfect!
Whether you’re building for yourself or as an investment, this is an exciting time and could set you up for life. On the flip side, a few poor decisions could set you back months and put you tens of thousands in the hole. Not to be a Debbie Downer, but it’s important that you know the common mistakes first home builders make and how you can easily avoid them.
Mistake #1 – Underestimating the costs
There are many costs involved in building a new home. Beyond the cost of land and construction, you’ll need to budget for:
- Conveyancing
- Legal fees
- Loan interest
- Insurance
- Levys
- Bank fees
- Stamp duty
Make sure you factor in every cost before you commit to anything or you could quickly go over budget and stall the build.
Mistake #2 – Not applying for grants and concessions
If you’re a first home buyer in Melbourne, you could be eligible for the First Home Owner Grant of $10,000 or $20,000 in regional Victoria, plus a stamp duty concession.
Mistake #3 – Overlooking energy efficiencies
It’s important to ensure you’re building with energy efficiency in mind. As we all know, energy costs are rapidly rising so it’s important to reduce consumption wherever possible. You’ll save money and help save the environment too.
Mistake #4 – Failing to think about the future
It’s hard to imagine how your life will look in 10 years. But chances are, it’s going to be different in many ways! If you’re planning to live in the home you’re building – and do so indefinitely – then you’ll need to consider how your life might change over the years and whether your home will be able to accommodate it.
For example …
- Will you have a bigger family?
- Will you work from home at some point?
- Will you need a space for new hobbies?
- Will you need to take in an elderly parent?
- Will you need space for a new pet?
You might not be able to answer all of these questions definitively, but thinking about how your lifestyle may change over time can massively influence the home-build decisions you make today.
Mistake #5 – Not going native
OK, not exactly a huge mistake, but when it comes to new homes, the devil’s in the details. Well-thought-out landscaping shouldn’t just offer an inviting outdoor living space; it should also be low maintenance. Choosing non-native trees, plants and flowers can create more work and lead to reduced pollination and shade cover.
There are many decisions you’ll be making over the coming weeks and months, and these are just some of the things you’ll want to keep in mind when you’re building your new home in Melbourne. Make sure you choose a reputable construction firm that can help reduce your costs, avoid common pitfalls and build your perfect home that will stand the test of time.