Building a home is the perfect way to fulfill all your wishes when it comes to the perfect house for you and your family. Whether you enjoy the luxury of walk-in robes, the convenience of a butler’s pantry, or simply want to create the ideal environment for entertaining on the weekends, building your home for the first time from the ground up is a rewarding and exciting experience that guarantees you get exactly what you have in mind. However, there is a lot to consider as a first time home builder, and it’s not uncommon for many first-timers to get lost in it all. If it’s your first time building a house, we have put together a practical first-time home building guide that you can follow in order to smoothly navigate your building experience.
One of the first steps you will want to take will involve figuring out your budget and from there, how much of a deposit you will need in order to take out a home loan. Having an idea of your budget is also great as it means you’re less likely to overspend on extras in your new home that you may not necessarily need, such as an additional bedroom or bathroom.
Once you have a figure in mind, you can then determine how much you will need. The preferred amount set aside for a deposit is 20% (of the price of the home you intend to build), but this isn’t feasible for everyone – anywhere from 5% and upwards is enough. However, unless you reach that 20% deposit, you will also pay lender’s mortgage insurance (LMI), which can add considerable cost when building your first home. If you are a first home buyer and find yourself in this situation, it may be worth applying for the First Home Loan Deposit Scheme, which is a government incentive to help first home builders get into their property sooner by removing the need to pay lender’s mortgage insurance with as little as a 5% deposit.
At Brighton Homes, we are proud to work alongside our in-house finance experts at MyChoice Home Loans. To help you better understand the different home loan options available to you, the financial experts at MyChoice can discuss the process and help you to secure the right loan for first home builders.
If you haven’t already decided on purchasing a block of land before building your house, you can consider a Ready by Brighton package. This means you will only be making repayments on a single loan, rather than separate loans for house and land, which is more cost-effective. In the case of a Ready by Brighton package, the house is pre-built. This means that you won’t have the same ability to build the exact home you want, but it tends to cost less than purchasing a pre-established home.
This is arguably one of the best parts of being a first-time home builder! Finding the right home design to suit your lifestyle and envisioning the completed project is so exciting, and you have plenty of options to choose from. Whether you prefer a single-storey home or a larger two-storey home – or even an impressive property to suit an acreage – there’s certainly a home out there for you.
Explore our Inspiration Gallery for ideas and the latest trends about how to customise your Brighton Home and create an account to save your favourite looks
Once you have selected your home design, it’s time to sign the builder’s contract – detailing what has been agreed upon when it comes to house design, expected time frames, and the terms and conditions of payment. With a deposit paid on the building, your builder will arrange for a soil test and land survey in order to ensure that your block of land is suitable to build on. Keep in mind that, while your builder is responsible for building your home, they are unlikely to cover things such as pools, driveways, fencing, landscaping, and more.
You will also be signing paperwork from your mortgage broker around this time, including loan approval documents and progress payment forms for the lender. A solicitor will then organise land settlement on your behalf, and once the settlement of your land purchase is complete you officially own your land.
First home builders may not know that you are required to pay in instalments as the building of your home progresses, rather than paying for the full cost of the home upfront.
These stages are:
Once all payments have been made, the house has been completed, and all final inspections are completed, you’re ready to move into your new home!
There is a wide range of financial help given to first-time builders including Queensland Government Grants. Researching the different grants available and if you are eligible can be confusing and difficult, so we have taken all the leg work out of it for you. Visit out Government Grants page to discover what grants are available for first home builders, who is eligible, time frames, and how to apply.
Brighton customer Liz built her first home at the age of 50. Declaring herself as inexperienced in the area, Liz shares her story of navigating building the home of her dreams with the help of Brighton. Single mother Liz is incredibly proud to show her kids that the sky is the limit and that you can do whatever you set your mind to.
Building a new house is one of the most exciting projects you will likely undertake in your lifetime. However it can be daunting and sometimes the wrong decisions can result in setbacks. That’s why we’ve created this guide of the most common building mistakes you should avoid as a first-time home builder.
With years of award-winning experience, we create stylish architecturally designed homes for first-time builders that entice your senses. Couple this with our 60 year structural warranty and you can look forward to enjoying your new home that is built to last.
Build your first home with Brighton Homes and fall in love with our timeless designs. Browse all of our house designs today or contact us to talk about the future of your new home.
