Hi Mamas!
Looking for advice & opinions on things you wish you had have known before buying your own home. Any little details you didn't fully understand about the entire process, things that went well, things that didn't. Anything at all really!
We're tossing up building or buying, especially as we'll need 4-5 bedrooms.
We're beginning our journey soon but I want to make sure we cover all bases in our 5 year plan. This is all pretty new to us both and we want to get as much advice, tips, tricks & knowledge under our belt as possible.
Thanks in advance!
3 Replies
1. Broker is free to you, and their job is to find you the best loan, so find one and chat to them. Make a plan and you’ll have them lined up when you’re ready.
2. When you apply for any kind of scheme like first home owners etc, when you get approved you get 3 months to use it, ie) sign the contract, otherwise it expires and you need to reapply. I didn’t know about that before I started and three months passes really quickly.
3. Conveyancers and building and pest get to work really quickly. I was so worried about how to find one in time but that all happened very efficiently.
4. Speak to agents at open homes. Let them know what you’re after and they’ll tell you what they have coming up and contact you when they have something ready before it goes on the market.
5. Speak to people, it helps you get through each stage.
6. Work and save and always check in to see what’s possible. It’s always worth enquiring!
Buy with your head before heart. Don't let 'OMG I love it!' cloud judgement. Dream homes lose shine fast when you're sinking money into repairs, the mortgage is crippling, or the location isn't suitable.
Check out the house at different times of day/night to ensure its not in a flight path or busy street, e.g.
Know your non negotiables. Eg. Lock up garage, bedrooms, block size, location. You'll never get everything.
If building know what ISN'T included.
Select a broker. Ask them now what you need to do to prep for a mortgage application. You'd be surprised what affects applications. AfterPay type accounts, credit defaults (you can access reports from some credit companies for free), job type (self employed etc). some of these things can be rectified before applying.
Costs: stamp duty, solicitors fees, annual property rate cost. The big one is insurance. Call a reputable agency for a quote on that address. You'll find out real quick if the house is high risk for flood, fire or crime.
Really it's love the property but buy/build with a clear head & be prepared to let it go if needed.
Have built twice now! In nz, but I'm sure some of it will be helpful.
My tips are;
1. Go door knocking the area, ask about builder and neighbour's ect
2. Check Google reviews.
3. Make sure you consider cost of things not included in building contract, often they leave out curtains, driveways and landscaping.
4. Always ask for a break down of costs. If you ask for upgrades, this will ensure you don't get ripped off.
5. Pay in installments, don't do a turn key contract, meaning paying at the end of the build (builder will charge more) and do not pay everything upfront, paying in installments means minimal loss to you if builder goes under mod build.
6. Get a bloody good lawyer to look over contract!
Building is awesome, its a stressful process to go through, but so nice having a brand new house to move into!