Ultimate guide to building a new home

REAL ESTATE

Building a new home is a very exciting process and allows you to create a home that is ideally suited to your family’s lifestyle. You’re able to select from many home designs and tailer a design to your exact needs and specifications.  

However, designing and building a new home is a significant undertaking, and it will require a lot of planning, preparation and decision-making throughout the entire process. 

There are many elements to consider including 1) where to build – a greenfield new estate, or a knock-down rebuild project in an existing suburb, 2) which builder, 3) which home design, and then whether to make any variations or customisations to the home design? However, at the end of the journey, you will have a brand-new home which is truly tailored to suit your family.  

While building a new home is a vast topic, we’ve put together this short guide to provide you with an overview. 

Where to start when building a brand-new home?

Building a new home is an exciting journey, but it can also be a daunting proposition if you are not prepared for what to expect. There are many questions you’re likely to face along the way. For example:

  • Should you knock-down an old house in an established suburb and rebuild, or is it better to buy a vacant block of land in a new estate and build your dream house there?
  • Should you design a custom home, or look at existing house designs or house-and-land packages?
  • What nearby amenities and facilities are important to you?
  • What is on your wish list in terms of home size, layout and features?
  • What is your timeframe and realistic budget?
  • How long will you stay in this new home?

Essentially, your budget, timeframe, choice of location and personal taste and style will help determine which path you take. 

It’s important to visit display homes to get a sense of what is available, and what the likely building costs are. Ask the team at each display home you visit, to provide the “base cost”, and the “display home cost” so you can form a view of what is achievable for your situation. 

Try to get a sense of whether the floor plan suits your taste, whether the living spaces could work for your family, and what kind of fixtures and finishes you may like.  When viewing display homes, take note of natural light, heating and cooling options, storage space, noise, privacy and natural room flow. 

It’s important to not feel overwhelmed by the entire process. Like anything else in life, if the task initially feels large and unachievable, try break it all down into small achievable parts. 

What to look for when deciding on a style of home?

When designing and building a new home, you’re able to choose from a wide array of fixtures and finishes that best suit your personal taste.  Think through the style of home you would like to build, and live in long-term.

Check out www.pinterest.com and www.instagram.com and search for Contemporary, Classic, Resort and Modern Designer styles.  Save pictures of facades, kitchens, bathrooms, living areas and alfresco areas that really appeal to you.  Print them out and create a “mood board” to keep yourself inspired. This will also help determine your style, and allow you to collect and organise images. 

According to www.domain.com.au, whether you decide to commence a knock-down rebuild with an architect, or building in a new estate with a major builder, the visuals and samples you provide will help speed up the process of creating the perfect home for your family. 

When planning and designing your new home, take a moment and consider long-term planning for your family. Realistically, how long will the proposed design and style still be suited to your family and lifestyle, say over 10-15 years’ time? Will you have more children by that time? Will your children still be at home? Are you likely to be working from home full-time over the next few years? Or is it likely elderly parents will be moving in with you?  

While it is difficult to predict the future, it’s important to try and think through what your future requirements may be and allow for these in your design and style. 

Buying a block of land

An alternative option to demolishing an existing house, is purchasing an empty block of land on which to build your dream home. Usually, vacant blocks of land are more common in outer suburbs, but can also be found in inner established suburbs when owners subdivide their land for sale.

Before buying a vacant block, drive around and investigate the area thoroughly to ensure it meets your requirements in regard to schools, amenities, facilities and public transport. Research for any future construction or developments which may positively impact the area too. 

Be sure to understand whether the block has any easements, or covenants (i.e. restrictions on building materials), any major fall within the land, and even the type of soil, which can affect the type of homes that can be constructed and the associated cost. 

Before buying a block of land, ensure you also begin to consider potential home designs. All home designs will have minimum block width and length requirements, so be sure to consider these in your buying process. 

While building a new home is extremely exciting, it’s important to understand the risks of overcapitalising. To learn more about overcapitalising and how to avoid doing so, see our article How to not overcapitalise.

Always seek advice from a trusted professional.

Purchasing and investing in real estate is exciting and when done well, can significantly transform your life.  Your local One Agency specialist, lives and breathes real estate in your area and has insights into exactly what is happening in your community.  

Now is a great time to get started on your property journey, or continue climbing the property ladder, as interest rates are at an all-time low. Our agency is also seeing high-quality family-oriented supply begin to come onto the market, and this is set to continue as we progress through summer.

To learn more about the benefits of real estate investing and what prices may do long-term, please contact us at One Agency.  With One Agency being one of Mildura’s most trusted real estate agencies, we are well placed to provide you with our view of the current market based on our local experience. We’ll thoroughly guide you through the process and help you take advantage of this opportune time in the property market.

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