BUILDING A NEW HOME

Building a new home can be a stressful and lengthy process. Whether you buy a house and land package with one of Perth’s renowned building companies or purchase a new home to be built on your own land there are always a lot of decisions to make. From choosing floor coverings, window dressings and selecting to opt in or opt out of the countless premium add-ons that builders offer (ie: additional power-points and lighting, higher ceilings and more), it can be a time-consuming and tiring process. If you are making decisions as a couple and you have different tastes and opinions, it can be a cause of relationship stress. There is always the potential to blow the budget with all the enticing and some would say “essential” extras. But for many people, they would have it no other way.

BUYING AN EXISTING HOME

Buying an existing home can often be a more straight forward process, as your real estate agent will be able to help you calculate the stamp duty before signing the contract and there are less unknown costs, presuming that the house you purchase is in good repair. Improvements and renovations can be made further down the track according to your available budget. But it isn’t easy to find an existing home that meets all of your needs (and wants!). Everyone has different tastes when it comes to choosing decor and even floor plans.

THE PROS AND CONS

One obvious benefit to building is the freedom to choose what you like, right from the start. With most home builders offering flexible floor plans and a large variety of style and finishing options, budget permitting, you can custom create something to suit your exact requirements. In addition to that, the Office of State Revenue currently (at the time of writing this) offers eligible first home buyers in Western Australia, a grant of $10,000 and a further $5,000 boost payment for eligible contracts signed between 1st January 2017 and 31st December 2017. Refer to www.finance.wa.gov.au to see if you are eligible for the First Home Owners Grant. Getting started with an extra $15,000 is a huge leg-up for those entering the home-owner arena for the first time.

Whether you choose to buy an existing home or a build a new home, it is important that you protect your investment by having the house inspected by a professional building inspector. You should make sure that there is a building condition clause in the sale contract, requiring that the property meets building inspection requirements. If you are purchasing an existing house, unit or apartment, you should have a pre-purchase building inspection reportcompleted prior to your contract going unconditional. If you are purchasing a new home, then you should make sure that you or your builder employs an objective, independent building inspection company to complete a handover defects inspection report.