The Costs of Buying a House For First Home Buyers
Tuesday, 23 January 2018 12:00 AM
Do anything for the first time, and there’s a lot to learn. For a first time buyer, it’s the costs of buying a house that can get your head spinning. That’s why we’ve created this guide to getting your first home budget nailed.
The great news is that building a new home puts you in the driver’s seat when it comes to cost. Compared with buying an existing home, there’s no need to pay top dollar for things you don’t need. Instead you can pick and choose exactly what does and doesn’t suit your lifestyle: everything from pools to patios, butler’s pantries to bedrooms.
Plus there are a number of financial grants and incentives for building a first home, which vary state by state. You might be eligible for an exemption from duties or concessions on building a new home.
What to budget for?
Costs will vary depending on where you live and the choices you make. As a checklist, you’ll need to factor in:
A house deposit, normally 5-20% of the house purchase price see our guide here. If you’re in Queensland, Victoria, Tasmania, South Australia or Tasmania, we can even help you through the finance process, as our G.J. Finance specialists work with a panel of 30 lenders.
Lender’s Mortgage Insurance (especially if you don’t have a 20% deposit – however this cost can normally be factored into mortgage repayments rather than paying upfront)
Solicitor’s fees to handle the paperwork
Anything not covered in your building contract, which may include landscaping, fencing and blinds
Rates to the local council and utility bills
The items you’ll save on by building your own home? No pest and building inspections. No unexpected or immediate maintenance costs. And if you play your cards right, lower ongoing running costs.
How to build a lower-cost home
When it comes to lowering your building budget, house design reigns supreme. Here are our top tips to cutting costs from your build:
Choose flat land to save on site preparation costs.
Tell your builder you are looking for ways to save money. They’ll have ideas you won’t, such as using alternative building materials.
Choose a house design that’s no more than what you need. That means ditching unnecessary rooms and features, including scaling down or modifying an existing design.
Choose a budget concious design. GJ. Gardner Homes has a range of Express home designs and packages specifically designed to look good without hurting the hip pocket.
Get touch on variations and inclusions. Go with a standard design you like and choose standard options.
Insist on energy efficiency. It’s not just about building a house - it’s about running it. A small investment up front can save big bucks on heating and cooling. Find out how you can factor energy savings into your build.
Choosing the right builder
When you build with G.J. Gardner Homes, you’re dealing with a company that’s helped thousands of first-time Australian home buyers. We know what you need, and we’ve factored it into our highly professional process.
Above all, we provide full transparency and communication about the cost and timing of your new home. Our fixed price contracts ensure there won’t be any nasty surprises. And unlike many builders, we’ve got hard proof of our reputation. There’s our recent award for being Australia's Most Trusted National Home Builder by ProductReview, backed by hundreds of authentic consumer reviews. Get in touch!