Should I Avoid Building A New Home?
When you agree to build a new home, you're able to make sure your dream is translated to a physical property that you will own. However, that doesn't mean the decision doesn't come without it's drawbacks, and it's important to make sure you're aware of everything involved with the process of building a home from scratch. Thankfully, that's something our team can help with.
Time Is No-ones Ally
Approaching a major lender asking for a loan for a home that hasn't been built yet isn't as simple as getting a mortgage for an existing property. Many lenders require that builders make commitments related to timeframes around the construction of the home, since it is easy for the overall construction time of a house to balloon into ridiculous proportions these days. If the builder fails to meet those obligations, then you'll need to talk to your lender about negotiating an extension, because otherwise, your mortgage might fall through, and even if it doesn't cost you a significant amount of money (which it likely will), the headache that comes with it will be substantial.
We Can't Stress Enough How Difficult The Time Is To Handle
Generally speaking, most people need a place to stay every day of the year. You can plug up any gaps with hotels and vacation rentals, sure, but ultimately, you probably need a permanent place to go when you're not out living your life. Unfortunately, while you're building a home, living in it isn't an option. Even assuming your builder rushes the absolute basics, somehow, and you're able to at least get a place to sleep, the rest of the home is going to continue to be a whirlwind of construction tasks. Considering the large incidence of homeowners moving out during simple renovations, you probably don't want to live on an active construction site. If you're building your home, you're going to need to think about where you're going to be living for the months it takes for construction to be completed.
Again, The Time It Takes Will Hurt You
Buying an existing home generally involves one fixed number. That cost will include every fee you need to account for, every inclusion you need to consider, and the problem largely resolves itself once you either pay that fee or sign a contract for a suitable mortgage.
Building a home offers no such luxuries.
There's no end to all of the ways builders might try to lower the sticker price of their homes, which means you might buy a home, visit for the first time, and discover a bunch of holes in the ceiling because 'lights cost extra.' You're going to need to spend a considerable amount of time checking your contract to make sure everything you need is included in it, and as time goes on, you might find the price of your home increasing as important odds and ends are remembered and included. Fortunately, with Go Design Solutions, you can avoid this headache and design a home that will suit your perfectly. To see how we can help you with all drafting in Penshurst, you can check out our portfolio, or call us on (02) 8091 0588.