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Our top tips for first home buyers

 

 

With the Queensland Government’s $20,000 First Home Owners' Grant only available until 31 December 2017, here’s a timely reminder of what you can do when building your first home to make the process as streamlined as possible.

1. Know your budget

Work with your bank, mortgage broker, accountant, and/ or financial advisor to get your budget straight from the get go, and don’t try to extend yourself beyond your means. You want to be realistic when making decisions down the track, and knowing how much money you have to work with is a good first step.

2. Think about your dream home

While you might not have the budget for your absolute dream home, you should have an idea of how many bedrooms, bathrooms and car spaces you need, how big you want your kitchen, if you would like an alfresco entertaining area or balcony, and any other particulars that you just couldn’t live without. This can save time with the builder and designer and reduce the number of plan changes you require because you forgot that you needed a home office.

3. Don’t sweat the small stuff

There is a time for the conversation about what tiles and carpet you would like in your home, and that time is after your contract is signed. Allow the builder to action the preliminary process in accordance with their policies, as every question or indecision or hesitation means it will take longer for us to start building your new home. Of course, any concerns you have regarding your plans, specifications or contract should certainly be raised, but colour selections can be confirmed further down the track.

4. Read the fine print

Speaking of specifications and contracts, you should make sure you read these thoroughly including all terms and conditions. These terms protect both you and the builder and often determine when payments need to be made, how notice for decisions, etc., is to be given and when, how disputes and warranties work, and what happens if the contract is cancelled. Be familiar with these terms and raise any questions you have with the builder. All OneBuild contracts are written and guaranteed by Master Builders Queensland, so you can trust that there are no hidden nasties.

5. Apply for the FHOG

As we said before time is running out, so you want to make sure you get your application for the First Home Owners' Grant in as soon as your contracts are drawn up. Work with your financier and builder to ensure you have all the details you need for the application and get it submitted as quickly as possible. You should have a response in a matter of days.

For more information click here.

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