Guide to Buying your First Home

27 BUYING PROCESS Whilst I understand a lot of people these days search and buy their new home online, there is nothing better than visiting display villages and getting up close to all sorts of interesting designs. You will know when you have found the home that best suits you. You must remember to strip the home back in your mind and imagine it without all the attractive (expensive) trimmings. Professional interior designers have completed all these homes with no expense spared to make them look incredible. Then consider the garden in some cases as much as $70,000 has been spent on landscaping. What you are buying is the bare bones, the new home with the standard inclusions. Again, it’s about buying what you can afford – not what you or your ego really want, that will come in future years. Once you have decided on the builder and the design, you will be required to pay a deposit of 5 or 10%. The builder will then prepare the necessary documents. These include a home siting on your land, full set of inclusions and final quote. You will then be required to enter into a building contract. This process will generally take about 4 weeks but remember there is no rush because your land still needs to be developed. If your land is going to take up to 18 months to develop it is important you find out from your builder how long they will lock in their price. You don’t want any unexpected increases to the building price when you get closer to land title and settlement. At the time of writing this book most builders are holding the price for 12 months. If this is the case you are not under any pressure to buy your home immediately, take your time and enjoy the experience, it can be a lot of fun. If you are buying as a couple or with a friend or friends, keep in mind it will most likely be necessary to compromise so all parties get what they want within the property. Bring home all the plans, throw them on the kitchen table and discuss each one and the practical reasons why it will work, allowing for the way you live in your current home. Once you’ve decided on the residential allotment you want, it’s time to pay a deposit and address the legal requirements.