Construction can be a very daunting process whether you are building for the first time or have built before. You need to have thought through the process fully and ensured that you have budgeted for any cost over runs or delay in the building beginning.
Construction finance is also very different to a normal home loan so it is important that you speak with someone that is experienced in this area.
I am confused as to whether to build or buy an established home…what do you think?
This is always a difficult decision. There are many things to be weighed up. Do you want a brand new home that has your input in it? Do you want to live in a brand new sub division? A new home has the opportunity for the latest technology. Do you want to live in an established suburb? Do you want an established garden? Do you want the infrastructure in place?
You need to decide what appeals to you most – sometimes cost is the deciding factor. Don’t forget if you are building and currently renting you will need to allow for paying the rent at the same time as your mortgage increases. The key to this is smart budgeting and we can help you with that at The Local Loan Company.
Have you got any tips for me?
The most important tip I can give you is to start the preparation early, come in and see us and we can get you started on the path to owning your home.