Everything You Should Know When Considering a Project Home
So, you’ve decided to bite the bullet and buy some real estate off-the-plan. Congratulations! It’s a huge step and will set you on the way to comfort, security and confidence. You’re amongst the lucky ones, with home ownership dwindling in Australia. Yet, if you’re planning on purchasing a project home, there’s a few things to keep in mind. So, take some time to read through this blog and you’ll end up better informed than when you began!
What is a Project Home?
Project homes in Sydney are a type of home built to a set design by a home builder. These builders generally build houses in large volumes, sometimes in developing housing estates. Often, prospective buyers will have a choice of a number of set designs with different facades, fixtures and layouts. You pick the one that most appeals to you, lay down a deposit and then wait for your dream home to be completed.
Before you commit to what very well may be the biggest financial investment of your life, it’s worth sitting down with the builder and asking some questions. First of all, you need to know the expected timeframe in which your house will be built. This is especially important if you’re renting and looking at the end of your lease, or if you already own and need to sell in time to finance the build. Ask when your home will be complete and ready for you to move in so you have some peace of mind.
Level of Customisation
One compromise that you may have to make when building a project home is the level of customisation you can expect. A project home typically comes with a set design, with a set layout, and set number and type of fixtures. Often, a builder will have deals going on with fixture vendors, so they may only supply one brand of taps, or one brand of baths, and so on. Check in with your builder to see if you’re able to customise some aspects of the build, or if it is all or nothing.
Project Homes Are Cheaper
Project homes can be the ideal choice for a first home buyer, as they tend to be more affordable than a custom build job. Initially, you’ll need to purchase land to build on, which is expensive, but is often cheaper than buying an established home on a block of land.
Then, you’ll need to finance the build. This may seem daunting, but you can often save hundreds of thousands of dollars buy building a project home on land you already own. Also, a lower mortgage amount means you’ll pay less interest and save on repayments throughout the duration of the loan.
Check Out the Display Homes
When researching prospective builders, make sure to head along to their display homes. Keep in mind that display homes are kept sparkling clean and are often strategically lit to look roomy, inviting and sleek. Take what you see with a grain of salt and try to ascertain the quality of the build. If necessary, contract an independent inspector to check out the quality of the builder’s homes.
Good Luck and Godspeed!
Good luck! This is a huge step, so remember to ask the builder about the timeline, and the level of customisation you can expect. Keep in mind that you’re saving some money, and be sure to check out the display homes to get a feel for what you’re buying. At the end of the day you need to live and love in your brand new home, so you want to be sure that you’re doing the right thing. Enjoy!