How to choose a forever house

• Have a conversation about whether you’re hoping to have children and how many, so your looking at your choice realistically.

• Make sure the house is big enough for the future, or has the potential to be extended.

• Work out weather the location will still suit any changed circumstances. Eg: are there good high schools nearby?

•  Check that the house has access to public transport for your children or yourself if you might not want to drive in the future.

• Try to predict how your needs might change as you age. Eg: Is the house a single storey or double storey.

Don't move, Improve!

Adding an extension to your current home can radically transform your property giving more rooms, extend your living space and will add value to your property and also make it more attractive to buyers.

If adding value to your home, is your main priority, you should first find out the current market value of your home and then get an estimate on its potential value once the extension has been completed. This can be done by explaining your plans to a real estate agent or by looking at similar properties in your area.

With property prices now on the rise there really has never been a better time to extend your home, best of all with a reduction of work in the building industry at the moment, construction companies may well be lowering their prices to compete for work to stay afloat.

This means you get the best of both worlds, a lower investment required to extend your home with the potential for increased property value, so if you plan to extend your current property and move home in a few years, you are wise to act now while costs of building work are still at reasonable expenses.

Selecting a new home builder

When you decide to buy a vacant block or knock down and rebuild a brand-new home, choosing the right builder is as important as choosing your style and plan of your home.

When you purchase a home, you also "buy" the company that will build it. Your satisfaction will depend on their experience, their skills and their commitment to customer service.

An important part of the home building process lies in determining that you are dealing with the builder themselves who has the necessary qualifications and is able to meet your needs and expectations.
There are thousands of builders in Sydney, ranging from small companies building a few houses a year to large building companies constructing hundreds of homes annually.

Whether you live in a large urban area or a smaller community, you will have a number of builders to choose from. Each company may offer a different selection of homes. Some may focus on specific market segments or neighborhoods. Others may specialize in particular types of homes or have certain distinctive expertise, such as adult lifestyle design or energy efficiency. And every company does business in its own unique way.

As you look at your building requirements, also think about the building company behind them. Before choosing a building company, take a close look at each builder you are considering and ask these questions:

• Who are they?
• Do they build a quality home?
• What is their after-sales service like?
• What’s their reputation, what do others say about them?

Defining your vision

How to define your vision

Get everyone in your household involved in discussing what you are looking for in a new home or home renovation. For instance:

• Discuss the type and size of home; number of bedrooms; other space requirements, e.g. garage.
• Discuss the layout: open or divided spaces; flexibility for future changes.
• Discuss any outdoor living areas: space and privacy.
• Discuss desired features for looks or convenience.
• Special considerations, e.g. accessibility for household members with mobility restrictions.
• Distance to work, shopping and medical facilities.
• Public transportation.
• Schools, recreational facilities, places of worship.

It is wise to make a list of everything that’s important to you and your other family members and divide it into things you must have and things you would like to have. Use the list to help you evaluate your desired new home or renovation. It is also a great starting point for discussions with builders because it makes it easier to tell them what you are looking for, which in turn helps them to identify the homes that best match your needs and wants.

Mortgage Pre Approval

Get mortgage pre-approval
Early on in the decision making process of building, extending or renovating, you need to determine the price range that suits you best. If you plan to finance your purchase with a mortgage loan, sit down with your lender or mortgage specialist to discuss your needs and get mortgage pre-approval. That way, you know exactly how much you can spend on your building requirements. If you want to be able to make regular payments to the builder during the construction of the home, talk with your lender about a construction, or re draw mortgage.

Pre-approval means that your lender commits to giving you a mortgage loan up to a specified amount at certain terms and conditions, including the interest rate. This commitment will be valid for a specific period of time. Pre-approval does not lock you into the mortgage. You are still free to pursue other arrangements, including shopping around for better mortgage deals.

Investment Opportunities

INVESTMENT OPPORTUNITIES

Australian Statistics have proven that investing in bricks and mortar is an excellent and smart thinking way of maximizing your profit and building your wealth.

Investing in property is ideal for both positive and negative gearing, it is also a proven retirement plan with rent and your income increasing with inflation. Long term rental capitalises the property growth.

There are many ways you can invest in a home:

•    Build a home to Rent
•    Build & sell making an investors margin
•    Build a new home and move in & lease your current home (capitalising a capital gain)
•    Build a duplex and receive two lots of income.
•    Build a granny flat

Home Builder Bonus

There has been a home builders bonus introduced by the NSW government in order to stimulate the construction of new homes in NSW. The bonus provides stamp duty to be exempt for the purchase of vacant land which a new home will be constructed.

Click Here if you would like to be transferred to the office of state revenue’s website. This link will assist you to review the eligibility criteria for the builder’s bonus.