Building your dream home

You’ve decided to build your own home, this option is wonderful for those who want to customise certain options or just love the idea of walking into a home with everything that is brand new! But what where should you start?

There are so many costs associated with building a home, many of which you may not have factored in such as, utility connection fees, site fees, architect fees and so on. It is very easy for your initial budget to be blown out of the water when things out of your control happen. Such as poor weather, difficulty sourcing materials and tradesperson issues.

You can trust Account(able) to get you through this multistep process and alleviate some of the stress and pressure that comes with building your own home. We have the knowledge and diligence to ensure everything runs smoothly. Let’s make your dream of building your home a reality

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Buying off the plan

New home sales have skyrocketed in recent times, partially due to investors and owner-occupiers buying off the plan. The concept is straightforward: put up a deposit (usually 10 per cent) to help the developer fund construction and pay the balance when the build is complete. If you decide to go with this option, we diligent to research your developer thoroughly and ask questions up front, such as turn around time on completion, if any additional fees are projected and how many similar projects they have previously been responsible for.

The way it works is the developer sells as many properties off the plan as possible to attract sales obligations then they secure from their lender to the finance the build and turn a profit. Buyers are effectively handing over their deposit for the promise of an apartment/townhouse/house that they won’t see for one to two years (or more in some cases), prices are set at current market rates with incentives often offered to entice buyers in such as cashback deals and luxury updates.

Once the developer has received your deposit, they should provide you with a contract that specifies the details of your purchase including the completion date for the development and the deadline for when a decision must be made as to whether the development will go ahead. That decision usually depends on whether sufficient finance has been secured, so don’t get too excited just yet.

If the developer backs out of the project or passes the decision deadline, you should be entitled to a refund of your deposit, but this depends on the conditions of the sale contract you agreed to, so it’s important to read this document carefully and if seek financial or legal advice.

While buying off the plan may look like an exciting opportunity, it pays to be diligent and seek out as much information as possible before entering into a contract. If all goes according to schedule be prepared for a lengthy wait between initial sign on to completion of your property.

Common questions for home builders