Building your dream home in a land that you enjoy the view and adore the neighborhood is a vision we all would want to achieve. However, for the risk-takers and courageous, it is indeed possible to build your envisioned home in a property of your choosing, through owner-building.
Buying a property and constructing your home is easy to say, but harder to fulfill especially if you lack finances and experience. There are owner builder home loans available for Aussies who would want to take the path of owner-building their homes. But that does not end there. There are many other things to consider when owner building your home. One aspect to consider is that you will be doing the bulk of the work if you choose this path in building your dream home.
Buying a Property and Building a Home
There are savings that come with going for a DIY when it comes to owner-building your home. However, savings should not only be the consideration. Quality and timely work also play a big role in the success of your owner-built.
The first thing to consider is buying your property and planning your home. For a land and home package, you will need to apply for a construction loan to finance your purchase. You will also be dealing with a developer as well as the builder if you prefer getting one instead of owner-building. The advantage over this option is that you will be dealing with an experienced builder. Most builders will have insurance and you will not have to worry about possible issues that may arise during the construction. Payments will also be released in drawdowns or after every milestone of the construction. Thus, you are guaranteed that your home is being built and within acceptable standards as the bank or lender may see fit.
Working with a Registered Builder
Even without owner-building your home, you can still achieve the dream home design that you want by working closely with your builder. Your builder will facilitate the plans and will take care of the necessary permits to proceed with the construction. If you will owner build your home, these tasks are for you to fulfill.
You just need to be sure that the builder you are working with is indeed registered. Our article “The Construction Route for Your Home: Is Your Builder Legit?” can help you personally identify if the builder you are talking with is legit or not.
Going for Owner Building
Building your home, hands-on, with you as the builder is a big responsibility especially for first-timers. The success of your project depends on many things, but most especially with your skills and experience as a builder and project manager.
Securing an owner builder home loan can also be a challenge for first time owner builders. Banks and lenders will measure the risks involved in lending money to an inexperienced builder. You will do most of the work, both paperwork and physical work when you decide to take this construction route. It would be advisable to inform or ask your lender or your loan specialist if you would want to take this route in building your dream home. They can guide you effectively in the proceed of securing a home loan for your condition.
