Timing Is Everything
If you are waiting for the perfect time to build a new home, it will probably never happen. There will always be something more urgent or unforeseen circumstances that will put your building project on the back burner. The only way to make sure your new home dream becomes a reality is to make time! The building process in general is time consuming. There are multiple aspects that all need individual attention including the design process, the approvals process and the construction process. To get the home you want, you need to make sure that you have the time and patience for each stage of your building project. Without this, the process can end up taking a lot longer than you expected.
During the design process, you need to have a clear idea of both how you want your home to look and how you want it to function. You can get ideas by looking at what you like about your current home and what you feel is lacking. Consider your lifestyle now and what you think it’s going to look like in the future. Gather ideas from images, displays, friends homes etc. The design process can often be derailed by a lack of clarity and cohesion. From having no idea of what you actually want to partner’s having differing priorities or even ‘bright shiny object’ syndrome, these things can lead to your design process going around in circles; costing you time, money and your sanity. So, take the time to sit down and make a list of your ‘must haves’ and ‘would be nice” items. Have a clear idea of how you need your home to work and how you would like it to look. Work together to clearly set out what is most important for each of you and what areas can be compromised on. Once you have these ideas firmly in hand, you are ready to start the design process.
Once your design is complete, the approvals process is the next hurdle to overcome. Unfortunately, this process is mired in red tape and shifting goal posts. From finance approvals to local government requirements and permits, you are at the mercy of their administrative practices. However, there are some things that you can do to make sure you are saving time on the things that you can control. This mainly comes down to organization with your paperwork. Banks will want a breakdown of your essential and discretionary spending. Taking the time to go back through three months of banks statements and categorizing your spending into areas such as groceries, entertainment, repayments etc can save you time when it comes to filling out your home loan application. The upside is that you may even find ways of saving money! Having digital, easy to access copies of paperwork such as pay slips and your Certificate of Title means that providing this information when required is as simple as attaching it to an email.
Now that you have completed all of the pre-construction tasks, you are all excited about works starting on site. In the past, building timelines were pretty consistent with single storey homes taking around 6-8 months and double storeys 10-12 months to build. Current industry conditions, with a heated market and lack of trades and materials means that this process can take a lot longer. If you are renting, it would pay to negotiate with your landlord to allow for a monthly roll over of your rental agreement once the fixed term ends. This will save a lot of anxiety and wondering where you are going to live if your construction time does extend past your rental end date. Having patience with the building process also helps. Rushing your builder will only result in mistakes happening or the finish not being of the quality you expected. Many people believe that when their house reaches lock up stage, handover is imminent. In fact, as far are timelines go, lock up stage is only about 60% of the way there. The finishing items and details of your new home take months, not weeks, to complete.
When it comes time to build your new home … timing is everything!
