Financing a new home build or extension project can be achieved in a number of different ways, depending on your financial capacity and the size of your project
The starting point is to develop a realistic or an achievable budget.
Discuss the items that will be covered in the building contract with your builder. Make sure this discussion¬†includes any preliminary costs, such as soil tests, preparation of plans, building approvals and consultant fees.¬†There might be items not covered by the builder including landscaping, blinds and curtains, or floor coverings.¬†It is important to also understand which costs are fixed and which costs may be variable.
If buying new land, make sure you consider any government fees, stamp duty, and conveyancing costs.¬†Be clear on any other costs such as rent payments while your new home is under construction and moving costs.
It is also a good idea to include a contingency or reserve in your budget for any unforeseen items or cost¬†variations that may be requested or occur during the building process.
Once you have a budget in mind and obtained finance approval or preliminary approval, it is time to start¬†designing your new house or remodelling project.