Top 5 questions to ask if you are building a new property
Welcome to Top Tips Tuesday!
This week's tip is for those home buyers or investors considering building a new property.
Building a new property can be exciting, but it's important to ask the right questions before you dive in. Here are the top five questions to ask your builder:
1. What is the budget for the project?
It's important to understand the full price and inclusions of the construction, as well as any other normal purchase costs.
Make sure to have someone check the contract and ensure everything is included in the price.
2. What are the zoning and building regulations in the area?
Be aware of soil tests, zoning codes, and restrictions that affect the type of dwelling you can build.
Check for map overlay flood planning issues before purchasing a block of land.
3. What are the specific needs and preferences of the future occupants?
Consider the size of living areas, home offices, self-contained areas, and other requirements that may be important for your own home or for investment purposes.
4. Who will be responsible for the construction and management of the property?
Understanding the builder's history and ensuring the contract has fixed terms and prices in place is crucial.
5. How much are the holding costs?
Check if the land is registered, the likelihood of the developer extending the registered land process, and the length of the build contract.
Make sure there are no hidden clauses that could exacerbate costs.
It's important to review the whole process and work with a professional to ensure you're comfortable with the outcomes.
If you're considering building a new property, we invite you to book a strategy call with us to discuss your options further by clicking here.
Remember, construction can be a lengthy process with potential delays, but with the right planning and management, the outcome will be well worth it.
If you would like to watch the full video click here.
Thank you for reading and see you next Tuesday!
Regards,
Geoff Tomkins
GCT Property
Buyers Advocate
PH 0404 852 781