If you have got your own "Grand Design" idea but need to keep to a realistic budget and want to project manage your own build, there are 8 essential things you need to know.
1. Build in a contingency fund
Always budget for more than you actually need. As the professional house builders in Adelaide know, you will run up against a number of costs that may not be included in the building estimate. Finishing costs for items such as letterboxes, fencing, energy metres, or landscaping and decking are not usually included, so add around 15-25% onto your original budget when planning. Planning application costs should also be factored into the budget, along with costs associated with clearing and prepping the site for construction.
2. Prepare a proper set of plans
If you are working with an architect or architectural technician, you will need a proper set of plans for your home builders. A number of building firms may have details of professionals who can help you, but they will need a set of plans to work from. Site access, floor plans, boundary lines, placing on the lot, utility points - these all should be considered. Even if you draw up a plan using software tools, such as CAD, make sure these are checked thoroughly in terms of measurements, gradient of the land etc.
3. Choose the right builder
This is going to be the most expensive thing you will probably ever do so you need a builder you can trust. Make sure the firm you choose is insured and licensed and a member of a professional body. Get references from past satisfied customers and go and take a look at some of their work. Be very clear and upfront about your budget and don't be afraid to ask the builder a number of questions. If they don't get back to you or fail to communicate in plain English, then it would be hard to see how you can work with them over the forthcoming months of the build.
4. Check out any entitlements
For first time home builders in Adelaide, there are grants or concessions that you may be eligible for so make sure you are aware of what is available in your state or territory. The local town planners and councils are a source of advice, but don't miss out on any concessions such as reduced stamp duty for example. Every little bit of saving will help.
5. Check the contract
Before signing on the dotted line, ensure you know what costs are covered, and it includes a detailed plan with warranty and insurance schedule. There should be a cooling off period and payment terms and timings should be clearly stated. Get your legal adviser to check it over with you and it should include a construction timetable as well.
6. Ensure your finances are in place
Your lender needs to have those detailed construction plans before releasing any funds if you are going for a construction home loan. There may be a deposit required so make sure you have this money in place and funds for these types of loans are not released all at once, so check this out.
7. Understand your rights and responsibilities
Get an independent inspector to check out each stage of the build from footings, frame, lock up and handover. Ensure you know your rights in your state or territory if something goes wrong.
8. Communicate constantly with your house builders
Get regular construction updates, document the process and check out the progress. A professional building company will be more than happy to keep their customers happy and informed.
Keep in mind these eight essential points that will turn your dream into a reality.
