3 Things You Should Know Before Building Your First Home

Building your first home is exciting — but it can also be full of surprises. If you’re building you first home, here are three things that you might what to know to save you some stress and money too.

1. Budget for More Than Just the House

This one caught me off guard: many builders don’t include site works, painting, blinds, landscaping, or fencing in their quoted price. These extras can really add up, so make sure you budget for them early. 

Tip: Get multiple quotes for these items so you have a realistic idea of what they’ll cost. And here’s some good news — most banks will accept official external quotes, so you don’t have to use the builder for everything if you find a cheaper option elsewhere.

2. Check Your Stamp Duty Concessions

Stamp duty can be a big expense, but you might be eligible for an exemption or reduced rate depending on where you live.For example, in WA, first home buyers can get a full exemption on stamp duty when purchasing vacant land under $350,000 (and if your full house-and-land package is under $750,000). It's good knowing what you're entitled to these exemptions can save you thousands.

3. Get Your Finance Health Check First

Before you start shopping around for land or house designs, get a finance health check. Most land agents and builders will ask for this anyway. Once you know what you can borrow, you can work with a builder to design a home that fits your budget — and in many cases, your builder can even help you secure the perfect block of land.

Building your first home is a big milestone, and a little preparation can go a long way in making the process smoother (and less stressful!).

If you’re ready to take the first step and get a finance health check, we’d love to help. Book a free call with WestGen Finance today.