Building your first home is one of the biggest decisions you can make and can be extremely overwhelming especially for first home buyers. However, with the right builder guiding you, your experience should be nothing but smooth sailing. While it can be overwhelming, building your first home is an amazing accomplishment and can be a very memorable experience.
We share 5 top tips to help first home buyers in Melbourne kickstart their building journey with Banksia Homes.
1. Know your budget and what you can afford
Ensure that you have a thorough understanding of what you can afford and what your budget is when building your first home. Work out how much you will need for a deposit and factor in all additional costs that may arise.
If you need further guidance, speak to a finance partners Mortgage Dormayne who can direct you during your journey.
2. Take advantage of government grants
Now more than ever, government incentives are being offered to provide a generous amount of support to first home buyers looking to enter the property market in Melbourne.
Talk to your mortgage broker to see if you are eligible for the following grants:
- Stamp duty exemptions – If you are a first home buyer in Melbourne and your property is valued under $600,000, you don’t need to pay stamp duty at all which is a saving of at least $30,000.
- First Home Owners Grant – If you are building in regional Victoria and your home is valued up to $750,000, you may be eligible for a First Home Owners Grant worth $20,000. If your home is in Melbourne, you may be eligible to receive $10,000.
With great government assistance, now is the perfect time to build your new home with Banksia.
3. Work out your non negotiables
Once you know your budget you will then be able to work out which Banksia design solution best suits you and your needs. Make a list of everything you need to have in your new home and find a Banksia design that fits your criteria. Whether it be a walk in pantry, guest bedroom or a large laundry, we can work with you to give you everything you need in your new home. Visit one of our display homes to have an in-depth discussion with our new home sales consultant who can properly guide you to the design that best fits your needs, your lifestyle and most importantly, your budget.
4. Spend on upgrades that boost the value of your new home
Staying within your budget, spend on items that add value to your new home when selecting your upgrades. A few Banksia suggestions below:
Flooring: Flooring is a major aspect to any home and usually the first thing people notice. Keeping as consistent as possible with flooring can make a more appealing and modern home. There are a number of advantages to upgrading to timber flooring. Timber flooring is very durable which makes it a popular choice for many. It is also very easy to clean and they look stunning!
Kitchen: The kitchen is the heart of the home and one of the most used areas. Ensuring that kitchen has sufficient storage including overhead cabinetry is a convenient addition to any home.
Appliances: Upgrading to 900mm appliances is a great investment that first home buyers should consider in their new homes. They are not a huge cost but can boost the value of your home and make it more appealing to a larger audience.
Landscaping: When building with Banksia Homes we offer a turn-key pack, which includes landscaping so we make it easier for you to move in to a brand new home with nothing else to worry about. Clean and structured landscaping can add visual appeal to your home while increasing its value by up to 29%.
Our turn-key pack can be a very convenient solution for first home buyers as it delivers a “ready to move in” home without needing to worry about anything else.
View Banksia Homes’ turn-key pack to find out what else you get with your new home!
5. Don’t wait too long!
While it’s important to make sure that you are financially ready to own your first home, it is important that you don’t delay the process too much. Naturally, costs are continuing to increase so the longer the wait the more expensive it will become for first home buyers looking to enter the market.
Speak to our new home sales consultant to discuss your situation and what your next steps are to kickstart your building journey with Banksia Homes.