First Home Ownership Dreams Building
Current market conditions are bringing home ownership dreams closer for many first home buyers and First National Real Estate Pope Nitschke says building a new home may be their best option.
“The housing sector of the construction industry continues to lag, so first home buyers should look at taking advantage of the various state government initiatives designed to get it moving,” First National Real Estate Pope Nitschke principal, Darren Pope said.
“First home owners are in the prime position of being able to lead negotiations and builders keen to work should be willing to come to the party.
“Combine this with the government grants in each state to support new builds and first home buyers may find themselves in their own homes sooner than they ever thought possible.”
Recent statistics from the Australian Industry Group and Housing Industry Association show there has been a decline across all sectors of the construction industry, but a greater decline in houses and apartments.
“While this represents bad news for the construction industry, it puts first home owners in the driver’s seat to secure better prices, making a new home build much more realistic, especially given the escalating up-front headworks and development charges,” Mr Pope said.
“But, anyone looking at building a new home should make sure they research thoroughly and ensure contracts cover everything involved in the construction process. It’s particularly important to be warey of variations clauses.
“Too often we see the situation where a first home buyer has enthusiastically entered into a contract only to find the contract or their budget did not cover all items. Then they are left to find additional funding for the ‘surprises’ they discover along the way.”
First National Real Estate Pope Nitschke recommends first home buyers access the information guides available from government departments, respected bodies such as Archicentre, and independent building information centres.