5 tips for building a home right now

5 tips for building a home right now

It’s no secret that construction costs are high and on the rise in Australia. However despite the current inflationary environment, there are still many options in the market that make it possible to build or buy your dream home within your budget.

At Woodlea, there are many options to choose from and we have an entire team dedicated to helping you navigate this journey. Read on to find out about the different ways you can save while building or buying a home in the current market.

1. Turnkey Home

Purchasing a turn-key home can help eliminate the stress you may be feeling with rising construction costs. By purchasing a turn-key home, you know there will be no hidden cost at the end of the build, buying yourself the ability to turn the key on your fully ready abode.

2. Price Fixed Contracts

If a turn-key home isn’t for you, alleviate your stress by ensuring your building contract is at a fixed price. This will mean that if construction costs continue to rise, you won’t be subject to excessive costs that will blow your budget

3. Purchasing off the plan

Purchasing off-the-plan means you are entering into a contract of investing in a property that has yet to be built. While this may sound like a risky strategy, there are great price savings, like saving on stamp duty, that make this a worthwhile investment decision.

4. Fixed interest rates

By negotiating a fixed interest rate on your home loan, you can avoid interest rate increases for a set amount of time. This means you can move into your new home without worrying about repayments increasing. The downside is if interest rates were to fall, you wouldn’t be able to benefit from the reduced rate.

5. Time in the Market

If you are focused on growing your investment quickly, the saying ‘time in the market… not timing the market,” is for you. When building a home in an inflationary environment, longevity is the key to success. It is important that you can trust your investment decision and stay confident as the market fluctuates.