Constructing your own home in the Gold Coast could be a great way to create the ultimate living space for you and your family. Building your dream real estate in Surfers Paradise is a very real possibility over the coming months, with the latest release from the Housing Industry Association (HIA) highlighting the strengthening residential construction figures anticipated for early 2015.
HIA economist Diwa Hopkins said the market has seen some ups and downs over the last year, but early next year is expected to be a significantly strong period for the nation's residential development sector.
"While total lending to owner occupiers, excluding refinancing, eased by 1.4 per cent during the month of October, loans to those constructing a new home expanded by 1.5 per cent to a level that is 14.6 per cent higher than 12 months previously," said Ms Hopkins in a 10 December statement.
Ms Hopkins went on to say that investor lending for the construction had also remained strong over the month. In fat, it rose by 0.5 per cent to reach a new level of 24.3 per cent over the last year.
With this in mind, there are a number of different factors to consider before committing to your home financing and starting your residential construction project in Surfers Paradise. Here are some factors to think about before pursuing your building start.
Naturally, one of the biggest obstacles to building your own Surfers Paradise property is the financial side of things. After all, these are huge expenses for you to shoulder and – chances are – you'll need to take out a construction loan.
In order to do this, you'll need to organise your housing plans, contractor and all the various approvals needed before approaching a finance provider. The lender can then provide you with a step-by-step breakdown of the various costs involved with the project. Unlike a regular home loan, construction financing is done in phases – once one stage of the plan has been completed, a professional will come and inspect it before signing off on the next segment of your loan.
The nature of construction means that the potential for extra expenses to arise is always a possibility. Rather than being blindsided by these costs, it's a good idea to squirrel away a little extra money when saving up your initial deposit.
This way, in the event that things take a turn for the worse or an unforeseeable complication occur, you won't find yourself struggling as much to make ends meet and get things back on track.
As clean and green living continues to sweep the nation, getting in at the base level of your home and adopting some sustainable infrastructure into your home is a bonus. There are a wide range of building practises and materials that are beneficial for the environment, so searching for a building expert who has these as part of their repertoire could be a great option to consider.
Creating a sustainable design with energy-saving factors is another way to create a cleaner, carbon-neutral home. Consider things like solar power, recyclable water systems, energy-saving power outlets and light fittings, and other implementations that could make your home better for the environment. These are things to chat with a developer about, in order to make them become a reality.
Get in touch with a local real estate agent in Surfers Paradise to begin discussing the property option available to you in the Gold Coast region and start working towards creating your own dream home in the community today!