A handy quick reference of building bits and pieces that are handy to know during the new home building and buying process.
Watch Your Build
The key to managing your new home build is to keep a close eye on everything, all the time.
Communicate
This is probably the most important thing. Communicate with your builder, your bank, everyone, all the time.
Zoning
Zoning laws determine what land can be used for, and control the structures that can be built in each area.
Home Insurance
This protects the home itself, the bricks and mortar, the tiles and tin roof.
Contents Insurance
This covers your possessions, the things you have inside your new home from your laptop to your family jewels.
Lenders Mortgage Insurance
Protection for the lenders to allow customers to build when they have less than the required deposit amount.
Stamp Duty
A government tax (and extra fee) imposed on the transfer of property, including real estate and home loans.
Let’s take a look at the main types of insurance available to protect people as they invest in building a new home.
‘Stamp Duty’ is a term that strikes fear in the bank balance of every home builder and buyer. Yes, this is a big nasty additional cost that you must be aware of and allow for in your budgets.
Your new home is a big thing, a big investment, a big responsibility. And a big reward. Understanding the processes, and being organised, is important and will help make your new home build a better process.