Build an economical family home in NSW
Consider this an antidote to the seemingly endless talk of rising inflation, concern about the state of the economy, the cost of living and a housing market that seems inaccessible for the first time builder or buyer.
Despite the doom and gloom, there are still reasons to feel optimistic about building a family home economically. This month we’re here to share some great family home designs to suit your budget, some more affordable NSW locations worth considering and a few handy tips to get the most out of your home loan. First time builders can also be heartened by the NSW government’s grants and concessions, read on to learn more….
Get a leg up to the property ladder
First time builders and buyers with their sights set on their very own family home are getting a great hand up with the First Home Buyers Assistance scheme (FHBAS).
When buying property or land in NSW you’re required to pay transfer duty – once known as stamp duty. As a first home buyer in NSW, you may be eligible for a duty exemption, concession and/or a grant.
If you buy a new home valued at less than $650,000, you can apply for a full exemption, and pay no transfer duty. A concessional rate is also available on new homes valued between $650,000 and $800,000.
Should you choose to buy a vacant block to build your own home you won’t pay transfer duty on that land if it is valued at less than $350,000. For land valued between $350,000 and $450,000, you’ll receive a concessional rate.
These discounts are determined by a number of factors so it’s worth taking a look at the NSWgovernment website which also has a First Home Buyers Assistance calculator.
If you’ve never previously received the First Home Owner Grant of $10,000 you can apply for it when purchasing a new home up to the value of $600,000. This includes homes bought ‘off the plan’.
The first time builder wanting to purchase land and build a brand new home can also apply for the First Home Owner Grant as long as the combined cost of land and building doesn’t exceed $750,000.
To determine eligibility, and to find out further details we recommend you head to https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/new-homes and see what best applies to your situation.
If you’re also wrestling with the build vs buy home question then determining which of these discounts and grants apply to you might also help answer.
Finding the best deals on home loans
In the face of rising inflation, and the inevitable increase on variable rates, it’s a good idea to shop around for a home loan that not only suits your budget but also your ethical standpoint.
For the first time builder or buyer fixed rate home loans can provide certainty and are useful for organizing your budget. It’s also worth investigating a split loan which still provides protection from sudden rate hikes but allows you to take advantage of variable rates as well.
If reducing your carbon footprint is a priority then it’s worth considering a green home loan, exclusive to homes that qualify certain environmentally friendly criteria stipulated by the lender. Ensuring your home has a Nationwide House Energy Rating Scheme (NatHER) 7 star rating can assist in getting the best ‘green deal’. This will however require you to spend more on insulation and efficient glazing.
Urban Homes: economy of size with all the essentials.
For house designs that meet every requirement for the perfect family home look no further than the Urban Homes series. These versatile designs are ideal for the smaller block of land and make an affordable choice for the first time builder in search of the three or four bedroom family home. With Urban Homes being more compact the build times are reduced which can also provide additional cost reductions.
An energy efficient design ensures greater comfortable and can reduce energy bills which is a priority with rising cost of living and inflation a current concern. The Urban Homes series is designed so that the alfresco and main living areas can benefit from a northern aspect for solar gain in winter to also help reduce heating costs.
Choosing an affordable NSW location
One of the big issues for the first time builder or buyer is finding affordable land. So what do we suggest? If you want value for money plus huge options on block sizes, Maitland is a great place to explore.
Maitland is the gem of the Hunter Valley offering something for everyone. There’s ample community and sports facilities, a superb Art Gallery and thriving creative sector, good public transport links and easy access to the vineyards or Newcastle and the coast.
There are blocks of land, in a multitude of sizes, now on sale in and around Maitland and further into the Hunter Valley. They provide exciting options for the first time builder eager to create an affordable family home.
Make it happen
For the first time builder or buyer, with a deposit ready to go, the dream to build your own home might just be possible by making some wise choices and getting the right support. Do the research, explore your options and let Valley Homes help make your home building dreams a reality.
