Tips for First Time Home Builders
When you know what to expect, buying land and building your dream home can be one of the most exciting times of your life.
The process is actually pretty straightforward, and when you understand a few of the key steps the whole thing becomes much less daunting. Knowledge is empowering!
Step 1 – know your financial position
Before getting too caught up in the dream of homeownership, you need to know how much money you have to spend on both your land AND your house. You can go directly to a bank or lender to discuss your position, but a mortgage adviser might be a better option.
Mortgage advisors know many of the available lenders – not just one – and can guide you through your options so you end up with the right home loan for your needs and circumstances. They can also explain any extra costs, such as bank and government charges, and any grants that may be available to you, such as the First Home Owner Grant.
We know many mortgage advisors, as well as lenders, and would be happy to put you in touch. When you know your budget, then you can start shopping!
Step 2 – choose your land and your home
This is the fun part! But it’s important to remember that your land and your home need to work together. There’s no point choosing your land only to discover that the house you want won’t fit on the block.
A good idea is to explore the available land at The Junction and get a feel for the different sized lots and their prices. Consider things that might be important to you, such as the orientation of the block and its position within the estate.
Then start looking at houses to get an understanding of what your budget will allow, and of the land requirements for the size and style of house you want. Other factors, such as whether you want a spacious backyard, will also impact your decision.
Try to visit display villages to get an accurate feel for room dimensions and floor plans, and find a home similar to the one you want. Then you can talk to the builder and discuss your budget and design preferences, and make sure that your preferred home will comply with The Junction Design Guidelines that protect the value of every home in our community.
We can point you towards display homes and put you in contact with many of our builder partners and Melbourne’s leading builders. We also offer a range of House & Land packages that make the whole process simple, because the homes and the land have been designed to work together and are packaged at a single price.
Step 3 – understand the process
Once you’ve chosen your house and land, there’s a lot of work that needs to be done before you can settle on your land and start building. First, we need to prepare your land Stage so that it’s habitable. This involves connecting essential services such as sewerage, water and power, building roads and footpaths, and constructing all the other aspects of a residential neighbourhood that are easily taken for granted. You can follow the progress of your Stage construction on the MyJunction portal.
When the civil construction is complete we will submit your land Stage to the Land Titles Office to register the plan of subdivision, which is when each lot is recognised with a title. This is an official document, and settlement of your land can only take place when your title has been released.
Settlement usually takes place within two weeks of your land being titled. To help you prepare, we’ll call you when we have reached each of our three main construction milestones:
- When civil construction is complete and we ask the council to register the plan of subdivision.
- When we have lodged the plan of subdivision at the Land Titles Office.
- When the plan of subdivision has been registered and titles have been issued.
After settlement, your builder can advise you about when construction of your home can begin and how long it might take to complete. Then you can look forward to the day when you move into your dream home and officially become part of the best community in Botanic Ridge!
Now you know how it’s time to secure your place at The Junction while you can! View lots now selling in our last ever stage releases. Or call our Estate Manager Chris on 0497 111 722 to chat through any other questions or queries you might have.