important that they ask themselves if whether the size of the stand is worth it or not, and maybe consider other cheaper options. Some of the things to be considered in the process include connection to the main water supply, electricity and waste networks in the area because it is very costly to secure these connections yourself. If the stand also already has a fibre or cable connection to the Internet, then you are good to go.
Everyone longs for a convenient place of residence, people want to live-work and play without travelling much in between locations. Think about the location of the stand in relation to work, schools, shops, public transport hubs and sports or entertainment venues. Land on the outskirts of towns may be much cheaper but living there will almost certainly mean high transport costs. This is one of the reasons for the growing popularity of‘ brownfields’ projects, in which old innercity industrial sites are being redeveloped into new residential areas.
Think About the Style
of Home you Want to Build This can have surprising cost implications and you would do well by seeking professional advice from an architect, developer or qualified builder before you make a final decision.
You might like the idea of an open-plan layout, but because there are fewer walls to hold up the roof, the beams required to do so will be more expensive. You may also need more costly wiring and plumbing solutions and open plan homes are generally also more expensive to heat in winter.
By contrast, you might think it would be more expensive to build a doublestorey home than a single-storey with the same floor area, but it actually could be cheaper. A double-storey home can be more suited to a smaller stand, because it requires much less roofing and a smaller foundation.
Always get More Than one Quote – and Then Negotiate Like with buying clothes, when you’ re about to build your home you need to shop around for everything, including your lender, architect or designer and material suppliers and builder. Even if you need a building loan, sometimes a small difference in the interest rate can make a big difference to the eventual cost of you home, and it’ s best to get a reputable bond originator to help you secure the most favourable loan.
Additionally, you need to think about the cost of getting building plans drawn and approved – which can be cheaper if you buy land in a‘ plot-and-plan’ development where the developer has already done a lot of this work and can offer you a selection of approved home plans. Furthermore, it is usually easier to access finance like home loans and subsidies for construction in this type of development, while some developers will even cover your loan registration costs and certain legal fees.
Always go for Quality
When you Choose a Builder It is extremely important to spend time in selecting a reputable, registered builder with a real track record of quality work that was completed on time and to the satisfaction of their previous clients
SA Real Estate Investor Magazine FEBRUARY 2021 29