There’s nothing like the feeling of building your dream home. After all the hard work of saving up and planning your future, this is your chance to make it a reality. Like every other big decision you’ll make in life, there are lots of things to consider when it comes to your home design.
So, how can you take the first step with confidence? We’ve got a few helpful ideas for you to GO for it!
Be honest about what you can afford
A dream home can quickly turn into a nightmare if your repayments get out of hand. When you’re considering your home design, start with a realistic budget. This means taking time to consider your earnings, what you spend your money on, and any possible ways to save a little extra each month.
Here is a great way to get started:
- Try to stick to the 28% rule, which dictates that your mortgage shouldn’t take up more than 28% of your gross monthly income.
- Get an idea of the price of council rates and water rates in the location you’re looking to build in.
- Create a spreadsheet of your current expenses and figure out where any savings can be made (such as cutting back on lunches out, takeaway coffees, clothing purchases, etc).
- Forecast your expected household bills (internet, insurance, emergency payments, mobile phone, general household maintenance, etc).
- Get pre-approval from a lender and do your research to find the best home loan available for you (including the type of home loan, repayment frequency and the interest rate you can lock in). Our partners at The Loan Co can support you in finding a home loan that works best for you, with strong connections to Australia’s leading banks and lenders.
- Look into available Government grants, which can help you save thousands of dollars when you build. Again, our internal finance brokers at The Loan Co can point you in the right direction.
Try to save as much as possible
Yes, saving up for a home deposit is easier said than done – but trust us when we say it makes a huge difference! Putting down a home deposit of 20% or more will allow you to skip paying lender’s mortgage insurance, saving you money in the long run.
There are other ways to avoid paying lender’s mortgage insurance, too. At GO Homes, we’ve made it easy for homebuyers to GO for it for as little as $2K. Thanks to Keystart, a WA Government initiative, and our partnership with The Loan Co, we can help your deposit work for you and help you onto the property ladder sooner than you thought.
For more information about how to save for a home deposit and the current Government grants available, check out the Money Smart website.
Creating a plan for your home design
When you’ve got an idea of budget, and you’re confident with your deposit amount, then it’s time to get planning! Here are a few thought-starters to help you decide what home design will work best for you.
- How many bedrooms do you need, and where would you like them to be located? At the front or rear of the home?
- Do you need space for a bigger backyard (for kids, pets or a large alfresco area)
- Do you like to cook big meals or entertain at home regularly? If so, a scullery or walk-in pantry could really work for you.
- How many living spaces do you require?
- What sustainability features are available? At GO Homes, you’ll receive a smarter wall finish and a 6 Star energy rated build as standard. These can help lower the cost of your household bills over time.
- Are you planning on leaving your home to travel, or not wanting to be saddled with the upkeep of a big garden? Then it pays to consider a low maintenance home design.
- How much storage space will you need?
- Do you consider your home a ‘forever home’ or a ‘short term investment’ home? Do you have the amenities you need close by? Will there be enough space for a growing family?
With so many home design options available, it’s helpful to have a list of ‘must-haves’ so you can narrow down the options. A good place to start is by taking time to view local display homes to get a flavour of current trends and designs. GO Homes has a huge range of display homes across Perth for you to discover.
Choosing the right design features
When you’ve decided on a home design that can work for you and your future plans, it’s time to consider the design features. These can range from the type of finishes you choose, right through to the accessories and colour scheme. Here are a few ideas to get you thinking:
- How much natural light is available, and what window coverings can complement the space best?
- What furniture will work best in each room?
- Do you have a colour scheme in mind? It’s often best to keep a neutral colour scheme for the walls, and add personality and colour through accessories.
- What flooring do you prefer – tiles, wood, carpet, or a mixture?
- How much lighting do you require, and what type? Do you prefer bold, statement lighting or simple ceiling lights?
- What finishing touches will add the most warmth to your home? Consider wall art, mirrors, rugs, cushions – the list goes on.
Creating a home that can truly suit your lifestyle doesn’t just happen overnight. For more inspiration about the different elements that can tie your new home together, BGC Home can give you plenty of food for thought. It’s our innovative and immersive new homes showroom, packed full of great ideas and advice.
How to get started
As the leaders in home design Perth, GO Homes is here to help you GO for it. Buying a new home is a huge step, but it’s an exciting one – and we want to help you make the most of every moment.
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