Adding Up The Costs Of Building A New Home In Hunter Valley
June 1, 2021
All homeowners need the peace of mind that the roof won’t start leaking and destroying the timberwork, and that the foundations won’t become restless as they age.
One of the key benefits of building a new home with Hunter Homes, rather than buying an existing one, is the ability to invest in quality.
But what are the true costs of a new home build? Learn the costs of material and labour, and where hidden costs can come from, as well as what you can do to bring these costs down.
Affordable Building Materials
There’s nothing like having complete control over your new home, from the building materials to the unique home design.
If affordability is your key priority, explore options among value-for-money building materials such as reclaimed timber, bamboo, prefabricated panels, concrete sheets, stone cladding and more.
Investing in Quality Materials
Of course, choosing more expensive building materials can rack up the cost of your new home build, so it’s an important decision to consider.
Do you want Italian granite for the taste of luxury in your home, or are you investing in premium building materials that will reduce your future spending on heating, cooling and maintenance?
Cost of Construction Labour
The proportion that cost of labour contributes tends to be steady, at 20 to 40% of the final price tag. However, the actual cost will vary according to the complexity of the construction.
What Are the Hidden Costs?
Watch out for site costs to prepare your property for building. These costs depend on the soil and contour survey, and can vary across tens of thousands of dollars.
Also ask whether landscaping, driveways, flooring, and obligatory regulatory fees are included.
Asking the Gov to Chip In
One way to bring down the costs of a new home build is with the First Home Owners’ Grants, for those building their first home.
In New South Wales, you can claim $10,000 if you are an eligible first-home buyer, who intends to build a property with a combined house and land value of up to $750,000.
If you buy an existing house as your first home, you can also claim this grant if the house is newly constructed, but only up to a house value of $600,000.
Avoiding Stamp Duty on Houses
Another way the government helps out with building new homes is by waiving stamp duty. While stamp duty still applies to the land, for houses, stamp duty only applies at the transfer of a home.
So if you build your own or buy a newly constructed house, there is no stamp duty to pay.
Considering this can amount to tens of thousands of dollars, it can make a big difference to the final price tag of a new home build.
Affordable Modern Living
In terms of up-front costs, it is often cheaper to build your own home than to buy an existing one.
Talk with the Hunter Homes team about an affordable property of your own. Within no time, we’ll have you sorted out with a luxurious lifestyle at a price tag within your budget.
With love from HH.