Is now the right time to build a new home?
The answer to that question is yes! Read on to find out why now is the right time to be building a new home!
After a consistently weak labour market, it appears that the Reserve Bank of Australia has now decided to cut the interest rates to a very low 0.75 percent within the last quarter of the year 2019. The decision was aimed at helping to lower unemployment rates and to increase our spending power.
Economists tend to agree here that the cutting of interest rates will end up having a positive impact on the economy and give it a steer in the right way. Deciding what time is the right time to build a home can be very overwhelming. You must study what is happening within the property market and use those statistics to your benefit to come to the right decision for you.
Borrowing money is easier
If you think that you are emotionally ready to build your home, but you are lacking the funds to get started, now is your chance to borrow. Borrowers spread across Australia can expect to feel plenty of relief as the interest rates are cut back. It is now easier to grasp a good deal with the company that is going to lend. You can start using that money to come up with a new abode while keeping in mind that your dream home is the largest investment you can make in your life.
Government grants available
House builders in Melbourne and across Australia are now in sync with the new Government Initiatives which help people buy their dream homes. In addition to having the opportunity to lend you the starting money, there is also the first home owners grant, which gives the first home buyers a $15,000 one-off payment. This is a huge bonus that will come your way when it is your first time owning a home. This money can be used to start your building journey, like settling some with a contractor or putting it towards your deposit.
Shorter building times
Homebuilders have the expertise in pre-construction, design, and construction to make sure that they start and finish the development of your home as fast as possible. The slowdown in the housing market means that the building times have shrunk dramatically, so you can expect your home to be built sooner than estimated.
Home design plans are now made as per the current market as well as the economy and their pricing are also accordingly to avoid over or underpricing. You may still come across mixed theories as to whether you should build now or not. If you do your research and an in-depth study of the figures and facts, you can easily figure out the best plan of action for you. If you are still not sure, you can seek professional advice from professionals who will look over the market and consider wants and needs, your work, savings and will come up with the best solution for your circumstances. When you are ready to find your design and watch your dream be erected before your eyes, look for a reliable home developer who will take your needs and preferences into thought.
Organizations like AFCA are providing financial support for mortgage payments or loan repayments in these trying times where many homeowners who have taken a loan have lost their jobs. So, even though we are in a pandemic, that doesn’t mean you have to put your dream home on hold. Certain things may need to be changed or mixed around, such as time frames and payment deadlines, but in all honesty, you will feel it when the time is right.