Just like purchasing an existing home, there are additional costs on top of the build contract that you need to think about and budget for.
- Registered Valuation - $900 - $1300
- Solicitor - $500 - $2000
- Insurance - $1200 - $2000 per annum to cover home/contents. Depending on the type of build and the builder you are using you may be required to have an insurance policy in place while the house is being built. Check with your solicitor and building company.
What if I want to change something during the build?
If you get part way through your build and decide you want to upgrade something, or spend a bit more on something, you need to remember that this will impact the final build price.
It’s always best to check with your mortgage advisor if you want to spend more than the initial approval. Sometimes you will need to fund these upgrades yourself, otherwise we may need to update your application with the bank to source more funds.