The affordable option
The great Australian dream of owning a home now extends to those who want to build or renovate the home of their dreams. And it is affordable. Industry figures show that for renovating and extensions alone, the daily spend around the country exceeds $12 million. That means we are spending about $500,000 per hour, $8,300 per minute or $149 per second. Hard to believe isn’t it? While these figures are great for the national economy, homeowners should be looking for ways to minimize the cost of building or renovating their new home. You can do this by becoming an owner builder.
Regulations pertaining to owner builders vary in a state, so it is important that if you go down this path, you familiarise yourself with local regulations. Owner builders may supervise as much of the construction work as is possible, but you do have to carry out all statutory requirements for which a registered builder is responsible. The owner builder is responsible for organizing and controlling all works carried out on the site including occupational health and safety, taxation and arranging mandatory inspections.
While it seems that there is a great deal to consider, statistics show more and more property owners are looking to control their own projects. As an owner builder, you will have the opportunity to save money, build your financial nest egg and achieve a finish that suits your lifestyle.
Some of the advantages of owner building include:
The amount of money saved will depend on the level of expertise shown by the owner builder. The level of savings will depend on your negotiating skills for materials and contracted services and the functions of an owner builder can perform themselves. This means fewer margins to consider
Apart from financial savings, owner builders can increase the value of the project by extending the home for the same outlay on fittings and finishing.
As an owner builder, every dollar not spent paying a tradesman means more in your pocket. Wealth is created as the value of the property escalates compared to the actual construction costs.
Many homeowners have completed their projects successfully, surprising even the greatest skeptics. It is possible to build, save money, create wealth and live in your dream home.
As the decision-maker, you can make changes at will and without fear of having to pay a hefty premium as a penalty. This flexibility will allow the decision-making process to be enjoyable and productive.
For more information about becoming an owner builder and how the mortgage brokers at Intellichoice can help, including the use of the owner builder system or owner builder finance, call 1300 55 10 45 today.