Find Out Why the Best Time to Build a Home is NOW
Following the persistent weakness in the labour market, the Reserve Bank of Australia has decided to cut rates to a record low of 0.75 per cent in the last quarter of 2019 (now at 0.25, 27 July 2020), a decision aimed to help bring unemployment rates down and increase spending power.
Additionally, economists agree that this particular cutting of interest rates will have a positive impact on the economy and help steer it in the right direction.
Deciding whether this is a good time for you to custom-build your home can be an overwhelming resolution. However, studying what’s really going on with the property market and using statistics to your advantage can help you come up with the right decision.
Take a closer look at the benefits of having your dream home built today.
Borrowing money is easier right now
If you think you’re emotionally ready to start building your dream home but your lack of financial means is what’s holding you back, now’s your chance to move forward.
Borrowers across Australia can expect to feel some relief as a result of the current interest rate cut. This means that it is now much easier for you to come up with a good deal with your lender.
Never hesitate to use that money and start realising your new abode and keep in mind that your home is the single largest investment you can make through your lifetime.
Availability of government grants
In addition to having the opportunity to lend your starting money, the First Home Owner Grant entitles first homeowners who wish to build, to a $15,000 one-off payment.
The Federal Government also announced the commencement of the HomeBuilder grant that will be available until the end of the year 2020.
This is a massive bonus if this is your first time owning a home. These additional incentives can help you get started on your building journey, such as settling a portion of your fees with your contractor.
Shorter building timeline
Efficient home builders have sufficient expertise in design, pre-construction and construction to ensure they commence and complete the development of your home as quickly as possible. What’s more, a slowdown in the housing market means build times have dramatically shrunk, allowing you to expect for your home to be erected in no time.
Whilst you might still encounter several mixed theories about whether or not now is the right time to build your home, doing an in-depth study of the facts and figures will allow you to determine what is best for you.
When you’re finally ready to watch your dream home come alive in front of your eyes, you’ll need a reliable home developer that will follow through your personal preferences and needs.
This is where Preferred Homes can help. Not only do we offer unique, functional custom home designs but we’re also committed to providing you with a kind of customer journey that you can treasure for a long time.