Bathurst Blog

It seems that everywhere you look on the horizon of Bathurst, there is a new home being built, or a new street being settled in. Buying a house incomplete or off the plan is just one of the ways you can come to own your dream home. With so much happening now in the Bathurst new building world, showing no signs of slowing, we thought it was a great time to hash out a few questions we have been asked about buying, building, and staking out that dream spec home.

What control do I have?

Buying a home off a plan or under construction, will inevitably stir up questions in a buyer regarding completion times and quality of final product. So, what control do you really have in this situation? Each build is different, and your amount of negotiation will depend on when you come into the construction process. In some instances, a builder may have already ordered brick, and be continuing to build with that material, in other cases you may be given an ‘allowance’ amount in which you have control over the choices you make, for example details such as fittings, paint, appliances and flooring. For the most part, there are always opportunities to discuss details with the builder, and you should rely on your agent to navigate you through this process. Agents are used to seeing these products finished, and can give you the advice you’ll need to maximise your investment.

What are the benefits?

There are benefits to procuring a home in off the plan or under construction. For starters there is the first home owners grant, tax depreciation, stamp duty benefit as well as the warranty that comes with a brand new home. Roughly 90% of properties selling under these conditions will have at least 7 years warranty on the structure of building, as well as a builders 90 day teething period which is a great safety net for a new buyer to test out and live in a new space. For some buyers the real draw card here is having a say in the design of your brand new home. If you fancy yourself as a bit of a DIY Bob the Builder but can’t build, you’ve secured yourself an active stake in the process. Keep in mind as an owner builder; especially with the current budding suburbs of the Bathurst market, you are competing so do something special.

Will I receive a better return for a new or old home?

The old elusive promise of a better return hey? To be straight here – there is an active market with strong demand in Bathurst for both new builds and established houses. Established homes and heritage areas of Bathurst still prove to be big draw cards. But keep in mind; Bathurst is a big building town with new houses popping up every day. The buyers are out there, on both sides. Some will wait and see a home complete before making their offer; some will seize the frame and brick pile and dive right in.

How can I best utilise my agent?

The biggest advantage you have in the real estate arena is your agent. They are your personal think tank. In all aspects of buying or selling, for any form of advice – use them. No matter what stage your enquiry is at, an agent is the best way to chase down a builder, make enquiries on a block of land, discuss market trends, advise on design, investigate new areas, and negotiate. For example; say you had your heart set on living in a particular area of town but you missed out on securing a block, or maybe you have just driven the rounds and have seen the beginnings of the home of your dreams. Your agent is the first person you should speak to. The misconception that agent can only handle a house, is a common one, but is definitely incorrect. Blocks of vacant land do frequent the market, and your agent will know where to start. Let them chase the details, let them do the footwork. Your agent can then introduce the negotiation processes, with a list of standard inclusions, which the builder will abide by in the contract. They will then guide you on to a solicitor who will help with the nitty gritty of the contract. First timers builders can also rely on an agents advice, should you install the Smeg appliances in the kitchen or put on a 4^th bedroom?

Work with an agent, because they live and breathe real-estate. Use their advice to capitalize on your investment, they know the market and they know the areas. Who better to advise you on the design of your investment or the spending of your building allowances than an expert in the field of real estate?

Bathurst continues to boom with these new built areas. So, ultimately it all comes down to your preference. You may have your heart set on a style of home, an area, a view, aspect or an era or heritage. Whatever it is that you’re looking for, speak to your local agent at Raine & Horne Bathurst, they’re local, informed and ready to help you get that dream home.