How end of Financial year may help you buy a new home
Most of us associate the end of the financial year with tax time, and the hope of a healthy return – but it’s also a great time to think about getting into the property market!
A lump sum payment from the tax office can not only bulk up your home deposit, it may also increase your borrowing capacity after the end of financial year and enable you to start looking for your dream home to build.
This time of year, when winter is upon us, is the perfect time to start the build process. Your paperwork and approvals can be completed in the colder months, with your build starting in summer, which means less chance of rainy weather slowing down your build.
What better way to while away the dreary winter than planning your new home!
Getting started is easy:
- Speak with your lender and find out how much you can borrow with your deposit.
- Do you have land? If so, is it titled or about to be titled? This will make the process a lot quicker when you find your dream design.
- Now you know how much you are aiming to save you can prepare your home building budget.
Make a list of what you need in the house, what you want and what you won’t compromise on. Decide how many rooms you need, and don’t forget the home office. Do you want entertainment inside, outside, or even both?
Our experts are here to help you navigate through this process, and we also have a great online tool called HomeX where you can experience your home before it’s even built.
If you’re excited to get building, a potential tax return could be your first step into your new home. What an incentive to start organising your receipts!
For more design inspiration and budget tips check out some of our other blogs: