Securing the ultimate start on the property ladder
The increase of the First Home Owner Grants (FHOG) has already generated a positive buzz as buyers flock to build their first home.
A change made by the State Government, the increase pertains to contracts secured from January 1 to December 31, 2017 for the purchase or construction of a new home. Subject to eligibility, first homeowners can apply for a grant of up to $10,000. Following this, they may be eligible for an additional boost payment of $5000. Prior to the increase, the grant stopped at $10,000.
Summit Homes Group General Manager Metro Tony Harvie said he had already experienced more buoyancy this year via Summit's new Easystart Homes and New Generation Homes brands, both of which specifically catered to first homebuyers.
"This very welcome news means first homebuyers don't pay stamp duty on land up to $300,000, or on brand new homes up to $430,000," he said.
Despite the excitement that the updated grant is bringing to the market, Mr Harvie said it was crucial homebuyers undertook research prior to signing up for a deal.
"If an offer sounds too good to be true, it usually is," he said.
"Shop around and only partner with a builder that offers a transparent process. Also take into account what happens when you sign the contract, such as the level of ongoing communication, for example."
The jobs market in the construction industry is also looking more promising at the news, as it inevitably means more homes will be built.
"Homebuyers need to look for builders that have a strong, established and loyal trade base." Mr Harvie said.
"You are buying quality in your home and to achieve that you need quality trades."
"In my experience, the quality comes when the trades have been with builders for a long time, as they understand the stringent standards that need to be adhered to."
"The best advice homebuyers should listen to now is to simply pick up the phone. Talk to a builder that has a reputable track record and an in-house finance team and get them to do the work for you. Many are surprised how easy it is to get started."
With a variety of first homebuyer options available the grant only gets better.
Also offering competitive house and land packages all over the Perth metropolitan and South West areas, Easystart is offering its Moscow design to be built in Two Rocks for $266,200.
Easystart is also offering homebuyers an added bonus by doubling the grant to $30,000 if they sign with the brand after January 26.
For more information visit www finance.wa.gov.au.
Originally published in The West Australian New Homes Liftout on January 28, 2017.