Building a new home is an exciting and fulfilling endeavour that requires careful planning and consideration. It is also one of the biggest investments you will ever make and with the current economic conditions, the decision should you start now or later down the track is a very important one.
Interest rates have been on the rise and the cost of living has certainly increased, it makes you ask the question, is now really a good time to start building your forever home?
You might be nervous about the ever changing economic landscape. You might even be thinking if you wait a few months, the cost to build might fall.
Over the past few years the construction industry has experienced significant increases in costs. Factors such as inflation, increased demand and higher manufacturing costs impacting material prices have all contributed to these rising costs.
New Construction code means higher costs
For consumers outside of the construction industry, you may not be aware that in October 2023, the National construction code is 
changing. This change is going to add significant costs to every new home build. This will be in upwards of $15,000 to comply with the new legislation that requires new homes to adopt increased energy efficient principles such as double glazing and increased insulation requirements.
With growing awareness of climate change and sustainable living, these stricter energy efficient requirements are a positive step forward. However, it is important to consider the added costs that these improvements will add to all building projects.
If I wait a few months, the cost to build might go down
With the changes in the Construction Code coupled with the rising costs of building materials due to inflation, the cost to build is certainly not going to decrease.
Additionally, starting the building process now will allow the builder to start locking in prices with their suppliers and trades before skilled labour becomes scarcer and prices increase again.
Avoid compromising on your wish list items
So, if you consider what we have just discussed, delaying your build will ultimately cost you more and may mean compromising on your wish list items to keep within you budget. To avoid further compromises, the best time to embark on your building journey is right now.
Designing and building a new home takes time. To ensure you get your design right, you do not want to rush it, this can take up to 6 months. And then there is Council approvals and other pre-construction processes that must be followed to ensure a smooth build. Building may not commence for another few months.
It’s just like the Chinese Proverb, the best time to plant a tree was 20 years ago, the second best time is now. This rings true when building your new home.
So if you would love to be living in your new home sooner rather than later, you need to start the process with a professional builder now.
This informative article offers valuable advice on selecting the perfect builder for a new home, covering essential aspects like land selection, exploring display villages, setting a realistic budget, conducting thorough research on potential builders, and asking crucial questions during the selection process. As an SDA Assessor in Australia, I find this guidance valuable for individuals seeking to build their dream homes, and for those interested in more home-related tips, they can explore this website accessibilitysolutions.com.au for further insights and assistance. Let’s celebrate the journey of finding the right builder to create a home that meets unique needs and preferences.