For many of us, building a custom dream home in Perth is near the top of the list for life goals. However, when an economic downturn hits the path to achieving your dreams gets a little muddied. While a recession often means houses prices will fall, the same doesn’t hold true for the cost of building materials, which will likely remain the same. So, you might be thinking that building your dream home in an economic downturn is not viable or doesn’t make sense.
We at Bellagio Homes have been building custom homes in Perth through many rises and falls in the economy, and we are here to tell you how you can still build your dream home if you take these tips into account.
Apply for Grants
With the economic downturn, there are many incentives that the government has released. If you are building a custom home in Perth, you may be eligible for up to $55,000 in grants. This is a significant amount of money and is a major plus for anyone building during the downturn. You can read more about these grants in our blog here.
Shop Around for Low-Interest Rates
The Reserve Bank of Australia has been slashing interest rates for a while now, and competition amongst mortgage lenders is increasing. Securing your home loan during an economic downturn may save you thousands of dollars down the line in interest payments.
Choose a Builder that Will Focus on You
Realistically, in an economic downturn, many builders will struggle for work. While this is, of course, bad for the industry, the builders, and the economy, it does provide some benefits to consumers. The less work builders have, the more attention they will give to your job. Meaning you are likely to have a very well-made home to a high level of detail.
Don’t be Scared to Shop Around
With less work, the competition for your business will likely only increase, which often results in lower prices for the consumer. So, you might end up saving thousands of dollars on many aspects of your home. Things like bathroom and kitchen appliances might suddenly dive in price while some trades might have to compete against each other more aggressively.
Pick A Trusted, Established Builder
One of the biggest nightmares a homebuilder can have is to wake up one morning and receive a call from their builder and them telling them they’ve gone bankrupt. It can happen during an economic downturn but is albeit unlikely. However, if you were unlucky enough to pick a builder that was holding on by a thread, the setbacks can be devastating. Always pick an established, trustworthy builder and have solid agreements in place before any work begins.
At Bellagio Homes, we’ve over 15 years of custom home building in Perth and have worked through the booms and busts of the economy. Give us a call today and we’d be happy to talk you through how you can build your dream home during an economic downturn.