This is a question our customers often ask, and there isn’t one quick easy answer. Our customers also ask us ‘How much does it cost to build a house?’ and that’s also a tricky question. If you’re contemplating entering the rewarding challenge of home building, you must assess your own situation and needs as a first step.
But we can tell you that the cost of building, while it has stabilised in many respects, is not going to go down, so delaying your home building will not save you in the long run.
Why it is a good time to build right now
Any home builders in Sydney will tell you that now is the right time to build. Right now home loan interest rates and the rate of inflation have steadied, and while it is possible that they will go up again, the long-term predictions by industry experts suggest that they will be easing in 2024.
As well as the economic situation, the supply of building materials has improved, and labour shortages have eased as well, making the home building market less volatile, and therefore a good time to build a new home.
Will building costs go down in 2023 in Australia?
In our experience at Kurmond Homes, building costs do not go down, they have steadied but they are unlikely to fall.
This means that if you wait to build your dream home you will not save money, you’ll just prolong the amount of time you are living in a rental property or unsuitable home.
What effect will home loan interest rates have on my new home?
Three of the big four Australian banks predict that the home loan interest rate will steady and the Reserve Bank will not increase the rate again this year. They also predict that during 2024 or 2025 the rates will decrease. Of course, these are only predictions but many other industry experts and commentators agree.
Many clients have asked us ‘Should I wait for interest rates to go down?’ to build my new home but given most home loans are taken over decades, it will make very little difference over the 30 or more years of your home loan.
Will there still be an increase in cost of building materials?
There is still likely to be building material cost increases, but supply has improved so we’re hopeful the rate of increase of building materials will steady too.
Will new Basix requirements NSW increase costs?
In October, the seven-star rating with the new Basix requirements NSW 2023 will come into effect and this will also impact the cost of building a new home.
The new Basix requirements come into effect on 1 October 2023, but those who have signed their building contract before that date will be exempt from new sustainable building (BASIX) standards until 30 June 2024.
Don’t forget that real estate is a long-term investment
The cost of building in Sydney and NSW might be increasing, but the value of land is also increasing so your overall value will continue to rise.
That means that a knock down rebuild of your existing home in an established suburb is likely to increase in value. So now is a good time to find your ideal custom home builders in Sydney and get started on your dream home build.
Why build with Kurmond
Now that we’ve answered the question, ‘Should I build a house now or wait until 2024?’, we need to tell you why you should build with Kurmond Homes rather than another builder.
You should consider us because Kurmond Homes is financially stable, our owner Peter Kulakovski is involved in every new build we undertake, we have a great range of homes, we are flexible with our designs, and we have many years of experience building houses in Sydney.
Financial stability
Many builders have gone out of business in the last few years and left clients empty-handed. Kurmond Homes is financially stable and will build your home as per the contract you sign.
However, don’t take our word for it, before you hire any builder you should undertake a builders licence check with the NSW government.
Owner involved in all builds
Kurmond Homes owner and Managing Director Peter Kulakovski is involved in every new home build and regularly goes out on sites and visits homes under construction. He also meets with many of our clients to ensure they are happy with the building process. Some of our larger competitors are too big and build too many homes to achieve the same personalised service.
From standard designs to full custom home builders Sydney
There are hundreds of home builders in NSW who offer everything from fixed-price project homes to full custom design, and many who claim they can build just about anything.
At Kurmond we have dozens of designs that we’ve perfected over many years. Some clients walk into our display homes and choose to go with the standard design and everything they see.
Others are looking for a custom home builder in Sydney, and we take our standard designs and change them to suit the needs of the individual. Sometimes these changes are minor things and can be included in our standard pricing, but we can also make bigger changes where they are requested.
There are hundreds of home builders in NSW who offer everything from fixed-price project homes to full custom design, and many who claim they can build just about anything.
At Kurmond we have dozens of designs that we’ve perfected over many years. Some clients walk into our display homes and choose to go with the standard design and everything they see.
Others are looking for a custom home builder in Sydney, and we take our standard designs and change them to suit the needs of the individual. Sometimes these changes are minor things and can be included in our standard pricing, but we can also make bigger changes where they are requested.
Many years of experience
Kurmond Homes has been in business for over 14 years, and our founders and management team have many years of experience as new home builders.We’ve also won many industry awards, most recently the 2022 MBA National Excellence in Building and Construction Award for our Glenleigh 41 display home at Homeworld Box Hill.
Contact us today to learn more about building with Kurmond
At Kurmond we can provide advice about whether you should build a house now. We are experienced home builders with many completed homes including knock down rebuilds, duplex homes, dual-living homes and more.
To discover more about building with Kurmond Homes, please contact us today or visit one of our display homes.
