Navigating the challenges of constructing a new home, with Kerri-Ann Hooper – Ep. 71
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For the latest episode of this bonus series of the property investing journey, Mike is joined by Kerri-Anne Hooper, Director of Carnelian Projects and New Home Specialist, to talk through the tips and tricks of constructing a new residential property in the current market.
With building activity subdued and lending for construction on the decline, there is an argument against building a new home versus buying an existing property. Kerri-Ann is passionate about the benefits of building and helping her clients navigate the challenges that construction entails. She shares her experience and advice with Mike in this highly practical conversation.
Kerri-Ann explains the impact that recent price increases have had on the industry, and how the labour shortage that is being felt across the economy is creating issues for home construction. Breaking down the big display builders house-and-land packages, Kerri-Ann and Mike discuss the tricks to look out for, and how the advertised incentives such as cash backs and inclusions may not be as good as they appear.
Kerri-Ann details the hidden costs that may derail your budget and provides clear examples of construction challenges that may be encountered that will delay the project. Mike delves into the practicalities of the entire process, including the typical inclusions for a turnkey package and the various stages of the construction process from start to finish.
Contrary to the popular view at the moment that building is becoming too risky, this episode shines a light on the process of new home building and Kerri-Ann’s perspective that construction is a good way to go, as long as you know what you’re dealing with.
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Mike is joined by Kerri-Anne Hooper, Director of Carnelian Projects and New Home Specialist, to talk through the tips and tricks of constructing a new residential property in the current market. With building activity subdued and lending for construction on the decline, there is an argument against building a new home versus buying an existing property.
What we cover in this episode
The challenges facing the construction industry
The impact of recent price increases and labour shortages
The typical exclusions from a contract
Unexpected building challenges that might derail your budget
The stages of the construction process
Tips for avoiding the pitfalls of building
“All these are things that need to be thought of when you’re getting that price from the builder” Kerri-Ann 6:38
“A turnkey refers to everything’s included inside the house and everything’s included outside” Kerri-Ann 7:14
“If you’re on say a battleaxe block so normally you have, for a standard size block, you have 10 metres to get the water from the street to your house and that’s what’s included in price” Kerri-Ann 9:03
“It’s definitely levelling off but I think a lot of the big builders have seen how some of the ones went under and they were generally fixed price builders” Kerr-Ann 10:38
“So just holding their hand all the way through ’cause some people, even though they want to invest, they’re a bit scared of investing in property and building loans” Kerri-Ann 16:57
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The Geared for Growth property investing podcast was created by Mike out of a desire to provide value to his property investor clients. The idea is to source Australia's leading property investment experts and find how they and their clients are achieving exceptional results. The podcast is open to anybody interested in learning how to invest and the strategies you can apply to achieve exceptional results. You'll hear from buyers agents, mortgage brokers, strata managers, accountants and other professionals all sharing their insider knowledge.