Costs associated with working with proven home builder Sydney can vary widely from one project to another because there is no single, standard route to achieving an ideal home. Costs can vary widely depending on factors such as the buyer's specific preferences in layout and features, the nature of the site, the materials used, and the skill of the builder. This means that the price of a brand new home might differ significantly even within the same area and often even on the same street.
According to the ABS Buildings Approvals statistics for 2020, the average Australian home has a footprint of 248 sq. meters, which would place the cost of a typical build at around $345,000. An average house isn't what everyone is looking for, though.
The location also has a significant impact on the final price. Sydney has the highest property prices in Australia; therefore, it stands to reason that the overall cost of building a new property in the state capital of New South Wales can be more than in other parts of the country. We at 5 Start Builders recommend asking yourself and the residential builder Sydney a few essential questions that can help you better understand your construction budget.
Buy Or Build – Which Option Is Better?
It's a typical problem in the property market. Creating your ideal home with the help of home builders Sydney, requires working with dedicated and skilled professionals. When purchasing an existing house, though, you could find that the layout or square footage isn't quite perfect for your family, leading to a roller coaster of changes following settlement.
Most of the time, constructing a home is more cost-effective than purchasing an existing one. Any buyer of a brand-new, single-family residence in Australia (with a value of less than $650,000) can qualify for a total exemption from transfer duty under the First Home Buyers Assistance scheme (formerly called stamp duty). If the price of your new home is between $650,000 to $800,000, you are eligible for a reduction in the amount of duty you must pay.
First-time homebuyers can also apply for and receive a $10,000 grant to go toward the acquisition or construction of their first home. Any buyer of undeveloped land who has already negotiated with a contractor should know that the total cost of the lot and the construction couldn’t exceed $750,000 by builders in Sydney.
Average Home Building Costs
Estimating building costs per square meter is a common practice. According to the Australian Bureau of Statistics, the average cost per square meter to construct a house in 2020 was $1,393. However, the per-square-meter cost does not account for items like custom-designed features, site-specific construction, required approvals, and development applications.
To get an accurate estimate of pricing for new home construction, we urge you to call us and speak with our expert granny flat Builders. Get in touch with 5 Star Builders via this Online Form, or give us a call at 1300 016 659, and we will get back to you shortly.