Congratulations! You're ready to embark on an incredible journey of building a modular home!
We understand the excitement and rewards that come with building a home from scratch. However, it's crucial to approach this venture with careful planning and budgeting to guarantee that your new home is everything you've ever dreamed of.
Keep reading, as we share all the essential information you need to know about pricing and deposits for building a modular home.
What Is the Deposit Amount?
Upon signing the contract, the maximum deposit required is 6.5% of the total contract sum, provided that the home's value is within the range of $7,500 to $500,000.
Once your plans and detailed specifications are finalised, we will prepare a contract for your review. This contract will clearly outline the deposit amount and the schedule for progress payments once the construction work begins. Only a genuine progress payment for work already performed or materials or services already supplied may be demanded or received from the owner.
What Happens to Our Deposit If We Decide Not to Proceed?
Our HIA contract sets out the legalities regarding early termination of the contract. The owner will only be required to pay a reasonable amount for the works that the builder has already completed.
Do I Have to Pay for a Site Inspection?
Prior to commencing construction, pre-construction inspections are conducted to assess the condition of the property and its surroundings. These inspections involve reviewing planning permissions, conditions, and obligations to ensure compliance with local authorities. The cost of these crucial site inspections is included in your Evoke Living Homes preliminary fees.
When Will I Receive the Final Price?
At Evoke Living Homes, we understand the importance of transparency when it comes to pricing. While it may initially feel overwhelming, we believe it's crucial for you to have a comprehensive understanding of all the costs associated with your building project. These include factors such as the expenses related to earthworks (site preparation, service connections, etc.), the cost of finishing items (flooring, air conditioning, fixtures), as well as any optional upgrades you desire (high ceilings, large windows, etc.).
During the planning stages, we conduct thorough investigations to provide you with a detailed Contract Cost Breakdown. Once this breakdown is finalised and you've signed the contract, you can rest assured that you'll have a clear and definitive price. Being a fixed-price contract, there will be no unexpected costs or surprise add-ons throughout your build.
Keep in mind, that if your contract includes Provisional Sums (PS), ' these items can't be priced precisely when you sign the contract. However, your builder should offer an educated estimate based on the available information at the contract signing. Click here to learn more.
Will There Be a Payment Schedule for My Home?
Absolutely! We understand that paying for your home in one lump sum upfront may not be feasible for everyone. Instead, we offer a convenient payment schedule that allows you to make installment payments as the construction progresses. This payment schedule will be clearly outlined in your home contract, ensuring transparency and clarity.
When determining the appropriate progress payment schedule, we take several factors into consideration. These include the duration of each construction stage, the complexity, and size of the project, the specific materials, inclusions, or services involved, as well as any assessments or reports that may be required by our team or other professionals throughout the build.
It's important to note that different finance lenders may have specific requirements regarding payment schedules. We encourage open communication and discussion before signing the contract to ensure that the payment schedule aligns with your financial arrangements. Once all payments have been successfully made, the construction of your home is complete, and all final inspections have been conducted, you'll be ready to move into your brand-new home!
What Are Other Expenses I Will Need to Consider?
At Evoke Living Homes, we will be upfront in telling you exactly what is included and what extras you may need to consider in your budget, so you don’t run into any hidden costs down the track.
It's important to note that these costs can vary among different builders, so it's essential to have a conversation with your builder to determine what other expenses you need to consider.
To give you an idea, here's a list of potential additional costs that you may need to factor in:
- Modifications to the design
- Variations to the original plan
- Siteworks, including site preparation and excavation
- Council fees or permits
- BAL (Bushfire Attack Level) reports and any necessary upgrades
- Upgrades specific to cyclonic wind regions
- Septic tanks or wastewater management systems
- Stormwater management requirements
- Transportation costs
- Carports or garages
- Porches or alfresco
- Driveways or paving
- Flooring options
- Air-conditioning systems
- Window coverings or treatments
- Upgrades for energy requirements
- Western Power transport fees
What Insurance Should I Arrange and When?
As specified in our HIA contract, the Builder’s insurance comprehensively covers all aspects of the construction process, both within the construction yard and on-site after delivery. However, it is important for you, as the owner, to arrange your own house insurance once the Builder completes all aspects of the contract.
By making an informed decision on whether to build or buy a home, you can save thousands! So, don't rush the process. Take your time, conduct thorough research, and carefully consider what suits you and your family best.
Feel free to explore our extensive collection of modular home designs. If you have any questions or need personalised assistance, our knowledgeable design consultants are here to help. You can reach out to them at 1800 448 034 to discuss your vision and start the exciting journey of building your dream home.