Your finances are in order and you have a pre-approval mortgage agreement so it is time to really start looking. Do you build or buy, go for a house or a unit, buy off-plan or design your own, buy vacant land or knock down?

Build or buy?
There are always different schools of thought around buying a new home versus an existing home which then needs to be renovated. Elements to consider:
> Are there any first time home buyers grants for building your first house?

> Costs to build often blow out, not to mention energy, time and dedication to manage the process
> The satisfaction of building your own home ...
> Versus the ease of moving in and not having to change much!

What are your options?
> Display homes - you can see exactly what you will get although beware display villages often build to a higher standard than the actual project home. Little room for change and there may be extra costs if your block of land is not standard or difficult to

access. Check the contract
> Off-plan apartments and townhouses - property sells based on your acceptance of the plan. This has been common in the sale of high-rise, city apartments. You buy at today's price but do not have to pay until completion which could be 6-12 months out. Requires 5-10% deposit. Lenders are often reluctant to finance off-the-plan. Check the contract thoroughly.