Your guide to buying at The Reef.

Thinking about joining The Reef community? This guide is designed to help walk you through this exciting time, from working out your budget, to buying land and building.

By breaking it all down into easy-to-follow steps, we hope you’ll have the confidence and knowledge to embark on your homebuilding journey at The Reef. And if you have any further questions,
feel free to ask.

Download our 8 Steps to Buying Guide.

Working out exactly how much you can afford upfront will help put you in the best position to buy your coastal land at The Reef. In its simplest form, your budget is your income minus your expenses – the difference is what you can spend on everything else.

When determining your budget, be sure to be honest and consider all elements:

  • The amount you have in savings.
  • Your current income.
  • Living expenses.
  • Your current financial obligations (car loans etc).
  • Any government incentives you may be eligible to claim.
  • The deposit sum required (usually at least 5%).
  • Home buying fees (e.g. stamp duty, mortgage insurance, legal fees).

Speaking with a financial advisor will help you understand your borrowing options. Once you have pre-approval, you can move ahead with exploring the land and home options available.

Land value will appreciate more over time than your home, so put as much thought into this decision as you can. Look for a location on a street best suited to your unique lifestyle, and pay attention to lot ‘shape’, as this can control the type of home designs available to you. At The Reef, we have a range of coastal land for sale now available, many with ocean views.

You will then go through six stages:

  1. Sign an expression of interest to secure your desired lot.
  2. Sign the contract of sale.
  3. Nominate your settlement agent.
  4. Pay a deposit.
  5. Obtain formal finance approval.
  6. Settle on your new coastal land at The Reef.

It’s now time to choose a new home design that fits your block and budget. Before analysing designs, think about what your ‘must-haves’ are. Do you want a single or two-storey home? How many bedrooms will you need? These things will help you narrow down your search. Once you’ve got an idea of the designs you like, be sure to walk through display homes as they’ll help you get a feel for how different designs come to life in person.

Note: All homes in The Reef estate must comply with a list of design guidelines. Click here to learn more.

More important than finding the perfect design is ensuring you partner with a builder who can bring it to life. Take your time evaluating different builders, and don’t be afraid to ask questions. It’s crucial that your builder is registered, experienced and financially stable.

Time to get excited! Once your builder has approval for your home design plans, construction can get underway. As the build unfolds, your financial institution will need to arrange to make progress payments to your builder. These payments typically occur at key stages (however you will need to confirm with your builder) :

  • Slab down.
  • Frame up.
  • Roof on.
  • Lock-up.
  • Practical completion.

Get excited – your new home is within glorious reach! Once you get to handover day, you’ll pay the remaining balance of your new home purchase. To avoid potential delays, it’s a smart move to ensure your funds are available well before handover.

Congratulations! Your home is now finished and you’re officially a resident of The Reef! Start enjoying your beautiful coastal lifestyle in Two Rocks.

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