FD Beck Insurance Brokers

QUIZ: Is Building Your Own Home For You?

Building your own home can be an exciting proposition, but how much do you know about the process? Take our 6 ‘true or false’ quiz questions to discover how much you know about being an owner builder.
  1. True or False: Owner-builders can do all kinds of building work? FALSE Owner builders can only undertake domestic building work for themselves. This includes building a home and accompanying features (e.g. landscaping, paving, walls, driveways, carports, swimming pools, etc.), renovating, altering, extending or repairing a home.
  2. True or False: Anyone can be an owner builder? TRUE However, to be an owner builder, you must satisfy requirements about land ownership, intent to use the land, and how you will build.
  3. True or False: You don’t need building experience to become an owner builder? TRUE However, it’s not recommended. If you lack experience but are determined to build, you should undertake an Owner Builder Course. To become an owner builder in Victoria you must apply for a certificate of consent if the cost of the work exceeds $16,000. To gain the certificate, you must demonstrate that you understand the duties and responsibilities involved.
  4. True or False: Building your own home saves you money? TRUE It can, but the amount saved will depend upon your expertise, your sticking to the rules, the materials you use, and your ability to manage the budget and commit time to the project.
  5. True or False: Building your own home is simpler than dealing with builders? FALSE Owner builders are responsible for all tasks relating to construction, including organising all the trades. They also take on the same statutory responsibilities as a registered builder, some of which last for 6 years after the building is complete.
  6. True or False: There are fewer risks, being an owner-builder than working with builders? FALSE Being an owner builder is fraught with risk, including financial, quality and compliance, and legal risk.
Being an owner builder is not for everyone. Make sure you understand the risks and responsibilities involved before making your decision. Contact us for more advice.