Hi folks,
I’ve been scanning this forum for a while, waiting for my perm residency to be finalised and debating whether to buy established or build our own home. Obviously there are benefits to both, but although I’m quite keen to build, my wife feels that the stress of doing it is not something she is happy with.
Anyhow, we’ve been looking around the area we currently live (Butler, WA) and if I’m perfectly honest, there aren’t that many established homes that I’d be happy moving into and not feeling like I need to invest a lot of time and effort in ‘correcting’ to make them more suitable to us. That said, there also aren’t many plots available unless we want to move a lot further afield.
We had a look around some of the show homes over the weekend and we picked up some ideas on what we like and what we don’t. I also have spoken to a mortgage broker and we know how much money we can potentially borrow (subject to a minimum 5% deposit – we don’t qualify for Keystart), which would possibly allow us to build a nice house on a decent plot.
However, what I don’t know is what options we have in relation to funding it as I stupidly forgot to ask. I know that you have to pay for the plot upfront obviously and there are stage payments for when specific tasks are complete (slab down, lock-up etc), but what I don’t know is whether there are options that allow you to defer payments completely till the build is complete?
Reason I ask is that we are currently renting and with two young kids, can’t afford to pay a hefty mortgage and rental fees at the same time. Does anyone here have any ideas on what options I might have in this area please?
Also, if anyone has any budget plans that they are willing to share, I’d love to see them please, as this is something completely new to me. I know that I need to allocate money for the land, house, ‘finishing’ (flowing, walls, tiles etc) and shire costs, but other than that am completely clueless
Thanks
Dan