Aug 04, 2012 8:36 am
Long Time Reader First time poster, well been coming to this site for the last 3 years since i decided to save up. So i wanted some advise if you can spare a few moments of your time and Assist me with the right path into entering The house market.
So almost 3 Years ago i finally decided to save up and after almost 3 years of saving soon i will be in position of buying my first Home or at least the option of getting One, worked 2 Jobs for the last 2 Years and 8 months and managed to saved $65,000, also own a New Car fully paid which i would sell if i really really have to (i would get $30k for it). By the end of the Year i should Have $75,000-$80,000 Saved up Hopefully *Fingers crossed.
I am going to quit My second job Because i am soo tired my body is killing me doing 70 Hours a week with no holiday . So i will be Just doing my normal Job by the end of the year. Also my Rent lease will finish at the end of the year so i will be moving Back Home (Parents are Having Mixed emotion about it lol) so my cost would be reduced Greatly (No rent,Bills etc) Just normal expenses which i don't spend much anyway (Especially since i would be Living By my parents rule again ).
I have been Looking around At Fixed house and land packages Recently and I have Few questions in regards to what needs to be included as basic Entry, and any tips in approaching those agents, Landlords.
So Just Say I have $80,000 With One Job and can afford a $300k to $310k 3 bedroom House and pay Up to $2000 a month, Don't care about Distance Places like Wallan or Wyndham vale Looks Good, can afford paying interest when the House getting Build because i would be living with My parents then.
So My questions is If you can Shed Me some Lights:
1) What is considered The basic Inclusion with Fixed Price House and land packages?? I don't want a dream House Just basics That i will need once the house is finished. Nothing Fancy just the essentials.
2) I am Looking at $300,000-$310,000 Fixed Price Minimum Entry House and land package, Will borrow $250k and repayments is round about $2k a month, i would get FHOG (less Now ) worked out i should Have $20k as a backup after the house is finished and the key is handed to me , Meaning Roughly $2k a month plus Bills and other costs Year round with $20k as a back up. Is that a fair estimate???
3) Just say i like an ad about a fixed price for a house and land package which is within My budget, Including all The essential with No extra cost, who do i approach First? what is the process?? Is it better to borrow from my bank which i have a very good History with or go with a mortgage broker???
4) If i Buy a land first then take my time and Build Later what is the difference??? I saw few people here say that you can knock abit of the land price off if bought separately but Harder to do it if you buying Both in Bulk (House and land), is this true or am i missing something??
5) When they say Fixed price what do I need to watch out for, give me tips please.
It seems Like i am 1-2 years Late chasing the house market at the moment, But if i don't get my foot in Soon i am afraid It might be out of reach unless I Hit the Lotto, so Your advise will help me alot as it seems i will only have one shot at this at the end of the year.
Thanks In advance.
Re: Newbie Here. Need Advise On New Land and package.2
Aug 04, 2012 9:19 am
Something to look out for with all building is site costs (extra cost for stronger foundations, excavation and fill)
Even with fixed price for house and land packages with no extras you can soon eat up thousands on
Extra furniture - the house will be bigger than a rented flat
The link shows some costs for a house slightly more expensive than you are looking for but it should give you some ideas.
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Re: Newbie Here. Need Advise On New Land and package.3
Aug 04, 2012 10:56 am
I have just started building my first home. We looked very hard amd long at different packages and had a deposit similar to yours. In all honesty im not sure you will find what youre looking for for that price. Things are expensive! To give you an idea of costings...we purchased a 544sm block for 173k (at the time we actually got 15k off the original price). We paid 193k for a 24 sq home (we saved 20 thousand off the house price). Our house included everything!! Including curtains, fly screens, washing line, dish washer, security doors etc. So in total we paid 366 (remembering we saved 35k). We purchased in Wyndhamvale.
Keep in mind... Things you don't get told about and HAVE to pay.... Fire levy 4,000...recycled water around 2000... Nbn around 2000..
We were lucky with our builder, we only have to buy a letterbox and do our garden upon moving in... Bigger companies charge for everything. Basic price is basic as... I mean H;;ley didn't even include floors in the costing. Metr8.9' didn't include drivewYays... Just lots.
Not to mention sIte costs... Some don't include.
Re: Newbie Here. Need Advise On New Land and package.7
Aug 04, 2012 9:06 pm
Be aware that the details about FHOG in that link are now out of date.
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