Browse Forums General Discussion 1 Jul 05, 2016 4:37 pm Hi guys! I am new to this forum.I have been very overwhelmed with the whole process of starting to build my first home.I was unable to find an answer.So I am seeking your inputs. It would be great if you guys can help me decide on how to go about , with this whole situation. Me and my partner have brought a land of 1300m2 in Tasmania and are planning to build our first home.We paid 80k for the land.so now we have a loan of 76k for the land.We have come up with a plan and the whole house comes up to 25 squares.It has 3 bedrooms , open plan living dining and kitchen, media room and an alfresco area.The builder has given us an estimate of 300k for everything including the fencing and driveway. Me and my partners yearly income put together is 100k. Our monthly repayments would come upto 1700 a month. Do you think we are over the top with this kind of salary? The suburb we will be building in, is an average suburb real estate website shows that the median price of a 3 bedroom house is 250k.The houses around are pretty old as well.may be 15 -20 years old I believe.So the cost of our house and land put together will come up to 380k. My concern is, is this price too much for the suburb? If we plan to sell it in say 10 years, would we be able to sell it with a profit? Do you reckon we should remove the media from the plan?That would reduce the cost of the house by atleast 18-20k.Is it worth it? We were also thinking of removing the alfresco from the plan because that is almost 2.3squares and comes with the roof.But the alfresco is the only place which has some good views of a reserve.So that might be the only selling point when we decide to sell the house. Can you please tell me what your thoughts are? Sorry for such a lengthy post Thank you very much for your help. Thanks Re: Help me!!Take the right step in building my first home 2Jul 05, 2016 5:32 pm You need to be careful about how you are going to meet all the additional costs that come in addition to the basic cost. This is a post that I did a few years back but it gives you some idea about the extras; http://anewhouse.com.au/2012/01/what-will-it-cost/ The Harder You Try - the Luckier You Get ! Web site http://www.anewhouse.com.au Informative, Amusing, and Opinionated Blog - Over 600 posts on all aspects of building a new house. Re: Help me!!Take the right step in building my first home 3Jul 05, 2016 6:11 pm We have also started our project to build new. The loan to value ratio is high as it is for us also. What helped our decision to build was not "will we make a profit from it" but more around this will be our "home". If you are thinking along the lines of making a profit, you will need to reduce your costs. Are you getting finance for the $380k? Calculate your repayments at 7.4% and this will tell you if the bank will lend you or not. Say at worst case you borrow $400k. $1,285 fortnightly repayments is what it will be. Hope this helps. Re: Help me!!Take the right step in building my first home 4Jul 05, 2016 8:15 pm Hi, nice to see another person building in Tassie! I can't help much with your problem about the other house prices. I guess in 10 years time all the other houses in your area will be older than yours and maybe need work doing on them whereas yours will still be in good nick so maybe that will help with prices? are you going to build with Wilsons? Cheers Lorri the step up is 30mm and wanting it to be flat . how much does the concrete have to be lowered .we plan on removing bath and lenghten shower and adding seat. the old bath… 0 11838 Do I need to concern about this pattern of crack? Is this crack showing some signs of bigger problems? Thanks for any suggestions! 1 1919 Take a pick with a level sittingo n the slab and a pick with a level sitting on the sill please. This will help us diagnose the issue and therefore a solution. RE,… 8 9407 |