Browse Forums General Discussion 1 Aug 12, 2008 10:48 am Hi all,
I Just wanna have any feedback/experience from you guys about the process of building a house.. Is this normal if I start locked-in the price this month (Agt08) and the land settlement somewhere between may-july09? Am I too early? or it just only my feeling? Re: Locked-in price too early?? 2Aug 12, 2008 10:58 am Depends on how your builder works. Get it in writing!!!!
Don't count on your land settling on time. Seems hardly anyone's does. Ours settles today, we were told between Nov last year and Feb this year when we bought last May. Stonecutter I think is into her 20th month of waiting. Our penalty is 0.05% after five months from deposit and after twelve months a new contract. But up until twelve months, we will not be affected by any price rise. As long as you have something in writing you should be ok and will generally be better off than signing up later as the price rises will usually be higher. BUT read the fine print. Someone (winniey) is having trouble with PD at the moment, they are stinging for the penalty and the price increase on a house and land package!!! Jo I leave you to fend for yourself, figure things out yourself. Terrence Malick Re: Locked-in price too early?? 3Aug 12, 2008 11:37 am Prices I think will only continue to rise - so great if you can lock in a price.
Make sure it's in writing and there are no contingencies to allow the builder to increase the price ridiculously. Joles is correct - we paid our deposit in Feb 05, land was supposed to be ready Dec 05. So it's been a while! Our builder has been great. We met with him in the first month that his company was open - they didn't even have a display home! Just an office. We've seen his business grow to 3 display villages with 2 houses in each in that time. It's also been great that we've seen him complete a few of the design we have chosen - walking through those homes gave us plenty of good ideas and modifications to improve the place. After 4 years - we're in! Re: Locked-in price too early?? 5Aug 12, 2008 1:50 pm Wisdom Homes - www.wisdomhomes.com.au
The Director of the company used to do the designs for Eden Brae. Apparently the only thing slowing down their expansion is finding contractors and site supervisors of sufficient experienced and quality. After 4 years - we're in! Re: Locked-in price too early?? 6Aug 12, 2008 3:47 pm T1ms, we did something similar and have no regrets. We paid our builder a $10K deposit and used a deposit bond for the land in Sept07 for an Apr08 registration - so we weren't really that much out of pocket. Our land ended up registering four weeks late (May08) and we settled (and commenced building) in June.
The delay gave us plenty of time to build up extra savings and, of course, visit plenty of display homes and building suppliers to gather ideas for our home. Your builder will have already factored in anticipated increases in materials and labour to your quote so just ensure that any penalty clauses reflect the delayed start date. My only (small) misgiving, and this depends on where you are building, are there any imminent changes to stamp duty which you might want to wait for? Good Luck! 'We make a living by what we get, but we make a life by what we give.' - Winston Churchill Re: Locked-in price too early?? 7Aug 12, 2008 5:30 pm Ok, now I'm more confident to put in the deposit to lock in the price around this month.. *pheww*
I'll make sure to put every thing in writing and read the fine print!! Hope it doesn't contain heaps of jargon words... Btw, just out of my curiosity, is there any relationship between Property Development Zone (PDZ) and the land title process? Do they affecting one another? Re: Locked-in price too early?? 8Aug 12, 2008 5:41 pm I've never heard the term Property Development Zone used in NSW. Description? Is that the estate that will be developed? Or adjacent land? After 4 years - we're in! It will be neat but you won't have much freeboard. At least they are not weep holes. Are you in a high intensity rainfall region? The regulatory slope is only required… 3 8280 Firstly, if your house is still under builder's warranty (10 years in Victoria) you should have no need to crawl into roof space but let the builder handle it, unless you… 3 5640 Not sure if that works? I was told the issue is the headspace clearance requirement on step 4. My builder is proposing shifting the beam 310mm towards the kitchen...I'm… 2 2608 |