Browse Forums Real Estate 1 Sep 05, 2013 2:43 pm Guys, We have actually engaged a Project Home Builder to build a home for on our land few months ago. Now they are some shifts in the circumstances and we just dont want to keep that house any longer. We will wait for it to be completed as there is not alot of time left in completion. Completion is due in October i.e. just next month. So now the Questions are; 1. Can we sell a Newly Built home by a Project Build company? 2. If Yes, do we have to pay CGT ? 3. Do we have to take Home Builder Insurance (does'nt make as we are not the builders) ? Appreciate if anyone can shed some light. Thanks, SID. Re: Selling Project Home, soon after completion 3Sep 06, 2013 2:31 pm Hi Sid-Raw, If it is you primary residence then no you dont pay CGT, if it has been rented in the past (if your thinking of renting before you sell) then Yes you pay CGT Never argue with an idiot. They will only bring you down to their level and beat you with experience. George Carlin Re: Selling Project Home, soon after completion 4Sep 06, 2013 5:02 pm Are you getting a first home owners grant of some kind? Check the small print on that.... most have a 'live in for six to twelve months' clause. I doubt you'd have to get insurance - your project builder has insurance and it covers for the period regardless of who the owner is. I don't see why you can't sell a brand spanking new home. You might find that it's easy to sell - people don't want to wait for a new one to be built and might be glad to just be able to walk in to a brand new place already, especially if you are able to price it well. Re: Selling Project Home, soon after completion 5Dec 10, 2013 10:41 pm snuck Are you getting a first home owners grant of some kind? Check the small print on that.... most have a 'live in for six to twelve months' clause. I doubt you'd have to get insurance - your project builder has insurance and it covers for the period regardless of who the owner is. I don't see why you can't sell a brand spanking new home. You might find that it's easy to sell - people don't want to wait for a new one to be built and might be glad to just be able to walk in to a brand new place already, especially if you are able to price it well. One question you may get through the advertising period is why you are selling? Be prepared to answer that one or have a good reason. If they know its brand new and hardly lived in then questions will arise and make the buyer wary. Re: Selling Project Home, soon after completion 7Jan 22, 2014 11:17 am I don't know about the first home buyers scheme, but I think under the tax law you must maintain the house as your primary residence for a period of 12 months before sale to avoid capital gains tax. I don't think that this has changed. Certainly be well worth checking. Settlement 1/2/12 New Shed 23/3/12 Slab poured 27/3/12 Frame complete 4/5/12 Roof complete 1/6/12 LOCKUP 29/6/12 Our new build blog http://kareenhillsownerbuild.blogspot.com/ https://form.jotform.com/240284569218058 Please spare a moment to fill out this survey form for a project. You stand a chance to win a digital gift voucher. Legitimate… 0 2828 Hi all, Been browsing project builders' website and saw Masterton with attached granny flat design Seeing bad reviews from masterton in this website/facebook, does… 0 18306 Like I said the Occupancy Certificate is not the tollgate that marks the completion of the house. The contract defines… 7 10761 |