Browse Forums Building A New House 1 Jan 22, 2010 11:11 am Hi, want to build a house in Pemulwuy, NSW. You have to purchase the land directly from Stockland(developer) and then build your own house. Most builders want instalments whilst building. Does anyone know of a builder that will build at Pemulwuy (Holroyd Council) that will accept a deposit and then only require payment at completion of end of building. thanks Re: Is there a builder who accepts payment at the end of build 2Jan 22, 2010 11:18 am I don't think any builder in their right mind would do that. So you'd need to find one that was certified insane Any reason why you want to pay in cash all at the end? (My writers mind boggles at the possibility - waiting to sell a juicy story about Tiger Woods to the tabloids, drug smuggling and then laundering the cash, waiting to win lotto After 4 years - we're in! Re: Is there a builder who accepts payment at the end of build 3Jan 22, 2010 11:26 am Some have quite varying percentage breakdown's at the different stages so you may find one that is more weighted towards the end of the build rather than the beginning, but I don't think there are any that don't have any progress payments. It wouldn't be very good business practice to do it that way. At least progress payments mean they have the cashflow to pay for the next part of the build. Re: Is there a builder who accepts payment at the end of build 4Jan 22, 2010 11:30 am We were able to negotiate payment balances with our builder. so we had a larger than normal amount to pay for final payment. Usually you've paid almost everything by approx 1/2 of the way through the build. BUT our builder knew we had nearly all the cash and were able to get loan for the rest. As we'd already sold our home and bought the land for cash. At the first meeting we'd had before prestart we'd had to show proof in the form of bank statements and a letter from the bank proving we'd been given approval for the amount we were borrowing. At the time there weren't as many people building, our site costs had blown out by 20k over the estimated amount and they knew we were considering walking and they'd already done all the soil testing and had spent more than we'd paid in deposit. So they were willing to negotiate. i can understand why you might want to wait. We went this way when our sites costs blew out not expecting that the builder would say yes but we asked anyway hoping they would. We had a chunk of money from the sale of our house in a term deposit and knowing the money was sitting earning a fat bunch of interest meant the difference between having some cash left at the end of the build to get some basics set up and not having anything left. We ended up only using a small amount of bank money for the 2nd last payment to the builders ( 6k) which meant we weren't trying to cover rent and a big bank interest bill. For us it was timing an understanding building Contact and all the unforeseen additional costs that made it work for us. I'm sure others have had some negotiation success too but I doubt you'd get many builders doing pretty much all of the build without payment. Blog http://wherethehearthis.blogspot.com/ Build https://forum.homeone.com.au/viewtopic.php?t=6634: Yard https://forum.homeone.com.au/viewtopic.php?f=19&t=27687&p=378401#p378401 Re: Is there a builder who accepts payment at the end of build 5Jan 22, 2010 12:19 pm In SA, you sometimes get so-called "turn-key packages" where it is a house/land package that you only pay when you buy the finished product - the catch being that they are usually not offered for sale until part way thru building; you sometimes have limited say in floor coverings, tiles, colour schemes etc but not in the actual floor plan. The reason your options are limited is that the builder wants to be safe that if you withdraw and cannot pay for it, they will have a good appeal to the general market. The other disadvantage with these turn-key sales is that you will pay stamp duty as if it were an established home - not on the land part only as you do when building a house on your own land or taking a standard house/land package with progress payments, these usually do a separate land contract to save on stamp duty, evn though you are buying the land from the builder. Re: Is there a builder who accepts payment at the end of build 6Jan 27, 2010 1:13 am stonecutter1309 I don't think any builder in their right mind would do that. So you'd need to find one that was certified insane Any reason why you want to pay in cash all at the end? (My writers mind boggles at the possibility - waiting to sell a juicy story about Tiger Woods to the tabloids, drug smuggling and then laundering the cash, waiting to win lotto Re: Is there a builder who accepts payment at the end of build 7Jan 27, 2010 6:41 am Lots of builders do it; the same deal that Helyn mentioned goes on here all the time, only in Vic, you do get a stamp duty advantage if the house hasn't started or is incomplete. I have no idea what the go is in NSW.... Most of the large project builders won't offer a package like that (although Porter Davis currently are), but there are a lot of smaller builders who do. You won't normally find them through builder's websites, but trawling the real estate ads finds deals like this: http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=106168002&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=47578619&s=vic&tm=1264538143 and this: http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=105605880&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=46117527&s=vic&tm=1264538363 The downside is that you don't get to pick the block, then choose the house you want. The builder has a deal with a land developer for a particular block and is building a certain house on it, regardless of who buys it. If you sign the contract late in the process, you may not get much of a say in colour selections either. And the more work that's been done, the less stamp duty saving there is. It can be a good way to get into a new home, and you may be lucky and find exactly what you need. We bought our first home that way 24 years ago. It's worth checking with some real estate agents in your area. Re: Is there a builder who accepts payment at the end of build 8Jan 27, 2010 9:53 am National Builders Group have regular monthly promotions of not having to pay for the build until the end of the build. Unsure whether they are in your state. Re: Is there a builder who accepts payment at the end of build 9Jan 27, 2010 11:45 am Henley Properties Group does it in some cases
Their ready-built homes option.
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