Browse Forums Building A New House Re: Building the first home 5Apr 23, 2013 12:49 pm Thread: viewtopic.php?f=31&t=66299 Slab: 16/6/14 Frame: 4/7/14 Roof: 22/7/14 Lock Up: 20/8/14 Fixing: 26/8/14 PCI: 9/10/14 Handover: 20/10/14 Re: Building the first home 7Apr 23, 2013 1:27 pm Thread: viewtopic.php?f=31&t=66299 Slab: 16/6/14 Frame: 4/7/14 Roof: 22/7/14 Lock Up: 20/8/14 Fixing: 26/8/14 PCI: 9/10/14 Handover: 20/10/14 Re: Building the first home 8Apr 23, 2013 3:29 pm Congrats Mpp. Building (particularly your first home) can be a long, frustrating experience - but ultimately a very rewarding one. As other have pointed out, we can't really comment on budget because everyone has a different financial situation. However it seems that you have a good idea about what you can afford. I always found playing around with loan repayment calculators and punching in interest rates like 10-12% to see if I could still afford my repayments, helped put things in perspective. You need to also think about whether this home is going to be a stepping stone, or something long term. If the former, be sure not to over capitalise, otherwise you will find it difficult to flip @ a profit in the short term. We did this with our first home - built a modest place 30kms from the CBD. 3 years later, after building equity, sold at a tidy profit and are now building our 'Forever' house 9km from the city. A cost that you will likely incur and hasn't yet been mentioned is Lender's Mortgage Insurance (LMI). You will have to pay this if you are borrowing more than 80% of the property value. In my experience I have found bank valuations to be quite conservative and more often than not come back undervalued - meaning you need to stump up more of a deposit or pay a higher LMI rate... Good luck! Thanks NativeZen! I can't wait to start landscaping, though it's going to be a while away yet. No movement on site yet as of the weekend. Hoping to see some earthworks… 3 2148 Can anyone give me any onfo on New Homes WA? Good or bad, hopefully good just need to know if my choice was good or not? Thanks ❤️ 0 4948 That is a really good attitude Akin to you catch more flies with honey than vinegar. I do enjoy watching that tik tok inspector from Victoria but he does go a little… 12 72382 |