Hello Guys,
For people who wish to understand the gist.. Is it worth spending 30k-40k more on house&land package to get similar house with similar inclusions as a off-the-plan house.
Now, for the ones to understand in detail, our status is:
Experience : First time buyers and first time in market.
State : NSW.
Developer of land estate = Land lease
Supplier of off-the-plan package = Edgewater homes
Builder of house = Masterton / Eden Brae homes
And, we intend to get into a new house than existing ones. This is both to avail the first home grants as well as to enjoy a new home. One of our friends got a house&land package there and told us about this great deal of paying 5% deposit and wait for the house to be delivered. The cost of the land they got 255k and the total package was 510. Edgewater homes have a good set of inclusions. http://tinypic.com/view.php?pic=21almxj&s=7
So, I calculated the cost of house as 255k with all the above mentioned inclusions. The size of the house is 247 sq.m (including alfresco etc.,)
Now, when we went to look for the lots, we didn't like any of the designs provided as part of the house & land packages they have... so after checking, we decided to go ahead with a lot and get a house&land package on our lot after checking with the builders. We looked at Masterton and Eden Brae homes and found couple of designs which we liked. And, when I got the quote, it appeared that the cost of building the houses around 254 sq.m including alfresco, aircon etc from these builders is at least 270k.
While I started wondering if I should put 25k extra because of choosing the builder separately, I got to know about the fact that what my friend took is called 'off-the-plan' and not house&land package. Yes, stupid me.
Now, when I compare, it appears that I would have to spend at least 10-15k as additional repayments during construction. So, the total additional cost of the house is 35-40k and it appears that the end house is same on paper barring couple of design changes. When I mean same, I am talking about technical specifications like built area, inclusions etc.,
The only self-consoling-thought for me now is that, off-the-plan guys do a standard construction and does not allow any huge modifications (I need to confirm about this) and the construction quality might not be as good as getting it done as a seperate build.
But, I can confirm that only after looking at the finished houses. My friends who saw the display home of the off-the-plan package (which I can't see anymore since it was bought by someone else) vouch that the house was fantastic.
So, now I am wondering what is that I would be getting for the worth of extra 30k. Some of my above assumptions might be wrong, but, based on your experiences, what do you reckon, is it still worth proceeding with custom build? Or I just have to wait and find another off-the-plan package.
Thanks a ton for your patience in reading so far. Your advice would be highly appreciated.
PS: I posted this first on whirlpool, so, sorry for any whirlpoolians who might find this repeated.