Browse Forums Building A New House 1 Apr 09, 2013 9:54 am Hi new member here. Been lurking for a while. Sorry this is VERY long but I need to voice my thoughts and need opinions. It may require specific advice to those familiar with the area. Backstory: So my wife and I bought our first house 2 years ago in Sunshine West. It was built in '72, 3bdr, 1bath, 1 carport. Fast forward 2 years and we just had our first baby and the house stopped suiting our needs (no insulation, flat roof, etc) so we decided to save up for a new(er) and nicer house and keep this one as an investment. So now we're playing it safe and moved to my parent's house in Hoppers Crossing last November while renting out the Sunshine house and saving some money. The amount we need to save is only around $40k as I don't mind paying LMI on a 95% LVR because this will mean I'll get into another house sooner. I'm looking at between $300k-$360k. Only have $11k saved up right now. Ideally we want to live in Hoppers Crossing (or maybe surrounding areas) as that's where I grew up, have heaps of family there, blah blah blah. I take the train everyday to work (Hawthorn) and we only want to have one car. Don't mind established as long as it's decent. Would love walking to the station but a nicer house is preferable (baby's needs over mine). Question: So I can continue to save and stay another year at my parent's house which we don't mind doing as we're really quite comfortable. We'd prefer to get back into our own place though and we've been offered a 3bdr, 2bath, 1garage unit in Truganina for $329,000. The kicker is you get a $20,000 rebate which can go towards our deposit and/or pay off stamp duty and LMI, and since it's new we save on stamp duty. To me this is like skipping a year of saving for the deposit to get into a house that we actually sorta like right now. The land is subdivided but on a corner block and is a small (but cute) 286sqm, which is to my advantage as I hated mowing the useless lawn out the back of the Sunshine house. The house itself is 16sqm but the price includes landscaping, driveway, laminate timber floors and carpeting, 9ft ceilings, alfresco with decking and aluminium bifold doors. Problems: *The lack of infrastructure in Truganina. I know traffic sucks out there but I've heard rumours of Leakes Rd being upgraded into double lanes. Drove through the intersection of Leakes Rd and Palmers Rd last night and there were road works which already doubled Leakes Rd around the intersection. *Public transport is abysmal but I might grit my teeth until the new Tarneit station is built in 2016. It will be 3km away, but I don't have any guarantee that it'll have sufficient services or more buses heading there. *I heard rumours of flooding in Truganina. *I'm not really expecting any financial return as I know there's a lot of land to be released in the area still, and may need to upgrade in 6 years if we end up with 3 kids. I'm not really buying smart in that sense, more of something that will keep us happy for half a decade. Cheers to anyone who's read this much. Re: [Vic|West] Buy now or save? TRUGANINA 2Apr 12, 2013 11:08 pm *The lack of infrastructure in Truganina. I know traffic sucks out there but I've heard rumours of Leakes Rd being upgraded into double lanes. Drove through the intersection of Leakes Rd and Palmers Rd last night and there were road works which already doubled Leakes Rd around the intersection. - We live in Derrimut but work at either Laverton, Derrimut or Truganina. All I got to say is that the traffic I see is nothing but horrendous. To put it into perspective, the traffic onto the bypass extends all the way to the Coles Warehouse on Doherty Rd, down Palmer/Robinsons and right up to the freeway. I don't see any change to this for a while considering although new road infrastructure like intersections are capable of double lanes, I would assume a 5 year timeline before anything happens? *Public transport is abysmal but I might grit my teeth until the new Tarneit station is built in 2016. It will be 3km away, but I don't have any guarantee that it'll have sufficient services or more buses heading there. Electrification would have been better but all we get is a V-line services. I have the same feeling about services etc. *I heard rumours of flooding in Truganina. - The whole west has potential flooding issues but the infrastructure is pretty good to tackle this. *I'm not really expecting any financial return as I know there's a lot of land to be released in the area still, and may need to upgrade in 6 years if we end up with 3 kids. I'm not really buying smart in that sense, more of something that will keep us happy for half a decade. - I think that there are still opportunities to purchase established houses in Tarneit, Wyndham Vale, Truganina and Derrimut. With a 289m2 block at $329,000 I would say a an established house might be a tad more expensive but better suited to what you say your needs are Re: [Vic|West] Buy now or save? TRUGANINA 3Apr 13, 2013 9:57 am I voted Save. If you had been renting from a landlord (which I assume would be more than you're paying at your parents'?), I probably would have said Buy, but because you say you're comfortable living with your parents while you save up, I think it's the best option. I think it's better to wait a little longer and find somewhere that is in the location you want and exactly what you want, rather than settling for something that's almost what you want in an area that's a bit iffy (in terms of roads and transport, etc). Just my 2c. Settlement: 10.02.13 Slab: 06.03.13 Frame: 08.03.13 Lock-up: 05.04.13 Handover: 03.06.13 Build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=59555 Brisbane Photography Re: [Vic|West] Buy now or save? TRUGANINA 4Apr 13, 2013 10:04 am i would wait and save especially as it is only a year and you are comfortable were you are staying . the place you are looking at would be very crowded very soon with only one child as i feel the will need a yard to play in. Re: [Vic|West] Buy now or save? TRUGANINA 5Apr 15, 2013 11:35 am Adam.M - I think that there are still opportunities to purchase established houses in Tarneit, Wyndham Vale, Truganina and Derrimut. With a 289m2 block at $329,000 I would say a an established house might be a tad more expensive but better suited to what you say your needs are Spoke to the bank and we can buy now using equity from our other house. Looking at an established place in Hoppers Crossing which was my original plan. I'll try not to get sucked in by impulse for any other areas.. MalinViktoria I voted Save. If you had been renting from a landlord (which I assume would be more than you're paying at your parents'?), I probably would have said Buy, but because you say you're comfortable living with your parents while you save up, I think it's the best option. I think it's better to wait a little longer and find somewhere that is in the location you want and exactly what you want, rather than settling for something that's almost what you want in an area that's a bit iffy (in terms of roads and transport, etc). Just my 2c. Yes if I rented a place at $270pw I'd be $270pw worse off than what I pay at my parents.. =] Just chip in for bills and groceries, etc. We're happy to continue to save but I'm just scared the property market will bounce back and the amount we save will be the amount house prices will rise in a year? 1rocky i would wait and save especially as it is only a year and you are comfortable were you are staying . the place you are looking at would be very crowded very soon with only one child as i feel the will need a yard to play in. I'm looking at a townhouse in Hoppers with a nice park and playground about 30m down the street. It has a backyard that can fit a set of swings but not a huge space. 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