Browse Forums Building A New House 1 Mar 30, 2014 9:03 pm Hi guys, absolutely love this forum. It is a wealth of knowledge. We are interested in building in the near future, and without bothering the building consultants and wasting their time. I've learnt alot, but what I really need to know is, what are the out of pocket costs? We will have almost everything written into the building contract so it is included in the mortgage, and have a $5000 pre-start allowance. Thing is, we are going to Japan in November and that will cut our savings down quite a bit. What out of pocket costs have you been stung with ? What do you have to pay for while you're building ? Thanks heaps in advance, I hope I've worded my question well! Re: Celebrations Build. 2Mar 31, 2014 9:38 am while you are building you are paying for- the land when with your build you pay (this is how a builder may be paid) `deposit when signing up `the balance of deposit (before siteworks happens you need to pay the balance deposit. the deposit of 5%) `slab down 10% `plate height 25% `roof cover 20% `lock up 20% `completion 20% with the extra cost are you talking about after handover or about the upgrades you may want? is your builder including soakwells? with some or most estates theses days there are rules on how and what you build. have you looked into this? e.g my in my area you need to have glass with in your front door. in another area next to me if you have a corner block your side fence just be made out of bricks for the bottom half and wood on the top half. read all your guidelines Re: Celebrations Build. 3Apr 02, 2014 3:39 am Thanks for the reply! Most of our upgrades will be added into the loan, and then we have a chunk set aside for pre-start. I'm just concerned about being told, oh, this was more expensive than we imagined, we need this amount. Or something. Excuse my ignorance, I'm very new to this. We'll be going through Keystart, so do we just sign a form to release funds to the builder? Re: Celebrations Build. 4Apr 02, 2014 11:46 am Hi Daturainoxia I know how confusing all this can be! We are from the UK and it is very rare to build your own house there so we had all the same questions as you. As for prestart budgets, whatever you think you might spend, allow at least double! We spent loads more than we thought. Some things were luxuries which we didn't really need (stone benchtops etc) but other things were essential for us (solid windows in the toilets that weren't always open!) and costed more than we thought. One thing I forgot about was the water bill for the new house, We have been paying for water and sewage rates since we settled on the land and at the moment it is costing around $100 every 2 months. We also ended up paying around $3k for smart wiring (Although this is included in our mortgage and was added to the contract at prestart) as it is kind of mandatory now due to the NBN coming. Paying for conveyancing needs to be factored in as well (they deal with settling on your land for you) so get some quotes if you haven't already. Also, be careful of builders who promise to get you into a home for a $3k deposit etc as they often need you to have much more than that, or ask you to borrow money from parents or take out a loan to make it look like you have a bigger deposit. We got an estimated cost from our builder for site works, then this actually dropped in price so we spent the extra money we saved on more upgrades for the house. Apparently many builders will over estimate the cost of site works so unless they find something unusual on your land it is quite normal to get some money back, we got around $2k back. Hope that helps. Building the Lennox with Celebration Homes in Woburn Park, The Vines https://forum.homeone.com.au/viewtopic.php?f=31&t=69328 Re: Celebrations Build. 5May 06, 2014 11:19 pm Hey daturainoxia For us the cost we have to get prepare for are after handover. Paving, landscaping, painting, window treatments and soak wells. Things like is your flooring included? Plus our rates through the build. Thank you so much everyone. This all makes a lot of sense. I guess when you talk to a builder who butters up everything to look very polished, you get to start believing… 7 17518 thank you! do we need to get this or our builder before we commence new build on the block? 2 10404 Hi, did you get any money from insurance? if you did, does it match what you've already paid the builders? 3 9559 |