Browse Forums Building A New House Re: Not happy with house plan? Happy with budget? 61May 31, 2014 10:01 pm aussiebell Yes like the Riverview it's similar to the Alder 2600 Joannek it is sad when that happens for people, I've heard of similar circumstances where they've gotten their perceived dream home and then haven't even been able to enjoy it from the stress of the mortgage... It's sad. Hence why I really want to apply wisdom before we move on the house. Re: Not happy with house plan? Happy with budget? 62May 31, 2014 10:39 pm I forgot to ask in my last post - what are your plans for the house in terms of how long you will live/stay in it for? [sneakersss] Re: Not happy with house plan? Happy with budget? 63May 31, 2014 10:51 pm Sneakersss We are thinking min. 7 years. As that is just before my daughter hits high school. Originally I thought less (3-5yrs), but broker said better to stay at least for 7-8years & we figured ok: (1) that's how long we've been in our current property and now need to upgrade (2) in 7-8 years we most likely would've made some type of in roads Re: Not happy with house plan? Happy with budget? 64May 31, 2014 11:41 pm EmmaW84 Sneakersss We are thinking min. 7 years. As that is just before my daughter hits high school. Originally I thought less (3-5yrs), but broker said better to stay at least for 7-8years & we figured ok: (1) that's how long we've been in our current property and now need to upgrade (2) in 7-8 years we most likely would've made some type of in roads Sound advice, I think. We stayed in our first house for 6 years (originally planned for 10 years) before we rented it out and used the equity in it to buy/build this next house. I think that since the Burbank Ascent answers your top two priorities (budget and location) you should go with that. Sure, it's not your dream home but since your kids are still young/small I think it will do you all well. My parents raised three kids in a far smaller house than what you're looking to build and we managed to all fit and still host numerous large gatherings. And most importantly, we didn't kill each other! LOL Another option could be foregoing an alfresco so you can have a bigger area for living spaces inside. You could always add on a covered pergola/veranda out the back at a later stage. [sneakersss] Re: Not happy with house plan? Happy with budget? 65Jun 01, 2014 1:12 am Ooh good suggestion sneakersss re the alfresco. Re: Not happy with house plan? Happy with budget? 67Jun 01, 2014 10:46 pm Hey guys thought I had already replied. Sneakersss I see your logic. Hubby has decided he no longer likes Ascent. And Ari yep def will go back to work when all my children are at school, just had a baby so another 5 years To you all, if your stretched for $208k would you stretch to $224 for the house you loved? My old man reckons it's not much in the scheme of things $16k difference. $16k is a lot of money in reality though to me. Re: Not happy with house plan? Happy with budget? 68Jun 01, 2014 11:01 pm Emma, I feel your pain - and from someone sitting in the same boat now, but also someone who DID stretch herself in her first build (not necessarily in the plan but in the upgrades and modifications to the plan) I can promise it is not fun 6 months in when you love your home, but your car dies and you need to buy another unexpectedly, or any myriad of day to day problems that can culminate into potential financial stress It is also not fun now, when 5 years in our home is on the market and we will without a doubt lose money - because I spent money on subtle changes that add up, but don't matter to anyone but me So here I am, promising myself that I won't be putting our family in that position - again.... We would so badly love to build the Beckham 4 from Plantation (Henley) - it is the perfect home for our family. However, at $30k more than the Soho 4 (which we also love, but are a little concerned we will outgrow) it pushes us just too far out. Sure, we COULD borrow that much - but I work for a bank, and what the bank says we can borrow and what we can comfortably in reality borrow are two very different things. At the end of the day, I know it's just not worth it I hope you can find the perfect plan that suits your family and your budget - best wishes, and I'll keep an eye out for something that meets your needs! 2014 - Prepping to build the Soho 4 with Plantation homes, industrial style 2009 - Built the Brampton with Coral Homes viewtopic.php?f=31&t=15399&start=280 Re: Not happy with house plan? Happy with budget? 69Jun 02, 2014 12:15 am EmmaW84 Hey guys thought I had already replied. Sneakersss I see your logic. Hubby has decided he no longer likes Ascent. And Ari yep def will go back to work when all my children are at school, just had a baby so another 5 years To you all, if your stretched for $208k would you stretch to $224 for the house you loved? My old man reckons it's not much in the scheme of things $16k difference. $16k is a lot of money in reality though to me. Did you know Metricon Queensland have a Lindeman 25? I wonder why that is not available in Melbourne? Stretched financially or stretch the budget? If the first, then no. If the second, then yes. Jess09 Emma, I feel your pain - and from someone sitting in the same boat now, but also someone who DID stretch herself in her first build (not necessarily in the plan but in the upgrades and modifications to the plan) I can promise it is not fun 6 months in when you love your home, but your car dies and you need to buy another unexpectedly, or any myriad of day to day problems that can culminate into potential financial stress It is also not fun now, when 5 years in our home is on the market and we will without a doubt lose money - because I spent money on subtle changes that add up, but don't matter to anyone but me So here I am, promising myself that I won't be putting our family in that position - again.... We would so badly love to build the Beckham 4 from Plantation (Henley) - it is the perfect home for our family. However, at $30k more than the Soho 4 (which we also love, but are a little concerned we will outgrow) it pushes us just too far out. Sure, we COULD borrow that much - but I work for a bank, and what the bank says we can borrow and what we can comfortably in reality borrow are two very different things. At the end of the day, I know it's just not worth it I hope you can find the perfect plan that suits your family and your budget - best wishes, and I'll keep an eye out for something that meets your needs! I'm sorry to hear about your situation. I have family who went through something similar. It's not fun at all. Not trying to rub salt in your wound, and I'm by no means a property expert, but I think what other readers (especially first home buyers) should take away from your experience is to know the market/your area. Most property experts will tell you not to over capitalise on your house and you shouldn't. You need to be wise about the additions you chose and pick the ones that will add value. [sneakersss] Re: Not happy with house plan? Happy with budget? 70Jun 02, 2014 1:55 am I was constantly stretched when I lived on my own and had my own mortgage. It was just life at the time. 16k over the life of a mortgage isn't much extra in repayments. Maybe you could do some work from home like Thermomix consultant or tupperware? The only thing I would say though is that when we set out to build, even after the final price, we have still had to spend even more on unexpected things, like repairing a fence and other dull things. Re: Not happy with house plan? Happy with budget? 71Jun 02, 2014 10:37 am Jess09 thank you for such a "real-life-living-it" response. It's great that from what you have said you've learnt from your experiences and what you don't want and what you do. I'm thinking the best thing to do is re-visit my budget again. And I'll let that be our deciding factor. It's hard because my husbands wage is not set, I'm not sure how to work it out. As in I know his average, but sometimes it goes wayyy above and then a bit below? I did it on the lowest possible that he could earn with no OT, but he earns that lowest maybe max 10 weeks out of a year? Sneakersss I wonder why they don't have the lindeman 25, something for me to ask I guess. Joannek so are you saying you would pay the extra 16k for the house you loved for the season your in? I absolutely agree that there are A LOT of extras once you've got the house built. So the whole purpose of us moving into my parents wasn't for the house itself but for the finishings (fencing, landscaping, driveway etc - we were thinking to budget to save $20k - to get the house to a manageable state). Re: Not happy with house plan? Happy with budget? 72Jun 02, 2014 10:57 am Why not do a budget to his income over the past financial year, that would give you an average. Unless it's possible that his overtime will suddenly disappear entirely for a long period of time. My hubby's salary is pretty much always over his base salary, but we know his overtime is always going to be there to SOME extent so we just used his salary over an entire year to help us budget. Build thread: viewtopic.php?f=31&t=65085 Re: Not happy with house plan? Happy with budget? 73Jun 02, 2014 11:09 am another option is perhaps building on a cheaper block somwhere else. That way you can put the difference into the house instead. As to budget, I know the pain, but perhaps look at budgeting to base salary only. Then if you do have more that month, you can either save or do somehting nice with teh family. Were in a double income houshold, with upto 40k worth of bonus potential throught the year, but weve built based on one base salary so as to ensure that should on of us unfortunately los eout jobs, we can eat, pay the mortgage, bills and travel to work (for the one that is still working). I know that doesnt fit your situaiton being a single income family, but its just to give you an idea, especially if youre young, that as much as we want all of the nice things now, and 5-7 years feels so far away, the right thing to do is to be sensible. Also remembe rin 5-7 years you will have (should have) equity in your home allowing you to borrow against it for your next, which will make financing your next one much easier. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Not happy with house plan? Happy with budget? 74Jun 02, 2014 11:20 am Sounds like you need to visit www.youneedabudget.com The goal being to learn to live on last months wage and the ups and downs won't be such an issue. Re: Not happy with house plan? Happy with budget? 75Jun 02, 2014 11:23 am sneakersss I'm sorry to hear about your situation. I have family who went through something similar. It's not fun at all. Not trying to rub salt in your wound, and I'm by no means a property expert, but I think what other readers (especially first home buyers) should take away from your experience is to know the market/your area. Most property experts will tell you not to over capitalise on your house and you shouldn't. You need to be wise about the additions you chose and pick the ones that will add value. I totally agree with you Sneakersss!! And this is the lesson you learn - when you think about all of the things that you would love and the final price it comes to - don't just think "I can afford that!" - you have to think - if I have to sell my house tommorrow will I make this money back? If not, you're probably over capitalising for your area. Another thing to take into account is not to under-capitalise on landscaping. Good landscaping (which I did not budget appropriately for last time) makes a huge difference to the way a buyer views your home. It's certainly worth more to then than a coffered entry ceiling and timber grain laminate upgrades =p. Of course, if you're building your forever home and intend to stay for 20 plus years, these things may not apply to your situation - but if you plan to resell in under 10 years, the market certainly does cycle and unfortunately not always up. So there is no guarantees in regards to equity and resale value in the short term. Sadly for us =p But we're positive, and very excited to build again! I hope my "real life" story does help you to make the best decision for your family Emma - and maybe hitting Metricon up to see if they'll build you a Lindeman 25 could be the way to go! 2014 - Prepping to build the Soho 4 with Plantation homes, industrial style 2009 - Built the Brampton with Coral Homes viewtopic.php?f=31&t=15399&start=280 Re: Not happy with house plan? Happy with budget? 76Jun 02, 2014 11:29 am EmyN thanks. Yes same with my hubby, it will always be there to some extent. So you recommend doing a budget based on what he has earnt the last financial year? Ponzu, my husband is set on not moving out further for traffic congestion reasons, his work, he said by the time travel costs are taken into consideration & headaches it's not worth a cheaper block. We were greatly surprised that for out in Doreen which is probably another 18/19km (20mins away) (I'm a poor map guide) it's only $60k cheaper for same block? YES still cheaper and love it, but we thought it'll be way more cheaper. Ari, absolutely! I'm glad your so excited to build. I'm not, which is so sad. All I want for Christmas is a house plan I like forget all the bells and whostles. Laminate, no down lights, no oheas cupboards, no double vanity suits me fine, just want the right plan. Hahahha Re: Not happy with house plan? Happy with budget? 77Jun 02, 2014 11:40 am Have you had a look at the Simonds Luxor Emma? I'm wondering if they offer alternatives/add ons for this plan as the basic layout is the very similar to the lindeman - It only requires the addition of the kids retreat, which would in turn increase the length of the house and the size of the open plan family zone. 2014 - Prepping to build the Soho 4 with Plantation homes, industrial style 2009 - Built the Brampton with Coral Homes viewtopic.php?f=31&t=15399&start=280 Re: Not happy with house plan? Happy with budget? 79Jun 02, 2014 12:14 pm EmmaW84 Ponzu, my husband is set on not moving out further for traffic congestion reasons, his work, he said by the time travel costs are taken into consideration & headaches it's not worth a cheaper block. We were greatly surprised that for out in Doreen which is probably another 18/19km (20mins away) (I'm a poor map guide) it's only $60k cheaper for same block? YES still cheaper and love it, but we thought it'll be way more cheaper. I’m moving from Brunswick east (the nice part) out to Manor lakes, which is an additional 20kms from where I'd rather be living, and an overall additional 1.5 hours worth of travel time each day from where I currently live. The blocks where we bought were approx 60k cheaper also. 60k is a lot of money. I’m surprised that you’re very hesitant at spending an additional 30k in extras, but just as hesitant in an opportunity to save 60k on land and buy what you really want and end up with paying a smaller mortgage. Moving out to outer suburban growth areas you’re going to be hit with traffic congestion no matter where you live. I also think your hubby might be having a lend of you about the travel costs being factored in. I would challenge 60k worth of travel costs for moving out 19km/20 mins further from where you’re looking. I'm not trying to be rude, but there is no other way to say this, but that statement about 60k saving not being worth it after travel costs and "headaches" is absurd. To put this into perspective, we did our travel costs from out where we will be and its approx. 5000 per year in petrol (it’s a large car by the way). By those figures we'd be spending 60k over 12 years for the entire journey (not just additional 20km) in petrol if we used the same car over that time (presuming it never broke down /became less efficient). Were also looking to get a more efficient car in the future. Sometimes building requires compromises, and I think between you and your husband this is how it stands: 1 -You could either buy a cheaper block and get the house you really want/need/whatever and the compromise being a slightly increased journey to work and back for your husband; OR 2 - You build a home where you are looking now and where you are currently trying to stretch your budget to accommodate your needs/wants etc for the benefit of your husband getting to sleep in an extra 20 mins. I’m assuming if you’re not working based on what you’ve been saying because you have the often underappreciated job of being a stay at home mum. This means you’re at home more than he will be, and will that annoy you knowing that its not what you wanted all this time, when 20 mins up the road you could have had it? To be honest after that 60k statement you’ve been fed, i think you’re not getting yourself heard in the negotiations you’re probably having with your husband on the house. Anyways, i hope the choice you come up with ends up working out well for you and your family. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Not happy with house plan? Happy with budget? 80Jun 02, 2014 12:26 pm Ponzu I had to read your response a few times to grasp what you were saying. I threw in that headaches comment, off the cuff you could say BUT my husband does work 6 days, long hours & a highly labour some job (for which he is blessed to be remunerated for) so for him location is important & I respect that. As I mentioned $60k is yes a great saving, we were under the impression though, it was quite a bit more. Basically, ultimately we have to sacrifice on the house for the location we want. That is fine. Now it's just a matter of me revisiting the budget to see if we can spend the $16k extra to get what we want or suck it up and not get the plan we want to live comfortably. 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