Browse Forums Building A New House 1 Jul 28, 2014 7:20 pm Hi All Apologies in advance for the lengthy (and vague) post. My partner and I are currently investigating an opportunity that would potentially result in us building our first home. After extensive online research we are a little overwhelmed at the prospect (particularly with regards to the legalities), but nevertheless still retain some excitement towards taking the plunge as we see it as a great opportunity to obtain a nice home in an area we would otherwise not be able to afford. I understand that this may result in a bit of too and fro, but would love to get some advice based on some users’ experiences/knowledge, given our current scenario: My partner’s father inherited, and currently owns, the home in which her and I reside, which is in the eastern suburbs of Melbourne. The house itself is on its last legs and as such we are discussing the opportunity of knocking down the existing dwelling and replacing the house with two new townhouses that would ultimately provide: • A primary residence for us, plus • Either a joint investment for My partner, her father and I, or • A primary residence for him also. The issue of him popping over when I’m in the shower with the door open aside, we are still at a bit of a loss about how we would actually go about successfully achieving this. In brief, the broad intention is for the land (i.e 50% of the existing lot) to be “gifted” to us at nil cost. We would then obtain finance (either independently, or with my future father in law as guarantor) for approximately 50% of the construction cost for the two new dwellings – i.e we would pay to construct ours, my partner’s father paying to construct his. At this stage we assume that we would be submitting for town planning in the form of a considered/consolidated development and subsequently engaging a single builder collectively (not sure whether this could or should be two separate building contracts – i.e one per dwelling) This post is more related to the process/es we need to consider undertaking as opposed to anything design/builder related in the first instance. Of specific interest to us is some advice on the most appropriate steps or order in which to complete things such that risk and tax/costs (to all) are minimised. For example: • When and how the title is sold/transferred – before, during or after construction. • Whether subdivision and subsequent sale (of the subdivided lot) is completed prior to or after construction, both with regards to simplification of the overall process and with regards to the financial/legal implications. • Advice on the legal contracts required to undertake this process (to protect all parties) I understand this could receive a broad range of responses (hopefully) but we are quite inexperienced in this field so any help or advice that is on offer would be greatly appreciated. Kind Regards Ben Building Standards; Getting It Right! Hi, sorry if this is the wrong place - I’m new to the property/building journey (trying to buy my first home) so not sure where/who to go with these sorts of… 0 19162 Scientists have used random matrix theory to demonstrate theoretically that the neutrino mass hierarchy can be explained mathematically. When a substance is fragmented… 21 20669 |