Browse Forums Building A New House 1 Mar 21, 2017 9:56 pm Hi All, I am new to this forum, and a new prospective buyer. My wife and myself are building our equity and have saved around 80K so far with adding 8k each month, so hopefully in another 5 months we will have around 120 k. Is it the right time to start thinking about buying land and house package in Jordan springs east. Please suggest. Any pointers will be very helpful. Regards Manu Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Re: New prospective buyer 2Mar 21, 2017 10:09 pm I'm not sure on the area but I was once told "the best time to buy a house is yesterday". So I'd say now's a better time than any. Good luck Building the simonds palisade in gippsland Re: New prospective buyer 3Mar 21, 2017 10:46 pm Thanks for the reply, however, with very little equity in hand, getting a loan without a mortgage insurance will be really tough and that's what bothers me Moreover, point well noted. Re: New prospective buyer 4Mar 21, 2017 11:12 pm Hi Manu! First of all kudos for the amazing savings effort! Some thoughts to put out there. 1. Building a home and the decision-making involved is inherently emotional... which is unfortunate because it also involves spending money... which is again another emotional experience! On the flip side, a home is technically an investment as well - especially as land, bricks and mortar are generally an appreciating asset rather than a depreciating one, so you may also have to ask yourself whether the money and effort you are spending is going to be a good investment or good value etc. 2. More to the point of your question, I don't think it hurts to starting getting obsessed with asking around for quotes, getting feelers for the types of sales consultants you will come across, the builders you deal with, and your options. It might not just be looking at the financial numbers, but it's also the build experience - i.e. how helpful and communicable the consultants are (if you read around the forums, that is probably one of the most important wants is 'good communication'), the quality of workmanship, and the reputation of the companies themselves (hence the H1 forum being a reasonable source of personal experiences!). We went for at least 6 months looking at house designs with various configurations to fit all our wishes and different land options before we were able to pin down our desired plan. 3. The advertised land and home packages aren't always a good call as the land block may be the 'runt of the litter' and the house design being one of the easier ones for builders to build (which means less effort involved and more profit for them). In particular, the land and/or house design may not even fit your needs at all. That is the challenge of customizing your own home. Again, it's emotional - you will start wanting this and that - and then realise you've added dozens of costly upgrades. However, you probably will want to get it right so that you can 'love the home you build'. -so a possible alternative (which is what we did) - look at some house designs, find one that we both love the best (very important!), then customise it a lot or a little! and make sure it will fit on your desired land block. But alas , if it's all too difficult to build your first home the way you want it, especially if your land choices aren't great, you might go and decide to buy a pre-built home which can come with different benefits ... and risks! However, there is still that great satisfaction in having a newly built home. It's the great dream for that very reason I'm sure! Hope this was helpful. At the very least it's given me a chance to reflect on our journey and all the reading and research we've done so far! Thanks for reading my rant about the pre-build/pre-selection/pre-contract process! All the best with your journey! Follow our first house build here! -> https://forum.homeone.com.au/viewtopic.php?f=31&t=86484 Not much in this responce. My suggestion is, what are you looking to build and why. This will all be impacted by the local councils planning scheme. Familiarise yourself… 6 5820 A person needs to be licensed to offer financial advice. Surely the accountant you use would have been chosen for his/her expertise in this field. Have you asked your… 1 6681 |