Hi all,
Just wondering when people think is the best time to lock in with a builder.
We have just put a deposit on a block of land, not scheduled to title until November 2018. Some builders will offer a current-price-lock feature if I sign up with them now, meaning that I will be able to pay current price on the build for a specified period of time. Some are more generous than others, but so far one builder has offered until Jan 2019.
Now, I understand that these estate developments are often delayed, sometimes significantly, and so I could end up exceeding that timeframe, at which point I would be charged a percentage of the original build cost each month (seems like 0.5% per month is typical).
Obviously builders also increase their build cost with time as well. So, depending on likely price increases, it's all a bit of a gamble.
Be good to get people's views and experiences. Thanks!