Jul 07, 2020 6:10 pm
Really hoping to purchase this property that is going to auction tomorrow, but wanted to ask what would be a reasonable settlement timeframe for knock-down rebuild? 30-60-90 days?
We have shortlisted two developers, found the floor plan we like, have a good idea of what alterations we would like, etc (have spent the last 6 months looking at display homes, etc.) so feel like we have a good understanding of our expectations.
My question is, how much settlement should we allow to give us enough time to prepare a building contract? 30-60-90 days? Realistically, what can we do to fast track the process considering we are unable to do the final soil test until demolition occurs (colour selection, etc.)
Would appreciate any advice. TIA
Re: KDR - How long settlement?2
Jul 08, 2020 10:04 pm
Hope your auction went well! I would definitely recommend a longer settlement period. We looked at display homes for a year, picked our top two builders, chose designs, did so much research and were ready to go. Picked a 60 day settlement when we purchased the land, and even with all our planning we are requesting an extension on settlement (which we are unsure if we will get).
Essentially, with these grants banks are slower to offer approvals, builders are back logged and consultants are overloaded with work. We sat with for a consult with our favorite builder- it was a nightmare. Went to second choice, they increased their prices, so we went to our third choice builder and they have taken 3 weeks to just give us a costed quote! 5 weeks into settlement and no contract and really not even close to it. And remember contracts can take 4-6 weeks to get through council approvals.
Be cautious and opt for longer, these grants have made the current environment crazy!
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