Browse Forums Home Finance 1 Feb 09, 2009 7:20 pm Hi,
Havent had much luck on this but Im wondering what you can 'expect' to need out of pocket for building using a home+land package? Window coverings, etc. will be needed. I presume mortgage insurance is out of pocket and not in the loan? Land Duty? Landscaping? etc. Banks and such havent been too helpful thus far, as Im not ready to get approval for a loan today. Land will be ~$145k and house is undecided, but one I really like is $230k, but that might be scaled back. Victorian FHOG would come into this too, should be $27k IIRC. Obviously some people will need more or less, but what could I 'expect' to need? Re: Total out of pocket money needed 2Feb 09, 2009 7:26 pm I just got a loan for a house, and my mortgage insurance is included in the loan.
That’s all I can help you with, after what I have just been through, I feel very sorry for anyone getting a loan, building or buying a new home! Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: Total out of pocket money needed 3Feb 09, 2009 7:30 pm Michelle I just got a loan for a house, and my mortgage insurance is included in the loan. That’s all I can help you with, after what I have just been through, I feel very sorry for anyone getting a loan, building or buying a new home! Thanks for the confidence The main problem is that we had allot saved, but moved interstate, and that ate our savings, but preferably we would get in before the FHOG ends, the builder were looking at will discount 21k off the price too (blanket advertising though, so I guess we can still negotiate) but it seems like a good time to build. Re: Total out of pocket money needed 4Feb 09, 2009 7:36 pm To me….now is a good time to buy or build.
From what I’ve been told, this year is the year to make a move on building or buying. Selling your home will be a bit disappointing as prices are going to keep going down. But it will all out weigh itself buying, selling, not matter the prices are good to buy or build. For all those looking to purchase their first home, this year is the year to do so. Welcome to the forum! Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: Total out of pocket money needed 5Feb 09, 2009 8:13 pm Mortgage Insurance is deducted from available loan funds (you pay upfront) for several of the banks but others let you capitalise it (add it to the loan). If you are in rural Victoria, your location will also determine how much deposit you need.
Hi Michelle, long time no see. It's good to see you are over the new home drama. In West Sydney houses are being sold above asking price as the first home buyers are snapping them up. We've had a marked change recently (and my predictions in the West Sydney home prices thread came true earlier than expected due to the big interest rate cuts) so it's not only a better time to buy your first home with the increased grant and much lower rates but also to sell your home in order to upgrade. Re: Total out of pocket money needed 6Feb 09, 2009 8:34 pm Hellman, the conditions of home /land packages vary enormously - do a search on here and you will find many previous comments on this topic- probably even some from me!
Before deciding how much 'extra' money you will need, you have to find out what is included in the package- we did a home/land package which included soil tests, fixed footings, floor coverings, fencing, driveway, tank, clotheslines, cement paths, BIR's, TV antenna - but they are all different. Once our structural price was signed off - we paid extra to upgrade things like higher ceilings, bullnose verandah etc - then the only additional costs were for 'variations at selections' ie upgrades of floor coverings, tiles, tapware, electrical etc. We paid around $15,000 on variations for a 23 square house, some people upgrade to much more. Outside the contract, we paid for landscaping, shed, pergola (but you may have an alfresco UMR included in plan) letterbox, window furnishings - other than the letter box, which isn't a big cost, the other things could wait until you can afford them after you have moved in. Re: Total out of pocket money needed 8Feb 10, 2009 9:46 am Aircon isnt included but insulation is. Im from QLD originally so I can handle the heat a bit better then most Victorians. It does include central heating though.
Im looking at 'M3tricon' (why arent builders names allowed???) as the builder ATM, but reports seem to vary allot as to how good they are... Re: Total out of pocket money needed 9Feb 10, 2009 3:16 pm Hi and welcome,
M3tricon is the only builder whose name you have to disguise. M3tricon threatened legal action over using their name on the forum and hence if you try and type Metricon its name is starred out like that. Draw your own conclusions as to why they got so excited over their name being used. Are you in rural Victoria? If so it limits which builders you can choose otherwise there are many excellent builders to check out. Dale. Building the Monaco 32 with Carlisle Homes Check out our blog for photos and progress reports: http://www.beigefreehouse.blogspot.com . Re: Total out of pocket money needed 10Feb 10, 2009 5:24 pm I also see they just got in trouble for copying another builders design aswell...
Although what they sell now doesnt take from those ideas anymore. A search brought up a wide range of posative and negative reviews, but more negative. Seems like they use any tradie avaliable and dont project manage well so its luck of the draw. Ill have a look at them anyhow, but there are other builders there too. As a tradesmen get a private inspector although I don't think there worth it in their profession themselves the reminder they serve to the tradesmen doing the work is… 3 27337 I've just had a look at the website. The company are just building broker's. There are plenty of similar companies that basically draw your plans (they own them so you… 8 10837 4 14131 |