My husband and I have started investigating building our next house. We have an existing home (Mortgage of $230K), house is worth approx $490K.
We hadn't really looked at starting to save for a deposit. We have immediate access to $5K.
We have this weekend been looking at land and have found a block we like. It ticks all our boxes but we are now a little freaked out by whether we should put in an offer for the block. We know of the builder we want to use and know that there are 4 designs that we like which will fit on the block. This is all moving way too quickly that what I would have liked, however we have a huge title delay in perth. The title on the block we are interested in will be through next week!
We would prefer to stay in our house while building the current house. Anyone know whether the equity in our current house will we sufficient to allow for this and also for a "deposit"? We would need to put down $2K for desposit on the block. Would we be able to finance the rest? We are looking at house and land of approx $500K. We would be looking at construction of 12 months at worse and can save like crazy during this time for all the finishes we want. We can also sell some shares at a push - but would rather not do this.
We have joint income of around $150K/year and very stable jobs.