Browse Forums Home Finance 1 Jul 29, 2014 8:29 pm Hi Long time reader. First time to post. We are currently looking of options on building our first home in epping (melbourne north). To be honest, it is quite daunting just trying to understand everything and analyzing all possible options. Given the fact that buying your first home is one of the most important decision that we need to make (after deciding to get married ) So, i am not sure how to better proceed with it. Should i go for a house and land package? Or buy a land first, then look for a builder next (with the in-house finance)? Which do you reckon is the better option? I have already spoken with the bank. And still a bit confused how buying a land first then negotiate with a builder will work, in terms of burrowing money from them.. Hope some of you guys could help shed some light (based on your experience). Re: House & land package vs land first-negotiate with a buil 2Jul 29, 2014 8:38 pm From what I have seen the blocks for house and land packages are normally the least desirable blocks (see http://www.anewhouse.com.au/2012/02/hou ... good-idea/) Best to speak to your bank or mortgage broker first then decide what block you want, and then look for a builder. The Harder You Try - the Luckier You Get ! Web site http://www.anewhouse.com.au Informative, Amusing, and Opinionated Blog - Over 600 posts on all aspects of building a new house. Re: House & land package vs land first-negotiate with a buil 3Jul 29, 2014 9:06 pm bashworth From what I have seen the blocks for house and land packages are normally the least desirable blocks (see http://www.anewhouse.com.au/2012/02/hou ... good-idea/) Best to speak to your bank or mortgage broker first then decide what block you want, and then look for a builder. Thanks for the link @bashworth. It makes sense that they are a bit cheap (for packages) And i have already had some initial discussion with the bank, and they said i could buy the land first, then consolidate the loan for the builder later.. But still a bit vague. Probably need to have another discussion. Re: House & land package vs land first-negotiate with a buil 4Jul 29, 2014 10:46 pm If you like the block, you like the builder and you are happy with the plan (or the builder is happy to make changes) then I can't see why not. Our house and land package saved us 50k plus as we got to buy in an earlier stage and meant we found a builder we may not have come across. We couldn't be happier and are expecting a great valuation in 12 months time. If you find the right deal it shouldn't matter. A Researching a build in South Australia from Sydney. Re: House & land package vs land first-negotiate with a buil 6Jul 30, 2014 8:03 pm KGsGirl If you like the block, you like the builder and you are happy with the plan (or the builder is happy to make changes) then I can't see why not. Our house and land package saved us 50k plus as we got to buy in an earlier stage and meant we found a builder we may not have come across. We couldn't be happier and are expecting a great valuation in 12 months time. If you find the right deal it shouldn't matter. A Hi KGsGirl. That is the same thing that i noticed. If i buy a land (around 200k) and build a house separately (190k basic), that is already 390k (basic) But for a house and land package, i could see around 360-370k So that is around 30k easy difference. Maybe i should start asking around for a package. Did you go with the developers broker as well? Re: House & land package vs land first-negotiate with a buil 7Jul 30, 2014 8:08 pm Pouria Hi macky1012, do we have to pay interest when we buy the land first , and willing to start for example 6 months later? Thank you From what was initially told me, start of payment would be after the title is settled with the land. So you could pay a 1k when you decided that you like the land. Then 10% after 7-30 days (please correct me if i am wrong).. Then start of the repayment after title settlement. So you could put 1k today. Pay the 10% by next month,. And start regular payment after land is titled lets say december.. Re: House & land package vs land first-negotiate with a buil 8Jul 31, 2014 2:33 am Pouria Hi macky1012, do we have to pay interest when we buy the land first , and willing to start for example 6 months later? Thank you The answer is yes. You would have a separate loan for the land initially which must be maintained with repayments until you start building whether its 6 months or many years down the track. Cheers Tom Re: House & land package vs land first-negotiate with a buil 9Jul 31, 2014 2:38 am macky1012 KGsGirl If you like the block, you like the builder and you are happy with the plan (or the builder is happy to make changes) then I can't see why not. Our house and land package saved us 50k plus as we got to buy in an earlier stage and meant we found a builder we may not have come across. We couldn't be happier and are expecting a great valuation in 12 months time. If you find the right deal it shouldn't matter. A Hi KGsGirl. That is the same thing that i noticed. If i buy a land (around 200k) and build a house separately (190k basic), that is already 390k (basic) But for a house and land package, i could see around 360-370k So that is around 30k easy difference. Maybe i should start asking around for a package. Did you go with the developers broker as well? Builders, as they do numerous cookie cutter builds in the same estate, would have discounts on materials, etc rather than doing a one time design and build. This would allow them to offer cheaper packages. Cheers Tom hi guys. Please be nice. First time home builder in Qld. I would like some feedback please on whether I should build my granny flat first before my main house at the… 0 4587 Hi Mofflepop, I would recommend finding a building designer to prepare plans, they should design to your specified budget. The benefit is you can tender the project out… 9 20413 |