Browse Forums Home Finance 1 May 22, 2019 7:52 pm Hi there, Has anyone done this where you sign a building contract with the builder and is in the process of selling your current property? What risk is involved if the current property does not sell? Can you terminate the contract with the builder without incurring large amount of money? I have not signed a building contract yet. I would love to hear your inputs. Thanks Re: Planning on new build - subject to selling the current h 2May 22, 2019 7:54 pm Hello, it depends on the terms of your builders contract. Most have a validity timeframe - often there are delays in land registration so they have allowance for this and you could similarly use this time to sell your home. Find out what the cost is if you don’t proceed after signing - it will vary between builders. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Planning on new build - subject to selling the current h 3May 22, 2019 8:00 pm becjarrettdalton Hello, it depends on the terms of your builders contract. Most have a validity timeframe - often there are delays in land registration so they have allowance for this and you could similarly use this time to sell your home. Find out what the cost is if you don’t proceed after signing - it will vary between builders. Thank you. The land title release is expected in September. We have been asked by the builder to secure our colour appointments but I have requested to cancel for now as we are unsure of the current situation. It's tough these days to sell property but I hope the market will improve in the next few months. I am in VIC. Thanks for the advice. I will ask the builder what cost is involved if we don't proceed after signing. Re: Planning on new build - subject to selling the current h 4May 22, 2019 8:08 pm Fingers crossed for you. Let them know the full picture. MacDonald Jones, for example, have a price to extend the contract for x months. And Rawson charge their costs if you terminate and that’s about it. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Planning on new build - subject to selling the current h 5May 23, 2019 2:01 am Wait till the end of the year. Builders won't go anywhere, but will be likely become more desperate and will be providing much better prices as the market continues sliding down. Not the best time to sell and most probably will be better time to build in 6-9 months. Re: Planning on new build - subject to selling the current h 6May 23, 2019 8:09 am alexp79 Wait till the end of the year. Builders won't go anywhere, but will be likely become more desperate and will be providing much better prices as the market continues sliding down. Not the best time to sell and most probably will be better time to build in 6-9 months. Thanks. Yes I noticed builders have promotions these days to attract buyers as the market has cooled down. However not a good timing for those who are into selling, including my situation. We will be able to afford the finance with the land including the 20% deposit when settlement comes in the next few months, however if our current property does not sell we have to make a decision whether to hold off the new build for a further few months or sell the land and stay at our current property. It's going to be costly having to maintain 2 mortgages = current property + land 2 5938 isn't a garage level with the rest of the house a given? pretty sure they 'came around' long time ago. if you have a flat block, the garage is usually level with the rest… 1 17525 Hi Everyone, wondering if anyone has done a prestart lately with summit homes in WA and what kind of costs were associated with adding gpo's and downlights? we are also… 0 3860 |