Browse Forums Home Finance Re: Building a house with a Mortgage 5Sep 24, 2018 10:38 pm Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Building a house with a Mortgage 7Sep 25, 2018 10:22 pm Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Building a house with a Mortgage 9Apr 17, 2019 1:53 pm Hi everyone, we bought a land in 2018 and settlement will take place in the next few months. We are planning to sell our current home. We plan to rent an apartment for the meantime once the current home has been sold and while the new house is being built. Our agent has suggested to reduce the pricing due to the market being tough nowadays, but I'm feeling uneasy with the price reduction of almost $100k since our property has more added features and upgrades into it compared to other homes in the same category in the market (e.g. land size and house size, location). If we sell with the price that we wanted, it's just break even as we've spent a lot of money in this home. If we sell less than $100k, do you think it's such a big loss or it isn't since we no longer need to continue the mortgage here? If we don't sell the house, we can either sell the land or continue to pay the land and sell the home later on when the market gets better, but I'm unsure for how long and with the costs of having to maintain two mortgages is a sacrifice too. We are not planning to rent out the current home as it's not worth it. Or worst scenario, don't sell the home and sell the land and stay with the current home (although I really love moving to a new home, but if I have to sacrifice as it's not worth selling the current home then I should accept this). I wanted to get your inputs so we can weigh the best route. Thanks for your inputs. Re: Building a house with a Mortgage 10Oct 19, 2019 1:55 pm Hi everyone, just wondering what experiences people have had with building while keeping their current home/mortgage. I am planning a build, and can keep my current property while the build is underway, with a view to selling and paying down the mortgage when its completed. It makes sense for us not to move twice. The conveyancer I am using had a lot to say about it though, when we asked her to witness the mortgage docs, so now we are spooked. Is this a bad idea? Re: Building a house with a Mortgage 11Oct 19, 2019 2:53 pm Bean1969 Hi everyone, just wondering what experiences people have had with building while keeping their current home/mortgage. I am planning a build, and can keep my current property while the build is underway, with a view to selling and paying down the mortgage when its completed. It makes sense for us not to move twice. The conveyancer I am using had a lot to say about it though, when we asked her to witness the mortgage docs, so now we are spooked. Is this a bad idea? Hi, I assume you have a bridging loan? What state are you in? The obvious issue is if the property does not sell, or does not sell for the right price - and affordability while you build - but if you’ve considered these and you take an informed approach it has worked well for a number of my clients. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Building a house with a Mortgage 12Oct 20, 2019 8:47 pm If you are comfortable with the repayments holding both properties for that temporary period, then it can be a worthwhile exercise. What are some of your concerns you have after discussions with your conveyancer? Cheers, Tom Hi All It has been a few weeks since my last update. The build has been progressing well. No major issues to report. The scaffolding was dropped today, gyprock will be… 96 357130 Building a fence now will help limit people dumping rubbish and soil on your property. Many houses in suburbia on small lots have fences up before a build. I moved into a… 1 4411 No idea about the driveway question, but your price for a house that size including landscaping seems very good! 1 6181 |