Browse Forums Building A New House Re: Pick apart my budget ! :) 26Feb 27, 2008 10:24 am My comment on the budget is not the house but the block of land. I don't want to be a party pooper but I think you will be extremely lucky to get a block of decent size for 410K in Newport. Anything over 500m2 is selling for quite a premium - the developers love to subdivide and build 2 townhouses. I would say that you probably need closer to 500K for house and stamp duty. Stamp Duty on $450K is approx $22K. I could be wrong though as they are saying the boom is over so you might get lucky and get a bargain.
One little thing to remember is that you get a discount on your stamp duty if the place is your primary residence and the purchase price is under $500K - it is not much from memory about $2.5K but at least it is something. I think $850K is a very good budget - it is bigger than ours but I think you will prob end up spending a fair bit more of that on the land than you were originally hoping - I know we did. Also something you haven't included in your budget is rental accommodation while you are building. The whole process will prob take 6-9mths. At $300pw rental you are looking at $8K-12K Our thinking was the location and size of the block was THE most important thing, everything else could be upgraded later if we really wanted. We could not get a bigger backyard nor a better street in 5 years time without having to move again. But we could put in Caesarstone benchtops and Ducted Refridgerated AC down the track quite easily. IMHO I would say spend on the land and worry about the the nice to have luxuries later - Just my 2c though. Re: Pick apart my budget ! :) 27Feb 27, 2008 11:57 am Kerrie - Thank-you you make some very good points. ![]() I definatly agree that land and street is more important than extras, this is our main priority, however, if we can get some nice extras along the way it would be great. We won't have to worry about rental property as we own the home we live in now, and will just stay in it til the building is near complete, then we will put it on the market and move in with the folks if it sells b4 the house is ready etc...one big saving definatly! ![]() Thanks for all your advice, I will check out that stamp duty saving - sounds great! Every little bit helps right ? ![]() Re: Pick apart my budget ! :) 28Feb 27, 2008 12:19 pm ![]() IMHO I would say spend on the land and worry about the the nice to have luxuries later - Just my 2c though. Agreed. Simon Building an architect designed home out of Insulated Concrete Forms on acreage in semi-rural SE Melbourne. Developer approval obtained, engineering complete, getting quotes Re: Pick apart my budget ! :) 29Feb 27, 2008 1:29 pm The smaller blocks (under 500m2) may not be big enough for what you are what you are wanting to do. I would also look at the length of the block. What is the length of the house you are looking at approx 21m? Depending on your neighbours you may need to have a setback of between 4-7m. If it is worst case 7m your house will be 28m, will that leave you enough room to add the rumpus and alfresco you want as well as leaving a backyard for the kids to play in? Re: Pick apart my budget ! :) 30Feb 27, 2008 2:49 pm Hi Kerrie,
Currently most of the blocks we are looking at are around 13-14m wide x 34m long. The house plan we are interesed in is around 11m x 21 (add on the rumpus as the alfresco is at the side and it would be around 25m long) The set back from the front would be about 4m, leaving around 4m in length for the backyard/grassed area, also the alfresco area would be at the side of the living area so while it would add to the backyard in terms of use it won't take up any length. Of course this could all be give/take a few metres as we have not finalised a block or house plan, and won't be until mid year... ![]() ![]() You may still have a case, but your next step is to speak to a lawyer. 3 2302 |