Browse Forums Building A New House 1 Apr 09, 2012 12:15 pm Settlement: 10.02.13 Slab: 06.03.13 Frame: 08.03.13 Lock-up: 05.04.13 Handover: 03.06.13 Build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=59555 Brisbane Photography Where do you start?? 4Apr 09, 2012 1:47 pm Jasmin Hickinbotham Belmont - modified Signed: February 2011 Slab should go down before 2012 My build thread https://forum.homeone.com.au/viewtopic.php?f=31&t=52310&p=799483#p799483 Re: Where do you start?? 5Apr 09, 2012 2:38 pm Settlement: 10.02.13 Slab: 06.03.13 Frame: 08.03.13 Lock-up: 05.04.13 Handover: 03.06.13 Build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=59555 Brisbane Photography Re: Where do you start?? 7Apr 09, 2012 4:18 pm Building a Delta 21 at Craigieburn - http://homeofzero.blogspot.com.au/ Deposit: 26/02. Contract: 22/05. Settlement: 29/05. Site start: 18/10. Re: Where do you start?? 8Apr 09, 2012 5:45 pm 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. Where do you start?? 9Apr 09, 2012 10:56 pm Jasmin Hickinbotham Belmont - modified Signed: February 2011 Slab should go down before 2012 My build thread https://forum.homeone.com.au/viewtopic.php?f=31&t=52310&p=799483#p799483 Re: Where do you start?? 11Apr 10, 2012 8:58 am Settlement: 10.02.13 Slab: 06.03.13 Frame: 08.03.13 Lock-up: 05.04.13 Handover: 03.06.13 Build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=59555 Brisbane Photography Re: Where do you start?? 12Apr 10, 2012 9:09 am Some people apparently have nothing better to do than comment on other people's sigs. Re: Where do you start?? 13Apr 10, 2012 12:18 pm Settlement: 10.02.13 Slab: 06.03.13 Frame: 08.03.13 Lock-up: 05.04.13 Handover: 03.06.13 Build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=59555 Brisbane Photography Re: Where do you start?? 14Apr 10, 2012 1:11 pm Some people apparently have nothing better to do than comment on other people's sigs. Re: Where do you start?? 15Apr 10, 2012 1:49 pm dont count on the entire process from signing up with the builder to completion only taking six months Re: Where do you start?? 16Apr 11, 2012 1:12 am My advice to you is that make sure you have more than enough for your budget in first place, ie:a comfortable zone of 5%~10% for the price you going to pay for the house + land as you can always assume something will pop up here and there where you will need the extra money for it. And you better think about delays etc.. as it does happen often. Especially for land that need to be titled for subdivision. Sometimes that can be long than you think. Buying land + house package surely is convenient. Getting them separately will give you flexibility and sometimes surprise. SO good luck on your search Re: Where do you start?? 17Apr 11, 2012 3:57 pm Thanks for all your helpful comments, everyone! I would love to be in a situation where we have about $15,000 left over after we sign the contract and pay deposit, some for upgrades we'd like for the house, and some for extra rent money if the building process takes longer than expected. Definitely need all the luck we can get! I'm working 2 jobs at the moment just to help us save up, but we're still almost $20k short. Settlement: 10.02.13 Slab: 06.03.13 Frame: 08.03.13 Lock-up: 05.04.13 Handover: 03.06.13 Build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=59555 Brisbane Photography Re: Where do you start?? 18Apr 11, 2012 6:20 pm cmhamilton Let's brea this up into the different topics. Finance: One thing you may not be aware of is that you'll be paying interest only repayments until the construction i complete and the land loan/construction loan are consolidated into a single house mortgage. We have drawn over 90% of our loan now and our interest-only repayments are about the $1650-$1700 mark (remember that our normal repayments are going to be around the $2300 mark). Don't be too scared off by this. Seeing 'interest only' looks crappy at first until you run the numbers. Just be sure to get a home loan that has 100% offset, and it works out massively in your favour. For example, I have to pay (OTTOMH) $380/ftnight for the land only during the construction phase, as interest only. But I'll be in the habit of putting aside a full $1,000/ftnight. That extra $620 accumulates as an amount that won't accrue interest. That has three things in its favour. 1. Less interest is paid on the overall loan. 2. The interest rate is higher than the high interest savings account rate, so in effect it's saving me money. 3. By putting the 'final' amount aside rather than just the 'required' amount, when it gets to the end of the loan I'll have a massive pool sitting there not only not getting charged interest, but to act as a buffer/emergency amount if/when needed. One other thing to just make sure if to not get too optimistic in either the house size, land size, or land proximity to the CBD. Those are the three things people get carried away with. If you're happy to buy a 16sq single garage place on a 10.5x25 block a fair way from the CBD, you'll easily get it in. Rule of thumb, add about $40-50k for developer costs, site costs, and required extras over the 'list' price, then add your land. So if you took a basic Henleeeeeee place at $134k and add $45k, you've got about $120k to play with. That's not a lot at all for land But you get the idea. Plenty of places will build small houses for just shy of $100k (Dennis come to mine), just check what they include. What cmhamilton says is really good - but I really agree on two things: 1. Buy the land first, because that dictates what you can build and 2. If you can't manage 20%, and will struggle with mortgage payments while not living at home, maybe consider whether this is actually an affordable exercise. IMO, Banks even allowing LVR<80% mortgages is just irresponsible Building a Delta 21 at Craigieburn - http://homeofzero.blogspot.com.au/ Deposit: 26/02. Contract: 22/05. Settlement: 29/05. Site start: 18/10. Re: Where do you start?? 19Apr 11, 2012 8:16 pm TBH you cannot really be budgeting all your available funds for a build with no margin for blow-outs or unforeseen incidents as it could end well and truly in tears and then some. Re: Where do you start?? 20Apr 11, 2012 8:34 pm Like I've said a couple of times, we are planning on saving up for the extras that has been mentioned. Settlement: 10.02.13 Slab: 06.03.13 Frame: 08.03.13 Lock-up: 05.04.13 Handover: 03.06.13 Build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=59555 Brisbane Photography Looking to start the journey of becoming an owner builder in SA. Feeling pretty (overly) confident on the building and construction details, but really struggling to find… 0 8746 No. It's not original. Circa early to mid 90s would be my guess and maybe even as late as early 2000s 1 6998 A question. Im in Queensland and building a new home. We managed to reach practical completion 6 weeks ago but we haven't heard any date for handover yet. Who should we… 0 6146 |