we are in the same boat but its between that or renovate. I think im steering towards renovating as the area we are looking to buy and renovate we wont over capitalise but to build we may. Say if we spend 600K on building the place is only worth 600k ( as someone else can do same for that price) but to buy and renovate whilst we may have spent 600K in the area we are looking at it will be worth more that that so we have made equity to then maybe get and investment (or to build hehehe) . Maybe do some research as an investment may help in the long run if you can get good equity
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19-03-2014 01:37 #11
19-03-2014 03:00 #12
Keep in mind when looking at display homes from project builders that there is usually something in the vicinity of $50k worth of upgrades. To properly compare the value of different builders get a copy of their standard specifications.
Try to choose a base plan that is as close as possible to what you want - structural changes like moving walls cost the most. You can save a bit of money by getting as much as you can included at the contract drawings stage (i.e. before you sign up to build - although you may be charged a small amount for drafting fees).
If you're fairly handy, I certainly recommend just choosing the standard fixtures like taps, etc - you can replace these with preferred designs later by purchasing direct from the supplier at a far cheaper cost.
When we built our new house recently, we saved a substantial amount of money by getting our timber floors and air con installed after handover.
Brick pavers and electricians will often accept cash jobs if you approach them on site to do a bit extra, rather than include it in your building contract.
You can get a new house painted internally for around $3-4k from a private contractor - building co's generally charge about $8k or more.
Go into your pre-start with a spending budget in mind, otherwise you can get talked into all sorts of things!
As for building in a new development, have a look for blocks that will fit houses you like - pay particular attention to the frontage. See if you can have a look at the concept plan for the whole development so you can get a good idea about what location you want. Also be aware that as the development continues blocks will only become more expensive. We are in a new development and blocks just 2 streets away the same size we built on are now $30k dearer than what we paid.
House and land packages can be restrictive, but your builder can help you to put a hold on a particular block with the developer whilst you figure out your building contract with them. If the developer requires payment to settle the land before you have everything ready with the builder, your bank should be able to finalize the land portion of your loan to make this happen.
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