Category Archives: Real Estate

Things to do while still building

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Is it obvious on this title that we are getting impatient with our build? haha

We are a week away ’till we mark our 4th month building. We are at the final stage and this I say is the longest to finish. My friend is saying that with the builder only waiting for the last 10% of the payment, why would they rush. There are changes almost everyday but they are very minimal. Also, the house is locked and you can only peek through the window. But we would prefer them to finish the build slowly ensuring quality. Now while waiting for the house to look like this..

1 - Copy

1. Prepare for the Pre-Completion Inspection

Aside from hiring an independent inspector, we bought a PCI checklist from Brian of anewhouse.com. Highly recommended thorough checklist and for 4$. What can we lose?

2. Prepare for the move in

We packed some of our stuff, mainly clothes, estimating we will move before the winter time. All thick clothes and beddings are packed along with items we bought that we’ll be using in the house.

3. Save money

When our land was titled and site start date for the build was scheduled, we received our first bill related to the house and it is our council rate. Then after the slab was poured, we started paying interest on the first progress payment. And as the build progresses, payment also progresses, and also the interest that we have to pay every month. We are well aware that once deposit for your property is paid to the vendor, expenses will only go up from there.

4. Have a little bit of fun

Window shopping or legit shopping haha, road trips and spending time with family! List goes on, just don’t put all the attention on how it is going soooo sloooow.

5. Plan

And if you’re a bit of a control freak like me, schedule the items you’ll have to do after handover and also make a budget for them. For us, it’ll be curtains/blinds, fence, driveway, clothesline, mailbox and antenna. There’s a lot more to think about and a lot more reason to save money for.

And also decors, decors that will replace you clothes shopping money!

Eight Homes’ Stages of Construction

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Base Stage

The concrete waffle slab is constructed

Frame Stage

The timber frame is complete. All wall frames and roof trusses are erected. Windows are not installed at this stage.

Lock up Stage

The homes external brick walls, roof tiles/coverings, windows and front door (or temporary door if applicable) are installed. Internal lock up is complete.

Fixing Stage (Click for our fixing stage photos)

Plaster, architraves, skirting, doors, cabinets and cupboards are fitted and fixed into position. The internal garage wall will be clad with plaster. Eaves and cladding are complete.

Final Stage

The painting, tiling, plumbing fit off, electrical fit off, carpet and other applicable items will be installed to complete your new home. All metal capping and all external rendering are complete.

Stone bench tops, glass or tile splash backs, linen, wardrobe, pantry shelving and small sections of ceiling cornice are complete.

Handover Stage

Includes Final Inspection and Final Payment

Settlement

Keys!

What is it like to purchase land off the plan

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You don’t buy a lot planned to be subdivided and expect it to be titled the month the sales rep said it would (….not entirely his fault either).

26 October 2013 - Put in the deposit for Lot 320

26 October 2013 – Put in the deposit for Lot 320

      Click on the photo to see the land development

We paid in our 10% deposit for the land October 2013 expecting it to be titled in March 2014, but ended up being delayed and  settled in October 2014. We’ve considered a few other Estates that was advertised to be titled at the same time, March 2014. But just started the works a month ago. I can’t imagine the frustration if we pursued to buy there.

It was not our original plan to get a vacant land that is yet to be titled but a year helped us save and really know what we want in our home. But for someone whose plan is to move in as soon as possible, this option might not be good for you. Below are the positives and negatives we’ve encountered.

PROs

  • They are usually cheaper than those lots already registered (say on the same location)
  • Purchase price might be cheaper than it’s market value at the time it’s titled, good for investments
  • Waiting time would be a good opportunity to save and plan what you want in your home
  • Buying vacant land in general (applies to those living in Victoria), will incur stamp duty fee for the purchase price of the lot only and will be entitled to 50% discount once confirmed that you are starting your home construction

CONs

  • They take a long time to title and you have no control over it
  • Purchase price might be higher than it’s market value at the time it’s titled
  • If you signed up for the build early, builders might charge you for the price increase if title came later than expected

Tip: Let the vendor know that you’re okay with the wait and that you’ll be fine as long as they update you accordingly.

Is the land you’re looking for worth the wait? Let us know on the comments below!