House build prices
#1
MOGGY
Thread Starter
Joined: Feb 2007
Location: GLOUCESTERSHIRE
Posts: 17
House build prices
Hi everyone.
I have just been looking at blocks of land for sale in secret harbour and was just wondering how much the approximate cost of having a 4x2 house built would be.
Also i can afford to buy the land outright with a little left over, so can you get a mortgage to build the house with the land already paid for.
Any info appreciated.
I have just been looking at blocks of land for sale in secret harbour and was just wondering how much the approximate cost of having a 4x2 house built would be.
Also i can afford to buy the land outright with a little left over, so can you get a mortgage to build the house with the land already paid for.
Any info appreciated.
#3
Re: House build prices
there are a lot of depends
site costs -eg is the land level, are there trees to be removed or rock, requirements of local council (our means changes to design, certain drainage requirements, BASIX etc)
The house total depends on what you choose & the builder - from level of finish to the build of the house, to changes you make to standard design (assume you want project house). Basic prices a builder shows is for a very basic house, and you need to budget for upgrades, flooring, landscaping etc.
View some showhomes & get a builder to give you a tender price on the the land you are interested in - they should do this FOC
You would want a mortgage that releases the funds in stages as the builder finishes certain parts of the build - there are plenty of choices & suggest contacting a broker. Buying the land outright suggests you have a sizable 'deposit' on total cost of house/land. If you are borrowing less than the land is worth, the banks will be happier as if you make a mess of the house they can recoup debt from just the land.
all the best (we have house we want to build, just not the land )
site costs -eg is the land level, are there trees to be removed or rock, requirements of local council (our means changes to design, certain drainage requirements, BASIX etc)
The house total depends on what you choose & the builder - from level of finish to the build of the house, to changes you make to standard design (assume you want project house). Basic prices a builder shows is for a very basic house, and you need to budget for upgrades, flooring, landscaping etc.
View some showhomes & get a builder to give you a tender price on the the land you are interested in - they should do this FOC
You would want a mortgage that releases the funds in stages as the builder finishes certain parts of the build - there are plenty of choices & suggest contacting a broker. Buying the land outright suggests you have a sizable 'deposit' on total cost of house/land. If you are borrowing less than the land is worth, the banks will be happier as if you make a mess of the house they can recoup debt from just the land.
all the best (we have house we want to build, just not the land )
#4
Re: House build prices
Hi everyone.
I have just been looking at blocks of land for sale in secret harbour and was just wondering how much the approximate cost of having a 4x2 house built would be.
Also i can afford to buy the land outright with a little left over, so can you get a mortgage to build the house with the land already paid for.
Any info appreciated.
I have just been looking at blocks of land for sale in secret harbour and was just wondering how much the approximate cost of having a 4x2 house built would be.
Also i can afford to buy the land outright with a little left over, so can you get a mortgage to build the house with the land already paid for.
Any info appreciated.
#5
Re: House build prices
We have an equity access loan from Westpac as we already had the land (although it was given to us). It basically allows us to borrow against the value of the land (a huge overdraft account) and we just take money out when we need it to pay builders or whatever and also pay it off as we like as well so there are no minimum monthly repayments.
O and are there any hidden fees?
Sounds like a nice option that one.
#6
Re: House build prices
The Westpac site says 8.22% a year which is slightly higher than a traditional mortgage but we actually get a lower rate than that as we do all our business banking with them. As for hidden charges I have no idea, my partner is in charge of all that There may be a small charge a month to keep the account open as if it were a normal bank account but I'm not enitrely sure
#7
Re: House build prices
Get yourself one of these:
http://www.commbank.com.au/personal/...neOfCredit.asp
At the same time buy thier wealth package for no fee's and a .7% dicsount :-)
http://www.commbank.com.au/personal/...neOfCredit.asp
At the same time buy thier wealth package for no fee's and a .7% dicsount :-)
#8
Re: House build prices
The Westpac site says 8.22% a year which is slightly higher than a traditional mortgage but we actually get a lower rate than that as we do all our business banking with them. As for hidden charges I have no idea, my partner is in charge of all that There may be a small charge a month to keep the account open as if it were a normal bank account but I'm not enitrely sure
Get yourself one of these:
http://www.commbank.com.au/personal/...neOfCredit.asp
At the same time buy thier wealth package for no fee's and a .7% dicsount :-)
http://www.commbank.com.au/personal/...neOfCredit.asp
At the same time buy thier wealth package for no fee's and a .7% dicsount :-)
Cheers, thats give me some options....
#9
Forum Regular
Joined: Oct 2006
Location: Bull Creek
Posts: 164
Re: House build prices
Hi everyone.
I have just been looking at blocks of land for sale in secret harbour and was just wondering how much the approximate cost of having a 4x2 house built would be.
Also i can afford to buy the land outright with a little left over, so can you get a mortgage to build the house with the land already paid for.
Any info appreciated.
I have just been looking at blocks of land for sale in secret harbour and was just wondering how much the approximate cost of having a 4x2 house built would be.
Also i can afford to buy the land outright with a little left over, so can you get a mortgage to build the house with the land already paid for.
Any info appreciated.
As a general rule, spend on the house the same value as the block of land.
As for getting a mortgage - Yes you can - quite easily (just ask me how). Expect to pay around 7.37% which equate to payments of about $691 per month for each $100,000 borrowed. If you wanted interest only then use a figure of $614 per month per $100,000 of the mortgage.
Cheers
Bob in Bull Creek