Hi guys, Just wanting some advice on whether or not to build now or wait. My partner and I have recently bought land in Truginina. We have chosen a builder and done all our colour selections, tiles etc. however my partner lost her job due to Coronavirus, and we have had to put off the build for the moment. With things looking a little more positive job wise over the next month, we are considering going ahead with build. However, we do have in the back of our minds the thought of holding off on the build, as in 6 months time it’s possible we could get it built for cheaper. But we also know we run the risk of the price of our land dropping, and the banks not lending to us as we won’t have enough equity. Our preference would definitely be to build as soon as possible. But was wondering what others might think we should do? Does anyone think we could be better off holding off to get a cheaper build? We have plenty of savings
Are you using a volume builder? Because their margins are already pretty small. If they get smaller, I’d be worried about their long term sustainability...
Damned if you do, damned if you dont I would be more concerned about finance in 6 months, playing field is also changing, in particular construction loans and also value at that time I think it is inevitable that prices will fall?? Tough one
What does your broker say? If your partner is not currently working you'll be limited regardless. If your preference is to build ASAP, it's going to be your home, and your partner will have new work, just get it done - nothing is guaranteed in the future.
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