Build now or later?

Discussion in 'Introductions' started by Brendan06, 10th May, 2020.

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  1. Brendan06

    Brendan06 New Member

    Joined:
    10th May, 2020
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    Location:
    Hoppers crossing
    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
     
  2. Joynz

    Joynz Well-Known Member

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    Melbourne
    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...
     
  3. MTR

    MTR Material Girl Premium Member

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    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
     
  4. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

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    Perth WA
    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.
     
  5. Brendan06

    Brendan06 New Member

    Joined:
    10th May, 2020
    Posts:
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    Location:
    Hoppers crossing
    No, we are using Escape homes. Not a very big builder but we liked the inclusions they had