VIC Moving to the country

Discussion in 'Property Analysis' started by Speck1, 12th Mar, 2018.

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  1. Speck1

    Speck1 Well-Known Member

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    thanks ellejay.

    but what deposit do you need for say land then the new house?
    is it 10 per cent like it is if you buy new house.
     
  2. Speck1

    Speck1 Well-Known Member

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    Victoria
    what are the hidden costs when purchasing land, then building a house on it.
    A few businesses are speaking to the wife telling her its as easy as buying land then buying house to build on it.

    Surely its not that easy,

    What are hidden costs and what is the deposit for land 10%?
    then the building of house loan ?
     
  3. hobartchic

    hobartchic Well-Known Member

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    Talk to a lender to find out how much of a deposit is required. Though as it is a construction loan I would expect a higher deposit.

    Building can be expensive and costs can blow out. If you have some DIY skills you could do your own painting and save some money. Find a builder who is certified under the Master a Builders of Australia and talk to an insurer about protecting yourself in the instance they go bankrupt.

    I would do some research of your own too. Risks involved with any property.

    Having a newer home has distinct advantages too.
     
  4. Angel

    Angel Well-Known Member

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    We had an acreage block about 15 years ago between Brisbane and Toowoomba, a ten minute drive from the university at Gatton. We looked into building on it, but there were costs that made it nonviable. The land had "town water" but water was drip fed for two hours per day into the tanks that we would have required - add about $15K. When the dam for the local towns is empty, you don't get any water, town water or not. The street had electricity running past the block - it would cost another $14K if I recall correctly to tie into the power line. $6k for biocycle that had to be serviced twice a year. And the list goes on. If you weren't from the local families, tradies wouldn't service you - in 18 months we could not get anyone to slash the block.

    This would add another 35% to the build price of a basic three bedroom house before we even submitted any application to council. We sold the land for a very nice profit though.
     
    The Y-man and ellejay like this.
  5. ellejay

    ellejay Well-Known Member

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    If you have GJ Gardner or similar near the block you're looking at they should be able to give you a good ballpark figure to build. See a broker to work out your deposit etc.
     
  6. Speck1

    Speck1 Well-Known Member

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    Location:
    Victoria

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