Forum Replies Created
NRAS – is a good financial initiative if the builder approved to build the NRAS investment property actually builds what was agreed to. I sighned contracts on the 17th August 2010 and I am still sorting out the mess.
You really have to consider if its worth the drama if your thinking of building.
Cheers
Hey Guys,
I see lots of discussion on the dollars over ten years…..
Your assumption is that you will get what you paid for? Right?
But if your NRAS investment property is devalued by the builder who is approved to build the property…. by simply plutting the cheapest stuff he can find in your NRAS investment property, and the estimates are between 30-50k in my case…. then how is that a good investment?
My builder is large and has refused to even discuss any of the issues that they have created.
The contract was not worth the paper it was written on.
Just be very aware that their are some builders that are part of this scheeme who will see this as a government sanctioned program to rip you off, in my view, and they will!
Cheers
"The NRAS Scheme seeks to address the shortage of affordable rental housing by offering financial incentives to the business and investment sectors. The Australian Government will give you as a successful NRAS Investor."
CSQ Town Planner.To the best of my knowledge that is the stated aim of the NRAS
However what I have experienced is this:
The contract to build was not worth the paper it was written on in my view.
The builder built what they wanted and the certifier certified it without my knowledge.
In my view my property was devalued by 30-50K….
No quality controls on the end product by the government NRAS.
So in my view…. not a good outcome from an investors perspective…..
So what is the Government incentive worth if the NRAS approved property is less than the stated contract?
I am simply sharing my experience with a program that delivers less than it promises, in my view as stated above.
Hopefully, my experience, will help fellow investors be aware of the potential pitfalls when dealing with an approved builder.
Cheers
Hi Derek,
It may be late at night…. but how is it not NRAS issue?
My understanding is that the builder is approved to build the NRAS properties.
The point I am making is that NRAS is a State and Federal Government initiative.
What I am drawing to your attention to is my experience of not getting the " highest standards"as an outcome inspite of the Governments claim in its brochure on the NRAS and I quote:"Rigorous selection criteria are applied by the Australian Government to the location,
design and amenity of NRAS dwellings to ensure quality properties are built to the
highest standards and comply with State,…………"
Add to that the fact that If you run into any issues (particularly contractual) with your builder you are on your own to defend your NRAS investment.
Try having a dispute with a builder that is well funded by the NRAS…. its no joke.
I did not get what I paid for as listed above in my previous comments.
It is estimated that the changes that were made were worth between 30k-50k in value to my orginal contract to what was delivered as my NRAS investment property.
This was never explained to me when I signed up for the NRAS as I thought a contract meant something…..
But clearly I was wrong.
Cheers
NRAS – my experience in Queensland.
I purchased my property of a plan…. some of the issues to consider are this……
1 The builder did not build in accordance with the contracted plans.
2 The builder did not build in accordance with the approved plans (held by council).
3 The builder built in accordance with the not approved plans without my knowledge.
4 No variations.
The builder did not get any variations for the following:
Example 1: Black colourbond roof and not a light coloured tiled roof (as per my contract).
Example2: Separation wall is a CSR 502 not an "interhome" separation wall (as per my contract).
Example3: One electrical meter box not two (as per my contract plans).
Example4: Pine frames and trusses instead of steel (as per my approved plans held by council).
CERTIFICATION
The building certifiers did not certify my NRAS investment property in accordance with the contract plans.
The building certifiers did not certify my NRAS investment property in accordance with
the approved plans (held by council).
The building certifiers certified my NRAS investment property in accordance with the not approved plans.
All attempts by me to have these issues resolved have failed.
The builder is very large on NRAS funding and refuses to communicate.
I did not get what I paid for and the program is not what it first appears in my veiw.
Cheers
