hi guys/girls
recently been looking into property investing, as you all know.
now with the government boost (26k) i would like to develop in outer melbourne. (get the grant, stay for 6 or 12m) then sell)
Question:
1. does the government give grants to people who build there own home? i'm quite sure they do, however just confirming.
2. if yes, when can you claim it. as what im looking at is a vacant block with plans+permits, is it when i finish they give it or when i settle?
3.what is the rough cost to build a 3br 1bath (+1ensuite) 1-2 Car garage. average quality, i mean:
– high ceilings
– colourbond roof
– stone benches
– downlights throughout
– big, but not overly big skirts/archs.
– tile (or floating)
– basic stone landscapekeep in mind this is on a small 230m2 block.
etc..
anything will help.
Yes the Goverment might give you the Grant but might find it harder than you expect to obtain finance as lenders dont like Owner Builders especially at the higher LVR levels.
Also mortgage insurers dont like them either so that will limit your borrowing.
Might want to get a contract builder to build it for you.
Richard Taylor | Australia's leading private lender
sorry guys, i just changed it. i meant i would get someone to build the home for me -> a builder of course. im still at uni haha, no way i could do it.
with the grant i would have a deposit of 40-45k as well. and that is more than enough for the property site im looking at (for a deposit)
Your best bet price-wise for a house is with a project home builder using a standard design – this will be the most cost effective, efficient and quickest means of getting the house built. By using your own desiger/architect you can quite easily add 50% over the cost of a project home.
Why? Economies of scale – project homes are built to a price/to meet a market. Design has been 'prototyped' and built elsewhere. Extras, like high ceilings (I assume higher than 2.4m), large skirtings etc will add to the cost. Project homes add these as extras.
If access isn't an issue, you could also consider either a kit home (where all the components are delivered to site and you organise the builder or trades) or better yet a prebuilt house (assembled & fully fitted out house delivered to the site).
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