All Topics / Help Needed! / Building insurance

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  • Profile photo of deepak6574deepak6574
    Participant
    @deepak6574
    Join Date: 2012
    Post Count: 14
    April 10, 2013 - 2:57 am

    Hi All

    Just a quick question. I wish to owner build a house in the near future and would like to know how much does it cost to buy the building insurance. My understanding is that if i wish to sell the house say after 2-3 years, house must have building insurance for the first 7 years otherwise i can not sell the house.

    If it's correct, does anyone know who to go and buy the insurance from? any recommendations/advice will be greatly appreciated.

    Thanks all

    Deepak

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    April 13, 2013 - 12:45 pm

    Hi Deepak

    Will depend on the State you are going to build,

    In NSW it is the Office of Fair Trading that regulated Owner Builders so you will need to check the Warranty Insurance details.

    The property must have Warranty Insurance for 6 years after the date of completion if you intend to sell.

    Financing a deal of course can be a different story as we discussed.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

Viewing 2 posts - 1 through 2 (of 2 total)

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