answered
Q: Not sure if this is a conveyancing question. Really, what I want to know is who is the right 'expert' to speak to? Is it a conveyancer? A broker? A builder?
My husband and I had are about 6 months away from being in a position to buy a property. Until recently we'd planned to buy an established home in the Outer Eastern suburbs of Melbourne, but our circumstances have changed a bit recently, opening up the possibility of buying a block of land somewhere semi-rural and building a new home. But neither of us has had any experience building and I'd love to speak with someone who can educate us about the process - pro and cons of buying vs building, financing a build, the timeline and processes around buying land, getting permits, submitting plans etc.
We could obviously speak with a couple of home builders, but I'd prefer to speak with someone independant and who won't feel as though we're wasting their time. Realistically, it will be 6-12 months before we're ready to act on the advice, but in the meantime I want to educate myself so that when the time comes we can act quickly if/when the right block comes along at the right time.
Thanks in advance!
A: Dear AAW W,
That's a great question. I am a finance broker and I can help guide you on the basics of buying an established home v/s buying a block of land and then building on it. Would you like me to ring you for a quick chat?
Most of my First Home Buyers do take 6-12 months to be ready to buy their own home. Essentially there are pros and cons to each type of purchase established v/s building. What is critical to consider is where you are in your buying journey and which option will suit you more.
With buying land and then building you are likely to get more stamp duty and First Home Buyer grant benefits (ie if you qualify) as opposed to buying an established home. But when you buy land and build it does take nearly 6-12 months at times longer to move into the new home. If you are renting during this time then rental expense adds up.
Let me know if you would like to chat over the phone and I can ring you or you can ring me on 0450515051
Thanks,
Nitya Shivraj
