Fisher1 Posted September 7, 2016 Author Share Posted September 7, 2016 I would hazard a guess as possible but with difficulty, and you would carry all the risks and really would not be a prudent choice as the banks would only lend a small percentage, at a higher rate, hold the deeds and more than likely require some hefty insurances, all because of your ages and all this adds up to extra costs and a risk that if you do depart this world your family could lose out too.Might be worth looking at family for assistance (maybe the ones that would get the house anyway) could they up grade their mortgages and you pay the extra interest? good luck not worth the effort then ... I was thinking that if you could borrow a relatively low amount, you could buy s better house, but given all those drawbacks, it really wouldn't be worth it! Quote Link to comment Share on other sites More sharing options...
Jarp Posted September 7, 2016 Share Posted September 7, 2016 I'm trying to get my head around this monster, so please correct me if I'm wrong. Suppose I buy a block of land, apply for a building permit, get said permit, have handed in designs and structural plans + calculations, which the council approves. Then if I myself decide to build instead of hiring a contractor, I need a license to build myself? What is that for nonsense? Who dreamt this one up? A contracting firm owner as premier? Quote Link to comment Share on other sites More sharing options...
Rallyman Posted September 7, 2016 Share Posted September 7, 2016 I'm trying to get my head around this monster, so please correct me if I'm wrong. Suppose I buy a block of land, apply for a building permit, get said permit, have handed in designs and structural plans + calculations, which the council approves. Then if I myself decide to build instead of hiring a contractor, I need a license to build myself? What is that for nonsense? Who dreamt this one up? A contracting firm owner as premier? To a degree you are correct , The problems arise when you try to get a mortgage to build if you don't have the funds to build out right, you have to complete a on line course to become a owner builder quite simple to pass then you can build once all paper work is completed and approved. The other way is to use a liecenced builder who will give you a fixed cost to build this is the way the banks prefer you to do it as it's less risk to them due to being caught out in the past with only half completed homes. Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted September 7, 2016 Share Posted September 7, 2016 I'm trying to get my head around this monster, so please correct me if I'm wrong. Suppose I buy a block of land, apply for a building permit, get said permit, have handed in designs and structural plans + calculations, which the council approves. Then if I myself decide to build instead of hiring a contractor, I need a license to build myself? What is that for nonsense? Who dreamt this one up? A contracting firm owner as premier? I am not sure that it is nonsense though in such that you become a builder and builders need to be licensed, this license is generally a supervisors license you would still need to get in licensed trades such as plumbers and electricians and (in Qld) for other works over a certain value. A point to note is that the owner builder license is for the one house only and you cannot owner build again for several years, so if you had planned to build again then maybe best get first license in your name only and the next in say your partners name only. Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted September 7, 2016 Share Posted September 7, 2016 not worth the effort then ... I was thinking that if you could borrow a relatively low amount, you could buy s better house, but given all those drawbacks, it really wouldn't be worth it! Please do not take my thoughts/opinions as being finite, as I do not know your personal requirements/situation you could still ask at the banks and check it all out yourself. good luck Quote Link to comment Share on other sites More sharing options...
ramot Posted September 7, 2016 Share Posted September 7, 2016 (edited) I wonder if anyone can tell me whether banks will lend to retired people on a secure pension? By pension I mean paid for pension not government benefit. As retired people we should have enough money to buy, but it would be interesting to know whether a short (ie ten years) mortgage is possible? When we moved as retirees in 2003 there was no problem to get a 25 year mortgage!!, but I think unfortunately times have changed. If you are "outside" the norm! eg your income comes from UK then even though your income is hopefully guaranteed they don't understand the concept of UK pensions. Might be worth asking John from moneycorp. Edited September 7, 2016 by ramot Quote Link to comment Share on other sites More sharing options...
Guest241083 Posted September 7, 2016 Share Posted September 7, 2016 ........worth a read...! http://intellichoice.com.au/owner-builder-home-loans Once a cost estimate is approved and verified by the banks valuer or QS, then the lender issues a commencement letter. As the lender will lend only to maximum of 80% of the hard cost, then a client must contribute 20% of the funds by way of cash.Hence the construction will initially be funded the client as he will contribute his funds first to 20% of the costs. The lender will eventually complete the project by providing the 80% of funds required for the project to be complete. Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted September 8, 2016 Share Posted September 8, 2016 ........worth a read...!http://intellichoice.com.au/owner-builder-home-loans Once a cost estimate is approved and verified by the banks valuer or QS, then the lender issues a commencement letter. As the lender will lend only to maximum of 80% of the hard cost, then a client must contribute 20% of the funds by way of cash.Hence the construction will initially be funded the client as he will contribute his funds first to 20% of the costs. The lender will eventually complete the project by providing the 80% of funds required for the project to be complete. It would seem from reading this article that this applies to the build cost only and not the purchase of the land, so this will have to be factored in somehow or checked. Also the article says in a couple of places that owner building is about doing it cheaper, but then it states that owner building has a higher chance of going over budget and time!:confused:. Quote Link to comment Share on other sites More sharing options...
Guest241083 Posted September 8, 2016 Share Posted September 8, 2016 .........from experience using a reputable builder to build to lock up stage.... ..........then employing other trades for fixtures and fittings.... ...........was both less stress ful and cheaper in the long run..... ...........I know someone who did ...owner build.... ............and they found they went over budget....! ..............causing them to wait for finishing products.... ...............it's not an easy way IMO.......and yes land has to be purchased first... .................and approved for the dwelling you want,... ...................beware some areas have covenants which restrict the type/ height area of house you build. Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted September 8, 2016 Share Posted September 8, 2016 We were owner builders and also went over budget and time, however this was due to timing which was and is a little unpredictable. We just happened to build in a bit of a boom time so tradies were difficult to get for both price and time, promises were six a penny. Within 6 months of completion I would have had tradies queuing up and begging to get the work! Quote Link to comment Share on other sites More sharing options...
Fisher1 Posted September 8, 2016 Author Share Posted September 8, 2016 Please do not take my thoughts/opinions as being finite, as I do not know your personal requirements/situation you could still ask at the banks and check it all out yourself.good luck Thanks kieth&linda I won't. I did a bit of Internet digging and think the associated costs ( registering the mortgage, insurance, etc etc) would make it unprofitable for the small amount (about 100,000) we were thinking of borrowing. We tend to think of that sort of borrowing as a roundabout way of investing money (if the property goes up in value of course). oh well, back to the drawing board (probably) Quote Link to comment Share on other sites More sharing options...
Fisher1 Posted September 8, 2016 Author Share Posted September 8, 2016 This is going to sound really off the wall, but do any owner builders ever site w caravan on their land and live in it throughout the build? Not unheard of in the UK for renovators ... Quote Link to comment Share on other sites More sharing options...
Rallyman Posted September 8, 2016 Share Posted September 8, 2016 This is going to sound really off the wall, but do any owner builders ever site w caravan on their land and live in it throughout the build? Not unheard of in the UK for renovators ... I dont think you are allowed to do this although not 100% sure.I would think you would have to apply to council for permision to site a temp home, building here in oz is totaly diffrent to the uk, Its taken me some time to get my head around everything, I spent 30 years building in uk before coming out to oz (Also from North wales ! ) Quote Link to comment Share on other sites More sharing options...
Skani Posted September 8, 2016 Share Posted September 8, 2016 This is going to sound really off the wall, but do any owner builders ever site w caravan on their land and live in it throughout the build? Not unheard of in the UK for renovators ... It's certainly been quite common in Tasmania over the decades. It has certainly also occurred in other areas after a bushfire when residents are rebuilding and accommodation is scarce in the affected area. You would have to check with the by laws of your relevant local council though. Quote Link to comment Share on other sites More sharing options...
Dazken Amac Posted September 8, 2016 Share Posted September 8, 2016 We built nearly 3 years ago through a builder and it seemed stressful at the time but looking back, it wasn't as bad as it seems. You do need to do your research so you get exactly what you want that is within your budget and stick to it. Think about what has to be done as part of the build and maybe leave some things for after the build. It was cheaper for us to get the aircon done afterwards buying the units in the sales and getting an installer to do it which only took a day. The builder wanted a fortune to render the outside but we got father in laws mate (who so happened to be a renderer for the builder anyway) to do it for a quarter the price in cash and a few bottles of bundy so we could afford o get the whole house rendered instead of just the front. The builder offers you a range of things like taps, tiles, colour of the grout, flooring, door handles, toilets which can be overwhelming and it can take over your life. We went for a higher spec on some things and lower spec on others and did some things in our own. Luckily the OH loves trawling the Internet and design mags and we got amazing bargains on almost everything so we could get higher spec for a price lower than the builder offered. Nearly 3 years on we have found the right outdoor tiles so the house will finally be finished soon. We did our own gardens and a neighbour said we have the best gardens in the whole estate which is a great compliment and she wants to copy some of the designs. Apart from the gardens we have done little work on the house itself. as with any build or DIY project we have made some mistakes (nothing major) but our house is exactly what we wanted and we would build again. Friends and neighbours say visiting is like going on holiday so the effort has been worth it Where did you build it I mean which state Sent from my GT-N7100 using Tapatalk Quote Link to comment Share on other sites More sharing options...
Guest241083 Posted September 8, 2016 Share Posted September 8, 2016 This is going to sound really off the wall, but do any owner builders ever site w caravan on their land and live in it throughout the build? Not unheard of in the UK for renovators ... ............it depends on if your building in residential,rural residential or rural.... Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted September 8, 2016 Share Posted September 8, 2016 This is going to sound really off the wall, but do any owner builders ever site w caravan on their land and live in it throughout the build? Not unheard of in the UK for renovators ... I did this in the UK me , the wife and three school children. In Aus we just factored in the costs and rented though it was just me and Linda and dog this time. However there was a work colleague here that actually built his shed first and lived in that with his wife and kids, not sure how it stacked up against council regulations though. Quote Link to comment Share on other sites More sharing options...
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