All Topics / The Treasure Chest / Analysis paralysis -to build or not to build

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  • Profile photo of StephanieStephanie
    Join Date: 2003
    Post Count: 13

    I am so sick of it!! HELP!!

    I have found an investment opportunity. The numbers add up, my lender is happy and even if it all goes pearshaped and the earth spins off it’s axis I can still meet the payments on the “mistake/valuable lesson” and not dent the grocery budget

    – BUT (as you’ve been waiting for..)

    it’s not an existing property. I’ve no experience when it comes to building (although i am the ‘favourite niece’ of an uncle with experience in building trade).

    All the property avail. to rent in this “regional centre” would require condeming in capital city and rental on these pieces of junk more than satisfy the 11 sec soln. I don’t want on old crapped out place that will COST me money when i could build a brand-newie for the same cost OR LESS (lag-time before income and ‘lessons on the building experience asisde’)

    Frustrated commentary over. I really need some new ideas. I just keep turning over the ones I’ve got and thats just not satisfying.

    Anyone built an IP?? What are your opinions on building vs existing, what benefits/limitations do you see in the proposed plan (other than my anxiety)

    Thanks in advance,

    Profile photo of johndjohnd
    Join Date: 2003
    Post Count: 25

    Hi Stephanie,

    A new property far out weighs purchasing old for rental, there are tremendous advantages to building new such as
    1.Tax deductions, get a quantity surveyor to prepare
    2. The property is brand new therefore easy to rent etc
    3. No head aches with broken this and that all issues generally covered by builders warranty at least for the first 5 years.

    I buy houses on large blocks, subdivide reno existing sell that one off build on the land that I created and retain the new one as IP, not the old one.

    Make sure you do the following especially seeing you dont have much experience in building.
    1. Use a project builder ie AV jennings or alike
    2. Make sure you insist on a fixed price contacts – No Allowances –
    3. Do not buy and choose your selections on emotion, your tastes will be different to every one elses.
    4. Choose from a display home and buy what you see no modifications as they add cost.
    5. (Optional) Buy everything included, floorcoverings, lawn, landscaping etc so that when the builder hands the property over it is ready to move into.

    I simply say to the builder when I have sellected the dwelling that I want, I want this property as I see it here complete built on my piece of land.

    Follow those simple rules and you shouldnt go wrong. If youve done your numbers and they add up then go for it.

    It can be done cheaper but with cheaper comes head aches.
    Hope this helps

    Profile photo of StephanieStephanie
    Join Date: 2003
    Post Count: 13

    Thanks John!!

    They are the benefits I see also.

    The project builders are my next call! Coordinating contractors and getting quotes has been a little painful. I’d not considered AV Jenning etc as the location is in SA and not exactly metropolitan. The worst they can say is, “No” and I ring the concretor again (or get quote for a framed floor as well!!

    Expanded horizons.. There’s been alot of that lately… (fortunately!!)

    Profile photo of shralpershralper
    Join Date: 2003
    Post Count: 8

    Also encumbrances may not permit a transportable home, but a good idea if allowable!

    Profile photo of StephanieStephanie
    Join Date: 2003
    Post Count: 13

    Hi guys,

    transporters ARE a possibility in the location.

    My first contacts were with (2) transportable companies and.., well, they are what encouraged me to perservere with the concreter, as $$ estimates not much different for what appeared to be a superior product.

    This is a nice, LOCAL link and the aesthetics of finished houses AREN’T the transportable quality I’d concluded was standard.. THanks guys.. back to good old persistance, third time WAS better…

    Now I;m up to speed on relative prices and merits of construction materials I’m in a much better position to compare value of products offered by different means.
    ($$ pohibitive because of distance from metro area for project homes by AVJennings), but will post results of detailed discussion with additional transp construction companies.

    Thanks crew. Your suggestions, interest and encouragement help ALOT… not just with physical practicality of transactions but rebuffing the “little voice” that says it CAN’T be a good idea.

    Newbies find access to a discussion forum and others with ideas and experience SO valuable. SO THANKS[:D].

    The concerns of open-ended contruction time and the financial lag are addressed by projects and transporters. Weather dependant issues were to be mitigated by using steel frames, heeble panel etc, but transporter time-frame seems fairly tight (even according to ‘poor-service-hideous-homes’).

    Keep suggestions coming – (even though paralysis now in remission!!) Anyone had it “go bad”? How would you do it differently next time around? I’m still interested in the range of views of the forum on the issue of building vs existing IP’s.

    Thanks guys. I’m busy again…
    [:D] [:P] [:D]

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