Buying land and building house

[car10002]

Hi everyone

Was wondering if there’s ways to find people and friends to do small jobs here and there for just to allow you possibly 10 years to build a house of your own.

Am planning on following options and wondered which would be cheapest and make most sense in copper coast area in sa. It will probably take 5-10 years for it to happen though.

1. Buy a completely vacant block and get house approval just for the sheds then see what it’d cost to build to lock up stage and get the shed problem sorted first then finish off the house and hope that the house can be completed in 3-4 years after getting approved.

2 buy a block with a shed already there which you can get for $90,000-100,000 if you wait and look around with enough room to put house there in front with a driveway as you would with option 1.

3. Buy the cheapest house you can just for the sheds and get that sorted then work out the house, would just renovating the front and building extension be better especially if the house is stone and cracks easily or would it be cheaper to knock down and rebuild, am thinking knock down and rebuild because you can build it how you want.

All options will need to have a yard with atleast 1200m2 space preferably a little more and will be out town a little probably.

it’s going to take time as only have one income which is why it took the aunt longer to buy the house she’s in than it took the parents to buy their first one as she only has one income where as the parents had 2 at time.

And am better to come up with atleast 20% for a deposit even though minimum is 10%.

Also what has happened to the days that people were happy to save more for a deposit and wait longer and not only come up with minimum they’ll get away with and rush things so they can have it now because they couldn’t wait or go without.

People currently in their 70s & 80s In their day probably came up with atleast 20% for a deposit and were happy to wait longer and save for one thing at a time.

These days people who are in their 30s/40s/50s/early 60s Especially people in their 20s/30s won’t come up with more than they have to for a deposit so they can have it now and not wait like their grandparents did in their day.

Also people years ago just managed on one wage and didn’t mind going without but now it seems that this generation have to have 2 jobs or wages just to get more money to pay for everything and have been told by a person in their 80s that it’s because they want everything now and working out what to put it down to.

A cousin probably only has 1 1/2 wages and manages ok just has to get bills out way and wait longer for rest.

And the older generation in their day did and still just put up with things going wrong all time and wait till things stop working completely or are completely worn out before replacing. These days in the throwaway time they still put up with things.

Where as as soon as something starts causing trouble and messing up our time we just throw it out and buy new

[Ben73]

Originally Posted by car10002

Also what has happened to the days that people were happy to save more for a deposit and wait longer and not only come up with minimum they’ll get away with and rush things so they can have it now because they couldn’t wait or go without.

People currently in their 70s & 80s In their day probably came up with atleast 20% for a deposit and were happy to wait longer and save for one thing at a time.

These days people who are in their 30s/40s/50s/early 60s Especially people in their 20s/30s won’t come up with more than they have to for a deposit so they can have it now and not wait like their grandparents did in their day.

Also people years ago just managed on one wage and didn’t mind going without but now it seems that this generation have to have 2 jobs or wages just to get more money to pay for everything and have been told by a person in their 80s that it’s because they want everything now and working out what to put it down to.

What happened is house prices outgrew income.

I bought my first house in 2012. Sold in 2015 for $100,000 more than the purchase price with a couple thousand dollars of improvements.
That's an increase of $640 a week. Saving $640 a week for an average person is almost impossible.
Of course the improvements I did to my house would have increased the value, however I would be surprised if it increased it by $10,000

If I saved up for longer for a bigger deposit sure my interests charges would have been less, yet I'd rather have the house appreciating at about $600 a week (less improvements value)

[MercuryT]

I'm a Property Lawyer.

Nothing can be answered until you know your Council Planning Scheme.

Follow that and any saving on labour etc in completing is a massive bonus. You will be fine.

No one can answer what you should or shouldn't do as every City and especially Council is different in requirements.

Key point - follow the scheme and always have a skilled property Lawyer as back up if "things go into grey areas" as back up as it scares Councils in particular.

Good luck!!!

[b0son]

Originally Posted by car10002

Was wondering if there’s ways to find people and friends to do small jobs here and there for just to allow you possibly 10 years to build a house of your own.

A bank won't lend you money if you don't have regular steady income.

[MercuryT]

Originally Posted by b0son

A bank won't lend you money if you don't have regular steady income.

Incorrect.

[MercuryT]

Banks are happy to take security on an asset (like a parents home so long as signed and guaranteed) regardless of steady income.

Happens all the time and usually the parents get screwed over by being so stupid to do it.

[car10002]

If you think about it back in our grandparents day you never had the loans and assistance that you do now and it was a lot harder back in their day then it is now and things were cheaper but you didn’t earn as much or get the extra grants that you do now so it sort of evens out

[MercuryT]

Well it's not your Grandparents day anymore.

It's really not relevant to what you are wanting to achieve (which is great......im currently looking for a property myself. 25 hectares minimum)

[car10002]

And seeing a counsellor at moment for different issues and he thinks there’s some hope and that it’d be better to come up with 20% for a deposit instead of the minimum and just hanging on until then

How come our grandparents generation were happy to save a little more and wait longer and people of today won’t come up with more than they have to and get it quicker

how come they put up with things going wrong and get over it wait till things stop completely or are completely worn out before replacing where as people of today throw things out and/or start planning to buy new as soon as they start messing up their time wether it be cars or computers or white goods or tvs

[MercuryT]

Thanks for your help Merc.

I'm out seriously.......fmd

[b0son]

Originally Posted by MercuryT

Banks are happy to take security on an asset (like a parents home so long as signed and guaranteed) regardless of steady income.

But there still needs to be an income to cover the loan. A guarantor's asset doesnt make the payments, so it becomes contingent on their income.

[b0son]

Originally Posted by car10002

And seeing a counsellor at moment for different issues and he thinks there’s some hope and that it’d be better to come up with 20% for a deposit instead of the minimum and just hanging on until then

Part of the reason for that is that saving a 20% deposit takes discipline and commitment, both things that are necessary to hold down a job and pay down a loan. Especially if you're not going to be getting financial assistance from family.

[marty351]

Originally Posted by car10002

If you think about it back in our grandparents day you never had the loans and assistance that you do now and it was a lot harder back in their day then it is now and things were cheaper but you didn’t earn as much or get the extra grants that you do now so it sort of evens out

Back in them dark days, people saved what they could, and often bought a block that was recently released to public sale or bought a block with something of value already on it.

Today we see kiddos, like yourself, with no fn idea what they want because the car, the trailer, the verandah or whatever is more important.

Set a goal, stick to it, and make sure that goal is achievable!
Otherwise, keep posting here and achieve.... The same answers.

[MDS69]

Save like mad, borrow what you can afford when, not if, interest rates go back up. Buy something that you are happy with for the next 10 years that doesn’t require a bucket load of money tipped into it. It doesn’t have to tick all the boxes but most are good. Don’t try to keep up with the Jones’s as it will cost you a lot of money.

[simon varley]

Originally Posted by car10002

If you think about it back in our grandparents day

back in the olden days most people didn't own. They rented. Ownership for the masses is relatively recent

[pauljh74]

Originally Posted by b0son

Part of the reason for that is that saving a 20% deposit takes discipline and commitment, both things that are necessary to hold down a job and pay down a loan. Especially if you're not going to be getting financial assistance from family.

It also helps you avoid having to pay LMI. There's at least a few thousand that stays in your pocket

Originally Posted by car10002

If you think about it back in our grandparents day you never had the loans and assistance that you do now and it was a lot harder back in their day then it is now and things were cheaper but you didn’t earn as much or get the extra grants that you do now so it sort of evens out

There has been plenty of coverage on this.
House prices grew so fast that people couldn't save a deposit fast enough before prices rose again and their required deposit went up.So couples would start saving and reach their $20'000 deposit, but by then the market had gone up and now they needed $30'000. So they started saving the extra $10k but by the time they did, they then needed $40'000.
Do you see what I mean? It was in the news fairly often, there are probably plenty of articles floating around with people talking about it.

Back in our grandparent's day they could get a loan and the faster they paid it off, the less interest they paid. So yeah you could go without curtains and a tv for a couple of years while every spare dollar paid down the mortgage faster. Not so anymore. You're strapped into near-poverty for decades.
They could also get a job straight out of school and it'd pay enough to buy a house, start a family and live comfortably to the point they could stay in that one job for the next 40 years, even off just the one income. That's also not so anymore.

Originally Posted by car10002

How come our grandparents generation were happy to save a little more and wait longer and people of today won’t come up with more than they have to and get it quicker

Because it's bloody hard to pay rent and save for a mortgage at the same time. The longer you rent, the less you can put towards your mortgage. What you're suggesting is an easy call to make if you can live out of your parents' basement free of charge which then permits you longer to save. Not everyone has that luxury.

The things you're comparing aren't really able to be compared. The game has changed and the picture you're painting isn't very fair.
Are you legitimately curious or just looking for a way to rag on younger generations?

[MercuryT]

Originally Posted by b0son

But there still needs to be an income to cover the loan. A guarantor's asset doesnt make the payments, so it becomes contingent on their income.

No.

If guarantee is big enough a lender will do it as have nothing to lose........

(admittedly it's becoming much stricter legally on undue influence, checking signings etc etc)

[MercuryT]

The banks hope people don't meet their payments.

That's why they take guarantees as it means they can't lose either way.

[Citroënbender]

I don’t believe banks generally “hope” people fail to comply.

They do have a reputation for being insensitive. I’ve also seen a lender extend every possible amount of leeway to a friend in Launceston who was struggling terribly, even the ultimate taking of possession by the lender was civil and gentle.

[car10002]

Hi

Rather than start a new post am going to ask here instead

Was wondering with the sheds is there a way get cheap access that doesn’t cost as much in rent as paying off something of yours.

Wondering as eventually In time going to need something and don’t have a minimum 20% deposit yet to buy and just working out ways that’ll allow more time to think things through and not make wrong decisions as you could be stuck with it for 30 years if you buy.

Just waiting until am able to buy and it’s going to take longer if you only got one wage compared to two

what storage sheds could you get that’s not going to cost as much in fees as it would buying just to allow more time

[roKWiz]

Originally Posted by car10002

what storage sheds could you get that’s not going to cost as much in fees as it would buying just to allow more time

I use shipping containers with a built over truck port between them. Gives lots of space, light and airy in summer and are not cold and dark in winter.
The shipping containers are far more secure to from thieves. It not easy trying to cut throuhg Corten steel are pick a lock box on them compared to a regular shed where thieves seem to know all the tricks of removing complete panels to gain access.
Obviously not as secure if you don't put things away back in the containers when finished for the day.

2 containers, delivered locally $1800 and $800) and large truck port delivered ($1600) with myself building it cost around $3200 total to date but I laid a gravel floor/driveway.
Beauty of it is I could double story or rearrange the containers later being modular boxes.

[Citroënbender]

Container prices are apparently going up, at least for “real” containers built for open seas shipping. The story is that China needs all the containers to feed their booming export markets.

[car10002]

What cheap shed options could you have for now as in storage that doesn’t cost as much in rent as to buy

[Romulus]

Originally Posted by car10002

Hi everyone

Was wondering if there’s ways to find people and friends to do small jobs here and there for just to allow you possibly 10 years to build a house of your own.

Am planning on following options and wondered which would be cheapest and make most sense in copper coast area in sa. It will probably take 5-10 years for it to happen though.

1. Buy a completely vacant block and get house approval just for the sheds then see what it’d cost to build to lock up stage and get the shed problem sorted first then finish off the house and hope that the house can be completed in 3-4 years after getting approved.

2 buy a block with a shed already there which you can get for $90,000-100,000 if you wait and look around with enough room to put house there in front with a driveway as you would with option 1.

3. Buy the cheapest house you can just for the sheds and get that sorted then work out the house, would just renovating the front and building extension be better especially if the house is stone and cracks easily or would it be cheaper to knock down and rebuild, am thinking knock down and rebuild because you can build it how you want.

All options will need to have a yard with atleast 1200m2 space preferably a little more and will be out town a little probably.

it’s going to take time as only have one income which is why it took the aunt longer to buy the house she’s in than it took the parents to buy their first one as she only has one income where as the parents had 2 at time.

And am better to come up with atleast 20% for a deposit even though minimum is 10%.

Also what has happened to the days that people were happy to save more for a deposit and wait longer and not only come up with minimum they’ll get away with and rush things so they can have it now because they couldn’t wait or go without.

People currently in their 70s & 80s In their day probably came up with atleast 20% for a deposit and were happy to wait longer and save for one thing at a time.

These days people who are in their 30s/40s/50s/early 60s Especially people in their 20s/30s won’t come up with more than they have to for a deposit so they can have it now and not wait like their grandparents did in their day.

Also people years ago just managed on one wage and didn’t mind going without but now it seems that this generation have to have 2 jobs or wages just to get more money to pay for everything and have been told by a person in their 80s that it’s because they want everything now and working out what to put it down to.

A cousin probably only has 1 1/2 wages and manages ok just has to get bills out way and wait longer for rest.

And the older generation in their day did and still just put up with things going wrong all time and wait till things stop working completely or are completely worn out before replacing. These days in the throwaway time they still put up with things.

Where as as soon as something starts causing trouble and messing up our time we just throw it out and buy new

If you have a 10 year time frame why not invest your money? I'm not talking fixed term interest rates in a bank but investments and the markets.

[car10002]

hi

have a question and might as well ask here

if someone lived with people known to get sick and they dont have enough for a 20% deposit to buy something of their own what do they do to reduce exposure when they dont have their own living space on the property with its own kitchen, living room and bathroom such as those new airbnb guests 1 bedroom units built into a floor plan that yous might be seeing with separate entrances or a flat in the yard completely seperate from house.

also what do they do to have a bigger and better shed when theyre just waiting to buy own property

pretty much hanging on until am able to buy own thing as dont want to pay rent and have to ask owners permission to do stuff

and some might be happy living where they are apart from that

thanks

[car10002]

Hi

Is there anyone on here that has 3 phase power that would be happy to take photos of in the switchboard showing the circuit breakers and rcds and pm them as would be interested to see how 3 phase power is setup and would like to see

Would like photos of the main and all sub boards pmd, if you just put them on here it doesn’t matter much

Thanks

Originally Posted by Romulus

If you have a 10 year time frame why not invest your money? I'm not talking fixed term interest rates in a bank but investments and the markets.

This...

I just swapped our investment capital that was only earning .65%, for a share portfolio and 2 of them so far have skyrocketed
I have put a lot of trust in the broker tho' as it isn't a paltry sum by any means !!

[MDS69]

Originally Posted by car10002

Hi

Is there anyone on here that has 3 phase power that would be happy to take photos of in the switchboard showing the circuit breakers and rcds and pm them as would be interested to see how 3 phase power is setup and would like to see

Would like photos of the main and all sub boards pmd, if you just put them on here it doesn’t matter much

Thanks

Please do not even consider doing anything yourself. If you have single phase and are wanting three phase you will need an ASP anyway.

[car10002]

Originally Posted by MDS69

Please do not even consider doing anything yourself. If you have single phase and are wanting three phase you will need an ASP anyway.

That along with the gas stove will have to and will be done by a local licensed person

However you can put flat pack kitchen in yourself and sit the appliances and sink where you want them then call someone to connect them and there’s lots little things you can do