Monthly Archive: May 2017

Full Speed Ahead! – 21 May, 2017

Go Sign

After receiving disappointing news last week that our block had been submitted (but was now on the waiting list) at the titles office I was surprised to receive a call from our conveyancer during the week advising that we now had title and settlement would be occurring in 14 days! What the?

I’m not sure about the specifics but it would seem the vendors/agent expedited the process so instead of 19 days waiting + 2-5 weeks of processing time it all happened in the space of just over a week. Excellent news after waiting so long however it now puts pressure on getting our finance approved prior to the settlement date of June 1st.

On Friday we signed the building contract, signed the land transfer documents and passed everything back to our mortgage broker and conveyancer to weave their magic.

So, once again the  odds change…

 

 

Revised odds for construction start

bookies-board

  • June Start: 30-1
  • July Start: 2-1 fav
  • August Start: 12-1
  • September Start: 100-1

Regular update – 11 May, 2017

1 step forward, 2 steps back…

As we close in on a start date it’s easy to get enthusiastic about when we’ll see the first signs of construction on our block. After meeting with our builder and working through the final (?) list of discussion points it seemed like construction was imminent.

1-forward-2-back

  • Scope of work was confirmed
  • Price confirmed
  • Finance pre-approved

The only thing we were waiting on was the land title office to start an avalanche of progress; settlement, building permit, construction! After speaking with the agent a few weeks earlier I expected it would be ready any day now… until I received a letter from the agent advising that the documentation had only just been submitted to the land titles office! With construction in the state of Victoria booming there is currently a 19 day wait (business days) until our application will even start to be reviewed. It may then take anywhere between 2 and 5 weeks to process the lots in our stage release so we’re potentially 2 months away from that milestone.

On the plus side this will give us time to save some additional money, a necessity after receiving a variation quote for additional site works. The soil test identified that there was 70 cm of fill across the entire block and the builder doesn’t want to simply drop a waffle slab on the site, advising that it would be better to drill a series of piers to provide more robust foundations. I’m happy to follow their recommendation however it comes at a significant cost. It’s been a challenging journey to this point and we certainly don’t want to build a house that starts developing cracks in the walls after a couple of years. As mentioned previously, we intend for this to be our forever home.

 

So, the waiting game continues…

Revised odds for construction start

bookies-board

  • May Start: 1,000,00-1
  • June Start: 1,000-1
  • July Start: 100-1
  • August Start: 6-1 fav
  • September Start: 25-1

Weekly update – 30 April, 2017

Last week we reviewed our draft construction drawings and provided more feedback to our builder. No major queries, just clarifying placement of cabinetry and powerpoints as we move towards a final set of construction drawings

Our soil test is going to be carried out this week which should allow the builder to finalise site costs.

soil

Although the civil works are now complete we’ve still got plenty of documentation to be completed before we see building activity onsite. Our builder provided the following guide to ‘next steps’.

  • Soils and survey received – builder will price the site costs and add this information to our plans to ensure the design we have complies with all Rescode regulations. Contracts can also be prepared and signed at this stage.
  • PSI (Property Service Reports) are received approximately 2 weeks after the land titles – this includes information the builder needs relating to the stormwater etc.
  • All variations are signed off on and Final amendments are made to plans.
  • Engineering is ordered, final documents are prepared (i.e specification, colour template, colour mark ups) and signed.
  • Proof of ownership of land is to be supplied in the form of a letter from Solicitor/Conveyancer confirming settlement has taken place.
  • Once all documentation is signed and finalised, we pay the balance of the builder deposit
  • Once those monies are cleared in to our account the builder will apply for a building permit. Usually building permits take 2 weeks but there can be unexpected delays.
  • Building permit, stamped plans and all insurances are presented to use for finance .
  • Confirmation is required from lender that funds are available for draw down – for this to happen generally mortgage documents are signed, valuation has taken place and the loan has settled.
  • Hand over to construction – from this point we will have site presence within 14 working days.

While some of these things can happen simultaneously other have a strict sequence and step 3 can’t be started until step 2 is completed. When combined it might be anywhere from a month, through to 3 months before construction starts.

Latest odds for construction start

bookies bag

  • May Start: 100-1
  • June Start: 12-1
  • July Start: 2-1 fav
  • August Start: 20-1
  • September Start: 150-1