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