Builders License - WA
- Thread starter MTR
- Start date
Interesting, OK this is less that Spearwood, Spearwood front would now sell for around $520K, middle unit $490K, end $510K approx.
I think you will find as long as stock is low they will rise. I like this area and I don't think you are too late with your timing, there is so much happening south, I think it was a little behind north and now catching up quickly.
When you mentioned triplex, I thought you may have purchased in Balga, hoping you did not as there is an over supply and the sites are just way too expensive, some will get burnt soon.
Looking forward to hearing more about your project, great stuff.
I think your numbers are good, I am just being conservative.
I do like the area, Coogee Marina / Fremantle are really nice and Spearwood / Hami Hill are so close, cant go wrong in my opinion.
I still like Westminster but yes a lot of finished products will be coming on the market at the same time so see what happens, hopefully everyone will do well.
I do like the area, Coogee Marina / Fremantle are really nice and Spearwood / Hami Hill are so close, cant go wrong in my opinion.
I still like Westminster but yes a lot of finished products will be coming on the market at the same time so see what happens, hopefully everyone will do well.
I think your numbers are good, I am just being conservative.
I do like the area, Coogee Marina / Fremantle are really nice and Spearwood / Hami Hill are so close, cant go wrong in my opinion.
I still like Westminster but yes a lot of finished products will be coming on the market at the same time so see what happens, hopefully everyone will do well.
I do like the area, Coogee Marina / Fremantle are really nice and Spearwood / Hami Hill are so close, cant go wrong in my opinion.
I still like Westminster but yes a lot of finished products will be coming on the market at the same time so see what happens, hopefully everyone will do well.
Hi Chomp
Did you realise that the 3 unit sites in Westminster are selling close to $580-600K
and I believe villas are only selling for $420-450K it does not stack up, way too tight. I mentioned somewhere on SS that my agent who has his finger on the pulse said he is having problems selling units now in these areas, its a worry.Good to be conservative, I thought that was the case, cos Hammy very similar price to Spearwood.
Perhaps they got finance before end values dropped?
I doubt it, you may get this in Nollamara and this will be top price.
Looks like $500k has been breached as this is Under Offer - though the offer might have been under $500
http://www.realestate.com.au/property-villa-wa-westminster-115781583
Definitely a few townhouses reached almost mid $550k
Hi Myf
$500K is rare for Westminster perhaps this is a larger villa?? does not provide size etc. Was speaking to an agent and on average 3x2 most sell today for around $450K and some less depends on spec. Most listed on realestate.com are around $450K, at this end price the numbers are just not good enough.
Yes, townhouses can sell over $500K, however different product and cost more to build, so I doubt these would stack up.
Hi Spanna
Not sure what you mean by not using a reputable builder? Would never do this.
I am in the process of sourcing finance for my 3 unit/villa development and my valuation was the key, it came in higher than I expected on a $1.2M lend I only need to throw in $70K, this is with Homeside. I also have an excellent broker. The builder is also experienced and am happy with my choice.
My Melb 4 unit/townhouse has just been approved, however I have a 6 month lease and other stuff that needs to be processed that will take time, so wont be starting till June. My broker has told me I could source resi loan for this one, however I can not be more specific regarding this as I did not go into any great detail with my broker.
As far as the banks are concerned they want to view builders insurance, plans and quote/payment claims. I have no idea if they research the builder, I doubt it, these people who process this stuff are pen pushers and they just need to ensure that I meet the criteria. I think the most anxious moments with financing developments is ensuring that the valuation comes in at what you expect, if it comes in short you will have to be dipping in your pocket and could really hurt.
I was in Melb when my property was valued, I was planning to provide sales evidence etc and meet the guy at my property and talk it up, perhaps it was better this way
Cheers
MTR
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Spearwood / Hami Hill ticking all the boxes (yes I'm biased )
http://www.realestate.com.au/proper...=ebrochure.highlight-to-property-details-page
)http://www.realestate.com.au/proper...=ebrochure.highlight-to-property-details-page
Yes I can understand this, more $, more risk etc.
Yeah it was more in regards to the fact that if you do get your builders licence and are the ?registered? builder for your own project. Finance could be harder to get because you have no track record of successfully completed builds?
I?m aware that some lenders consider +4 Unit sights commercial lending?. Cheers
I?m aware that some lenders consider +4 Unit sights commercial lending?. Cheers
Could be right, but there are also ways around this that can help. Already started a company where I am employed as a project manager, my accountant is holding my hand with this one as there are structures that can help prove further income via business which inturn helps with securing finance.
Not sure how it will all pan out, perhaps at the end of the day as Sanj suggested just continue with developing, forget becoming reg builder, an I do value my time.
I think your focus would be better aimed at learning how to manage the building process and your builders. Go to rics and do all their contractual short course then nail your builder to the wall.
If you think the builder is ripping you off for his margin just wait till the consultants get stuck into you with no builder to keep them inline.
If you think the builder is ripping you off for his margin just wait till the consultants get stuck into you with no builder to keep them inline.
