Hello all,
We are considering a house & land package somewhere along the South/East corridor - Melbourne.
Our budget is in the region of 300-350k.
Primarily, we will be living in it for approximately 12 months post completion whilst we build another house on a block we already own.
We will then let the H&L house.
I am trying to find some information on the pro's & cons of H&L packages, and what their value tends to be immediatly at completion - worth more? worth build cost? or worth less?
Looking at rental prices and property prices in that area, I am basing my rental figures on 5% of the property value.
So, if we built a House & Land packaged 3 or 4 bed, single storey home in say Narre Warren / Berwick area for $350k, with completion say 12 months from now, would it be fair to assume a value of say +10% by completion? giving an estimated rent of $370 per week? Then, maybe a further 5% value increase in the following 12 months from completion with an anticipated weekly rent in 24 months time of $388 per week?
I would be interested to hear any comments.
Thanks.
We are considering a house & land package somewhere along the South/East corridor - Melbourne.
Our budget is in the region of 300-350k.
Primarily, we will be living in it for approximately 12 months post completion whilst we build another house on a block we already own.
We will then let the H&L house.
I am trying to find some information on the pro's & cons of H&L packages, and what their value tends to be immediatly at completion - worth more? worth build cost? or worth less?
Looking at rental prices and property prices in that area, I am basing my rental figures on 5% of the property value.
So, if we built a House & Land packaged 3 or 4 bed, single storey home in say Narre Warren / Berwick area for $350k, with completion say 12 months from now, would it be fair to assume a value of say +10% by completion? giving an estimated rent of $370 per week? Then, maybe a further 5% value increase in the following 12 months from completion with an anticipated weekly rent in 24 months time of $388 per week?
I would be interested to hear any comments.
Thanks.