How long does it realistically take to build a house? 6 months? 9 months?
We need to sell our house to build, and during the building period we either need to rent or buy, there are too many of us to go sponge off relatives or something.
Rent for that period - 4br houses here are around $280pw.
Buying shortterm - there's a $100k house available near here that has been for sale 'forever' and there's downwards wriggle room on that price. With 60% loan, $2800 stamp duty, ... er ... what other fees are there? House is currently let for $140pw (its in a different town to us, hence cheap rent) so could be rented again when we're done. Its not a house we'd like to stay in longterm (no yard) but would do for a few months. I imagine we'd need a >60 day settlement period to get vacant possession.
Have to move twice if we buy or rent, bills getting reconnected etc so don't need to count those.
I have a strong suspicion buying is going to win in this case but does anyone have a link to a calculator or can do some mental arithmetic?
We need to sell our house to build, and during the building period we either need to rent or buy, there are too many of us to go sponge off relatives or something.
Rent for that period - 4br houses here are around $280pw.
Buying shortterm - there's a $100k house available near here that has been for sale 'forever' and there's downwards wriggle room on that price. With 60% loan, $2800 stamp duty, ... er ... what other fees are there? House is currently let for $140pw (its in a different town to us, hence cheap rent) so could be rented again when we're done. Its not a house we'd like to stay in longterm (no yard) but would do for a few months. I imagine we'd need a >60 day settlement period to get vacant possession.
Have to move twice if we buy or rent, bills getting reconnected etc so don't need to count those.
I have a strong suspicion buying is going to win in this case but does anyone have a link to a calculator or can do some mental arithmetic?