So, we settled today...

:D :D

We FINALLY settled on our IP today!!!! YAY!!!!! :D So Stoked!!!! It is only 12months later then the original completion date - ROFLMAO. But it is just such a relief to finally NOT have this hanging over our heads and worrying about finance, builder, lawyers, or valuers. So many hickups along the way, but I now own a whole heap of debt (97%LVR) attached to an IP!!!! :D

Now I just have to get mailbox, a depreciation schedule and a tenant to help pay for it all! :D

Will be back later to put up pic's.
 
rugrat
congratulations but with all your excitement you forgot to tell us what it is you bought and where it is :)
cheers
 
Congrats Rugrat, that's one foot firmly on the ladder. Can't wait to see the pics and read the details.

Well done!

Cheers,
Michael
 
I'm seriously hanging out to have our own house built, I think we'll be throwing a BIG party when that one arrives :D Should be within 3 months though, fingers crossed.

Did they give you reasons for all the delays?
 
Well, If I was more technological I would put up photo's! But I'm not so you will have to wait until DH does it for me.

It is a 3 bed house in Casey: DLUG, ensuite, walk in robe, two way main bathroom. It is only 115m2 living, but feels bigger then that. It sits on a 405m2 block (a decent size for a new suburb in Canberra).

My DH and my BIL don't the landscaping, which cost just a little over 2k (including dingo hire, etc) - it is very basic and what I would consider reasonably 'tenant' proof. ie, it is all redbark and topsoil and grass-seed - not a plant in sight. :D The landscapers were all quoting us around $5500 to do something similar (minus the mini retaining wall we put in the front yard). Very happy with it - just need the mailbox to complete it (will do that this weekend, have just been too lazy to drive out to fyshwyck to pick it up).

As for the delays - what didn't delay us. :rolleyes:
Firstly, it is a brand new suburb, and there was rain and other delays with the development company, so the builders were even able to settle on the land until 4 mnths later. Then there was more rain, and paperwork issues, and disagreements between ourselves and our builders and compromises and more of all the same. And then they just done things really slowly (working on other houses all at the same time) and ours wasn't a priority because we negotiated settlement on completion (rather then draw down payments like everyone else). And then after all of that, they wanted us to settle with three days notice on christmas eve - so we told them to bugger off and delayed until 5th Jan, but then the bank had an issue, because the valuer was suppose to do a walk through (to ensure it was finished) but hadn't yet (valuer claimed builder wasn't contactable, builder claimed they had spoken to them, but that valuer had failed to follow through), finally sorted that and settled a day later.

I won't even go into all the issues we had with our lawyers - I swear they got their degrees in a cornflakes box. Wasn't impressed when DH and I had to tell THEM what to do, and then get charged for the privledge. Maybe I should go into conveyencing and put my degree to good use, certainly couldn't do any worse then this mob. So next time, I will be definitely looking around for a different bunch.

At this stage, I'm just happy that the house has finally settled, and we can stop putting everything on 'hold' until 'after the house settles'. I think 2011 will involve holidays, new car and 3DTV - and probably a few small investments in shares, etc. 2012 we will start looking ahead towards our next venture, which will likely invove a PPOR ungrade for us. 2 properties down, about 4 more to go - 11 more years left to do it (that's when I turn forty ;) ). No rush. Slow and steady will get us what we want. :D
 
and we can stop putting everything on 'hold' until 'after the house settles'.
That line comes up a lot in this house too :) Right now the council has lost our sewage plans so they can't start building.

Must be a fantastic feeling to actually have it DONE. Minus that letterbox of course ;)
 
Isn't it astonishing how incompetent people have become during the boom years. Go back 15 -20 years when jobs were a bit harder to find and if someone stuffed around like they do today they would be either sacked or transferred to some rotten job.

Congrats on working through it all and keeping your sanity, I really think that having a place like this to air the problems with people who understand helps calm the nerves.
 
So we have tenants sign a lease last night! :D Very happy. It rented for $495p/w (about $60more p/w then our original estimates when we first started building.

It is a family with three young children who have just moved to the ACT. I was a little wary about the three young children (having three young kids myself, I am well aware of the wear and tear they can do to a house), but they had lots of excellent references and a good income. They have a 12mth lease, I would be surprised if they stay any longer then that (I believe they will likely want a bigger place or their own place once they have been here for a while) - but that's alright, one day at a time. ;) :D
 
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