Clearing Section full of trees for a new build

[jamesnz]

Sounds like you are suffering from unrealistic expectations. The sqm price is reasonable and the plan cost is cheap. What do you want, someone to do all the work for free?

i don't mind paying the builders drawing fees IF I build on the section
I am not grudging the builder or the seller, but just a harsh reality of the pains of a first time house buyer

But if the cost after drawing comes to more then $3,000 per SQM, I can't afford it.
i have to be a realistic in my approach so that I don't end up with a loan I can't service

So I can't even take the second step on the section as I can't afford to lose 10K as my budget is already strained with property prices going up everyday

Thanks for advising

[Aston]

Hi there

I am at my wits end
The builder has quoted $2,500 to $ 3,300 per SQM
Effective price to be based on final drawings and geological testing and expenses for clearing trees
I have to pay $ 8,000 to the builder to prepare the drawings even if i decide not to proceed
I am estimating at least $2,000 to get the geo reports and the trees reports council etc.

I am not keen to commit $10,000 on a section I may not be able to build on if the final cost exceeds my budget

Any suggestions ?

Thanks for advising

James you seem to be dithering a bit here, you have been considering a lot of options and none of them seem to be suitable for you... I imagine you are anxious about making a decision. EVERYBODY has these anxieties, myself included. May I recommend that you forget about the building option, there are too many variables and it will drive you to distraction.

Look for a basic little 2bdr unit or a 3bdr home, do the appropriate Due Diligence and just trust your instincts.

If you are doing this on your own, I suggest that you team up with somebody for a bit of moral support. Maybe get the support from somebody at the Wellington Property Investors Association, go along to one of their meetings and get talking to somebody. [http://wellington.nzpif.org.nz/]

Good luck.

[Bobsyouruncle]

You could find a turnkey builder in Wellington. Auckland is rotten with them so there must be some in welly surely. In Auckland I give them an address and tell them what I want to build and they can give me an exact price finished with a PC sum for anything they are really concerned about. There must be someone in Wellington who can do that?

I also think based on your questions to date building is a bad idea. You appear to be risk averse and limited funds so buying an existing home is a far better idea as Aston suggests.

[jimO]

i don't mind paying the builders drawing fees IF I build on the section

so if you dont build you expect the builder to suck up the cost of drawing up your plans ?

[Bob Kane]

I am not keen to commit $10,000 on a section I may not be able to build on if the final cost exceeds my budget

Any suggestions ?

Don't buy it.
Simple.
If it was an easy thing to do, rest assured, someone would have done it by now.
The vendor and heaps of developers would have already looked at it and said no.
The vendor is looking for a bunny.
Walk away.

[jamesnz]

The main problem in buying an existing house in Wellington is the sheer lack of listing
I am looking for a house with at least 2 bathrooms
I am not inclined to buy an apartment due to the high bodycorp fees in most of the less then 10 year old apartments
The entire Wellington City has only 54 houses listed for sale which have 2 bathrooms or more and are advertised under 650k, excluding apartments and studios
If I broaden it to Include selected good areas of Lower Hutt and Porirua, then the list comes up to about 75-80
Out of this listing I have to eliminate the monolithic cladding houses for obvious reasons, which reduces the listings by 25%

This sheer lack of listing is driving up the prices and most houses which I have shortlisted or participated through tenders, have sold well above the asking price, which was as it is 75to 100k higher then the RV to begin with
So I am just exploring each and every avenue which I think is feasible and come back to the forum for advice

Thanks for advising

[Bobsyouruncle]

Nothing wrong with that James but you may be unicorn hunting. I could look for a freestanding house in East Auckland for under 500K and explore every avenue. I will still be looking when I die of old age.

[jamesnz]

My expectations are not unrealistic

Had I bought it last year end or even this year beginning, i would have got the house for 600k
now with a 10% price increase, I have upped my budget to 650k to compensate the same.

Thanks for advising

[Nick G]

Titahi bay is nice with great views.

[Don't believe the Hype]

Titahi bay is nice with great views.

you can buy water views in the bay for under $500k for a reasonable house with good views... At the high end you could spend $850k+

There are a number of other spots around that will deliver what you're looking for... Won't be easy but you have to know where to look, who to talk to and the right questions to ask.

[jamesnz]

Titahi bay is nice with great views.

Titahi bay has a stigma of gangs

So Would not be interested in Titahi Bay although Beautiful houses available for a song

Thanks for advising

[Nick G]

Prices have increased more than 10% since the start of the year from what I understand. What took a year in Tauranga happened in 6 months in Wellington and it's been a 20-30% jump.

Anyway I'll leave DBTH to talk about Titahi bay but I think most of it is fine. That's seems a bit like saying Welcome Bay or South Auckland has the stigma of gangs :-)

[Connor]

My expectations are not unrealistic

Had I bought it last year end or even this year beginning, i would have got the house for 600k
now with a 10% price increase, I have upped my budget to 650k to compensate the same.

Thanks for advising

No point talk about what ifs last year etc. If the whole city of Wellington doesn't have the house you are happy with, your expectations are unrealistic with your budget. If you can't increase your budget, it's time to lower your expectations.

[Don't believe the Hype]

No point talk about what ifs last year etc. If the whole city of Wellington doesn't have the house you are happy with, your expectations are unrealistic with your budget. If you can't increase your budget, it's time to lower your expectations.

seems more interests in what other people think than anything else... And wants bargain basement prices... I'm tipping we'll still be following the JamesNZ journey in 12-24 months

[jamesnz]

seems more interests in what other people think than anything else... And wants bargain basement prices... I'm tipping we'll still be following the JamesNZ journey in 12-24 months

I hope you are wrong but would not be surprised if you are proven true, as I will neither lower my expectations any further nor increase my budget.
Will wait for a couple of months to see the softening effect if any of the LVR kicking in or the LTI being announced , and if not, will invest the saved money in a 1bedroom apartment and give it for rent which will yield me 7% nett
Will stay in a rental for a few more years and try to buy again in 2019-2020 when a substantial price correction is predicted.
But prices in Wellington cannot sustain as only 3-4% of the new immigrants are settling in Wellington so there is no continued demand as is the case in Akl where 29% of new immigrants are settling.

Cheers