Buying in Quarters, Cranbourne West. Urgently Need Advice!

mickey888 on 13/10/2014 - 22:52
Last edited 23/10/2014 - 20:48 by 1 other user

Hi everyone,

Long story short, we both are working in keysborough. That's why, we both looking nearby suburbs to build/buy. Budget less than $400k. Buying - We went so many house inspections, by looking at the price they advertised, we offered extra $5-$10k more. Agent playing games with, asking or telling us, someone else been offered more than $30-$50k. We gave up.

Building - Being first home builder, We made a deposit to buy land in quarters, and building with metricon (first 100 freedom buyer package), and also went with Metricon's broker, loan gallery. Now, everything is falling apart - Quarters estate not good with gas history news, flooding and bush fires zone. Metricon being reputable mass builder, using building quality worst than stated in contract and lots hidden cost. Loan gallery broker disappear after getting commission. Cranbourne west is low demand market, no one wants to buy even you are selling.

I still have cooling period till tomorrow. Do we still keep going? Do we not continue? Are we doing the right thing? Is Cranbourne west is good to live? Anymore bad news that we should know about? I am driving myself crazy. Any advice is better than nothing. Urgently need help.

Thanks

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  cst on 13/10/2014 - 23:19

  +2

  Your list of everything falling apart is a concern. Given that I would not continue.

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  adn on 14/10/2014 - 00:03

  talking about 400 K risk here. if you don't feel it, pull out.

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  iampoor on 14/10/2014 - 11:17

  I would recommend that you pull out and take some time to think about what you want and do your research before committing to what is possibly the biggest purchase you will make for the foreseeable future.

  All the items you have listed as "falling apart" is basic research on an off the plan/build. Everything that is not listed on your contract is an additional cost, not a hidden cost. IF Metricon is using materials which are below the grade listed in your contract you definitely have recourse, but again you will find that within your contract there will be quite a bit of leeway for the builder through the use of the term "or equivalent".

  I also hope that as part of this process you had the contract looked over by a solicitor/conveyancer and that you are indeed within the cooling off period, if not penalties can be pretty hefty.

  Not too sure what you expect the loan broker to do for you, once the loan is arranged their job is essentially done.

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  emibel19 on 14/10/2014 - 20:12

  What does "buying in quarters" mean in this context? Google wasn't any help.

  Edit: Oh, changing the search to "buying land in quarters" made a difference. Apparently it's the name of the estate/subdivision. I missed the part where he said "Quarters estate not good for…" and thought it had something to do with the method of payment (like paying in 4 installments) :)