I have been a builder/developer since 1969 and, I have done a number of subdivisions and residential developments. I am now seeking to provide family homes for low-income earners. Each potential purchaser needs to be mindful that there will be budgets met and that to participate in the selection process must bear their own costs of mailing information and letters to the developer prior to exchange of contracts. This will contain estilating costs and will benefit both the purchaser and the developer.
1. Purchasers are required to register.
2. Register the areas within 20 klms of choice.
3. Provide details of affordability and repayments to suit the income.
4. The purchaser is required to keep in contact with the developer.
5. The purchaser is to reply by mail with a self addressed envelope as to all their details to P.O. Box 83, Terrey Hills, NSW 2084.
Earmarked sites for development of homes
Secure the site for the development
The development site will offer up to 50% to low income earners at a wholesale rate
The averave costs of site of purchase would be the wholesale rate i.e. $100,000 per Lot. Cost of subdivision for infrastructure, sewer, water, power, phone, roads & drainage i.e. $80,000. Each purchaser may elect to build with the developer or with their own builder. The expected price of a house should be $140,000.
B. $ 80,000
E. $ 32,000 GST
F. $352,000 Total
The developer expects to recover between 25% to 30% on the total development.
The developer will delay the profit on the development until such time as the purchaser chooses or elects to sell their family home. Providing that the family home remains in the direct control of the original purchaser, there will be no requirement to pay the developer the profit. Should the purchaser choose to sell the home at any time the purchaser will then be obligated to pay the developer the profit.
There will be a flat rate of interest of approximately the bank rate payable on the agreed profit amount until such time as it is paid, which will probably equal approximately $150.00 per week.