Most SDA properties are Land & House package. You should allow 12-15 months for completion. 3-5 months for approval and 7-9 months for construction.
First you will need to settle land and then once approval is received, construction will commence. Progressive payment will be required to be made as building construction progress.
As soon as land settle, your mortgage will start, and it will gradually increase as building construction progresses and progressive payment to your builder is made. You will be funding your entire construction without receiving any rent; therefore, we always suggest having $40K – $50K extra for construction payment, if you are cash tight.
At times, we have access to newly built or tenanted SDA properties available. Please reach out to our team.
Assuming you have bought a land and house package SDA property, you will be required to go through various stages before you can get rental income, and these are:
- Purchase (time 0)
- Land settlement (2-3 months)
- Design Approval (3 to 5 months)
- Construction Period (7 to 9 months)
- SDA certification and Occupancy Permit
- SDA enrolment (2 to 6 weeks)
- Tenancy (this is when you will start to get rent)
