Browse Forums Building A New House 1 Mar 26, 2017 4:59 pm Hi All , I bought a H&L Package from a developer . I paid 10% of contract price and in contract now . My house is almost finished . Bank wants to do the valuation . I am checking here what banks will generally check during valuation . What happens if bank valuation comes high or low compared to my contract price ? Are there any free valuation websites to check valuation to get some idea . Thanks. House Valuation 2Mar 26, 2017 9:09 pm Generally valuation is done to ensure that the house is built per contract, it will usually come in bang on as the banks do a valuation before the loan goes unconditional ... If it's higher, will solely be due to land value which may have increased. If it comes in lower, you'll need to come up with more $$$$, or try to borrow more another way.. Annoying thing is they won't disclose what they value it as if all is fine - just that there are no issues. Well that's what happened in my case anyway...good luck, try not to stress My Phoenix by Metricon in Melbourne viewtopic.php?f=31&t=83584&p=1570829&hilit=my+phoenix+by+metricon+in+melbourne#p1570829 Re: House Valuation 3Mar 26, 2017 10:10 pm Yep, the bank has already done it's valuation risk assessment off the plans. The final valuation is mostly just for them to check that what's actually been built matches those plans (i.e. checking that you didn't apply for finance for a 6-bed mansion and then built a 2-bed fibro shack instead so you could run off to Majorca with the rest of the cash). For a H&L package there generally shouldn't be any issues. Valuations more generally are basically done around historical sales and comparing them to the specific case. There are some websites out there that offer valuation 'estimates', but you'll find that they're all pretty much completely useless for any serious work (including checking bank valuations). You’re on the right track, wire brush in a grinder then a zinc rich epoxy primer then a top coat of some sort, like a waterproofing membrane. Raising the concrete would… 1 7070 How good is Simeon?! Always taking time to help others out! Wish we were building in NSW and could work together. Thanks for all that you do! 7 6603 Really tight at the top of the stairs- how to get furniture into those rooms? Study books - does anyone really use them these days? Large storage closet would be more functional. 2 6934 |