Browse Forums Building A New House Re: Land and house valuation 8Mar 30, 2017 7:55 am mafu1983 We are in Brisbane Yes there has been a lot of valuations in QLD that have recently where people had to discontinue their purchase due to the Finance clause as the valuations were not even close to the purchase price. I have two clients who bought in Omearu where their valuations were under by $35,000 and their bank was Suncorp. Perhaps maybe you might need to seek another lender? Kind Regards, Bruce "Building an Eden Brae Waldorf 50 in North Kellyville" Blog: http://waldorf50.blogspot.com.au Re: Land and house valuation 9Mar 30, 2017 9:29 am wongbruce mafu1983 We are in Brisbane Yes there has been a lot of valuations in QLD that have recently where people had to discontinue their purchase due to the Finance clause as the valuations were not even close to the purchase price. I have two clients who bought in Omearu where their valuations were under by $35,000 and their bank was Suncorp. Perhaps maybe you might need to seek another lender? Kind Regards, Bruce "Building an Eden Brae Waldorf 50 in North Kellyville" Blog: http://waldorf50.blogspot.com.au Thanks Bruce, we have already submitted to another lender. Will see how that goes. Re: Land and house valuation 10Mar 31, 2017 5:59 pm faykis Hi Mafu and girlie, thanks for sharing your experience. Would you like to breakdown your cost (land price+ house base price+ cost of total upgrades) etc sharing here so we get an idea? I think the house we are building will be 100-150k over median house value in the area. But our land size and house size is big. I am pretty sure bank will value ot lower. Worried .. Hi faykis, we're building in a suburb with a big variety of houses, there's a lot of older properties (30-50yrs) recently established estate (15-20yrs) and a brand new fancy pants estate (where we're building) our valuation came in at $530K whereas the median price is probably around $300K. We have a 558m2 block and a 32 square home including garage and alfresco. The actual costs are $157K for the land, $340K for the build and somewhere around $70K for finishings like fencing, paving, flooring, blinds, etc. My partner is in charge of budget so I'm not sure of the exact total of the invoices we submitted to the bank Re: Land and house valuation 11Mar 31, 2017 6:03 pm mafu1983 TheGirlie mafu1983 Hi everyone, we just signed our final contract with our builder. We just had valuation done and have been told it is $40000 under, has anyone experienced this before? We have ordered another one and hopeful it will come back at price. Yep ours came back $42,000 below cost. It depends a lot on where you're building and your land value - we're building quite a premium home in a not so premium area, so we knew that we would be over capitalising and probably won't break even for 4 or 5 years (northern suburbs of Adelaide). The bank looks at potential resale and their risk if they have to sell the house quickly (sounds horrible I know but that's how the banks see it!) Thanks TheGirlie, can I just ask how you managed to settle your situation , did you go ahead and just pay the extra out of your pocket or did you just decide to build somewhere else? Hey mafu, it sounds silly but we took out a personal loan to make up the difference the broker actually suggested to do it and the bank had no problems. Re: Land and house valuation 12Mar 31, 2017 10:31 pm TheGirlie Hey mafu, it sounds silly but we took out a personal loan to make up the difference the broker actually suggested to do it and the bank had no problems. Really? But then you will be paying a much higher interest rate for the personal loan Kind Regards, Bruce "Building an Eden Brae Waldorf 50 in North Kellyville" Blog: http://waldorf50.blogspot.com.au Re: Land and house valuation 13Mar 31, 2017 11:17 pm wongbruce TheGirlie Hey mafu, it sounds silly but we took out a personal loan to make up the difference the broker actually suggested to do it and the bank had no problems. Really? But then you will be paying a much higher interest rate for the personal loan Kind Regards, Bruce "Building an Eden Brae Waldorf 50 in North Kellyville" Blog: http://waldorf50.blogspot.com.au Yeah it's completely ridiculous!! but it was the easiest way for us to get around the valuation. 13 6701 2 5845 Scientists have used random matrix theory to demonstrate theoretically that the neutrino mass hierarchy can be explained mathematically. When a substance is fragmented… 21 20727 |