Henley home, partially built- not Advice

I've received a PM from an anonymous poster (so I cant reply to it) regards a partially build Henley home (assuming its in VIC?).

The question asks if a valuation can be done prior to completion - the specific comment was did the house need to be complete and have an occupancy certificate issued before the valuation could be done.

Without knowing all of the details, the answer is its not impossible to get a valuation done as what we call "as if complete" if you have the build details, detailed plans and specifications - build contract even better but I doubt you would have this. I'd like to know more about why you are being told it cant be done - perhaps the land is unregistered but even so if builders are accessing it it must be identifiable.

If you are in Melbourne I would love to point you to PLC I've spoken with Tom and he is a good guy.

Best of luck with your build and apologies I couldn't reply directly - system won't allow a response to anonymous poster

Hi Bec, land is already registered.
I will have contract tomorrow after signing.

Then I cant see any issues to having it valued now, unless - and this is really extraordinary - the builder won't let anyone in. What documents do you have for the build? Plans? Specifications?

Yeah. I have got plans and inclusions. I think contract will have everything related to land..

I think builder will allow bank for valuation. It's my broker said he can't valuate until fully finished.

Yep, agree. Cant see any reason you cant have a valuation done now so you can go unconditional. The one thing, your approval may still expire if the build doesn't finish on time, but, your broker can also work around this. If you need help I'm happy to but again PLC is in your state. Feel free to shout out for help! Best of luck

If I get an unconditional loan with around contract sale price, I would bother less about finance clause. Hopefully it goes well. Thanks for help Bec. Will shout to Plc if needed.

Hi Anjan,

Bec mentions a partially built home? Was it started by one builder and now you are looking to finish it off with a different one?

Anyhow, she is right, the valuation can be done before it is finished, especially since you have all the relevant documents handy so I don't know what your broker is on about? Maybe they don't do many construction loans?

What you really want to do is try and get the valuation done for the land and construct before any loan is applied for. That way you know if it stacks up before applying and you don't get a hit on your credit file for no reason if it doesn't.

If you need any help, then by all means let me know.

Cheers,

Tom