Browse Forums Building A New House Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 61Aug 07, 2013 9:23 pm Hi all, My partner and I just bought a block in Posy st also we are also first home buyers so new to this whole process. Can someone explain the process with getting the land valued and what happens if the value comes in at under the purchase price? We have enough deposit to avoid the LMI? Not sure if that makes a difference? I think our land is going to title in October and we aim to start building with Porter Davis in December. Anyone building near lot 610? Cheers in advance Josh Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 62Aug 07, 2013 10:54 pm Hi Josh, If your valuation comes in under and you are under 80% lend you wont need the LMI and will need to pay the difference from the valuation and the price of the land eg. you paid $250k for you block with 20% cash ($50k) so the bank lends you $200k. If your valuation comes in at just say 220k and the bank will lend you 80% of that value ($176k), then you will need to either borrow the difference or pay it in cash. If you borrow it you will go over 80% and pay LMI. hope that helps Cheers Mr Cool Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 65Aug 08, 2013 5:25 pm Im building on lot 527 posy st The corner block.. So pretty close to you. If you exactly 20% deposit then you could be at risk of the property being under valued. Meaning you would have to pay more.... Which would then mean you wouldnt have 20%. So you would need LMI. Exactly what Mr. cool said. Always good to have abit extra to allow for that sought of thing. You never really know what how the valuation will go. So far i have learnt never be suprised when building.. You will always be paying more then first thought... Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 66Aug 08, 2013 10:49 pm Thanks for the info. Has anyone had their land valued in Posy St yet? Did it come in at what you paid? Submitting our contract to our lender tomorrow, with hopefully the valuation next week! Fingers crossed it comes in at what we paid, I mean I can't see why not all the other blocks in the next stage release have gone up in price not down... I also askes about the Central Park when we signed up and they are saying it still has not had its design approved by council ( have not decided on a footy oval or soccer pitch yet....) they don't think it will be finished until march 14 at best, hopefully in time for the estates grand launch.... Hope they pull their finger out soon and get moving Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 67Aug 08, 2013 11:03 pm I purchased my land back in 2011, settled on my land December 2011, Couldn't start building until May 2012 because the contractors stuffed up the storm water pipes and wouldn't release the service info to Yarra Valley Water so my Builder couldn't start... Estate's Grand Launch... bit late if you ask me. The Front entry is not scheduled for completion in November from what the developer says however I really don't have much confidence in that date, this was originally meant to be completed in March 2012.... Point of my post.. Don't believe any dates which the developer proposes as to me they have not had a good track record of delivering what they say they will... I'm sure many who have posted on this thread in the past can back me up on that. Cheers Mr Cool Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 68Aug 09, 2013 2:55 pm I wouldnt be to worried about the land valuation.. More the total valuation. (Land + build). As thats where you will get hit the most if it does end up being lower. My house and land on posy st just got re valued today. It came in 8k under.... Not much we can do. So we have to front the extra 8k. Kind of wish we brought an established house. Wouldnt have had as many problems. Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 70Aug 19, 2013 10:43 am Thats great news. Hopefully the build comes in spot on aswell.. We also got our finance sorted. Finally got the LMI fixed and are formally approved. Hopefully land settlement is on time for the post and blossom release. From what i have heard seems Australand has failed to delivery anything on time... But seeing as they want the money for the land hopefully the get it done.. I spoke to Australand and they said its due to be completed late October. We where told september when we signed the contract.. We will just have to wait and see. Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 71Aug 19, 2013 11:33 pm Yeah fingers crossed everything comes in what we paid! Good that you got ur finance sorted, everything seems such a task and we have not even started build yet! arr well least we are learning a few things along the way! All this rain I'm sure isn't helping our cause in getting the land to title on time. I drove past the other day and it looked like a swamp down that way! Would love to see them start the main park, can't believe they are arguing over an oval or soccer pitch! Hopefully the footy oval wins out Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 72Aug 20, 2013 6:32 pm Yeah I know. Hopefully its a footy oval. Its not easy building your first home.. I spoke with Australand yesterday. Seems the posy and blossom stages has been delayed.. no suprise really. They say december but im not getting my hopes up... My bet is probably Jan-Feb.. Kind of rediculous... It sucks i just want to start building! Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 73Aug 20, 2013 8:35 pm Arr really? That really sucks! December... That will definitely drag onto next year then! Sucks means we won't be able to start building until probably February, which means we won't be in until July-ish.. Only good thing is more time to save some $$ , can get a bigger decking then Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 74Aug 20, 2013 8:50 pm Yeah thats it! Always gotta look at the positive side. Haha yeah a nice big deck would be nice. I cant wait to build my deck and outdoor area. Luckily im a carpenter so il do all the work myself Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 75Aug 20, 2013 9:13 pm one thing to consider guys is that if you signed a building contract the builder may be able to increase the cost of your build. Might want to check what is in your contract. A friend of mine got shafted because of that land settlement being delayed. Cheers Mr Cool Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 76Aug 20, 2013 9:56 pm Haha well once your finished your deck.. You can just work your way down the street!! Haha thanks mr cool, going to see PD tomorrow night to review pricing etc and to confirm price so will be sure to ask the question, as a increase in price is definitely something we don't need. Cheers Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 77Aug 21, 2013 3:15 pm Cheers Mr cool. I spoke with porter davis.. they do charge you a fee every month the land is delayed.. but that comes off the price of the build.. well thats what i was told.. so hopefully we dont get any increase in price. Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 78Aug 21, 2013 9:06 pm You guys are building a Vienna correct? I'm moving into one my sister in law is building in Plumpton in about 8 weeks. Pretty good value for money. 3 bed or 4? Cheers Mr Cool Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 79Aug 21, 2013 9:51 pm Jassem91 Cheers Mr cool. I spoke with porter davis.. they do charge you a fee every month the land is delayed.. but that comes off the price of the build.. well thats what i was told.. so hopefully we dont get any increase in price. Hey Jassem91, We building with PD down the road in Aston, I have read that you have written that the $500 fixed price guarantee comes off the price of the build, I would say to check this as in our contract its actually a fee so in top of the build. I would hate you to get caught. Best of luck Sam Re: Greenvale Gardens, Greenvale VIC - Boutique Homes 80Aug 22, 2013 11:38 am Yeah we signed our pricing sheet last night. And ours was the same a fixed fee that went up every month from Feb onwards that would be added to the price of the house. However they did say PD were flexible to negotiate on that if it was a delay due to the land titles. I'm sure they wouldn't want to lose a whole house contract for $500 or $1000 fee if you played hard ball with them. Hopefully it won't get to that and the land titles this year!!!! 10 16311 I have posted this before: We hired Darbecca to do every stage inspection, and I strongly recommend them to anyone that asks me. They were amazing. Thorough reports… 2 5085 |