Been seeing a lot of posts where people are having their bank valuations come back at a lot less than their build price, which has me worried. We've never built before, but are currently sitting at $68,000 on top of the advertised price.
The extras being: $27,500 for site costs, council requirements etc
$14,000 structural changes (adding on 4th bedroom, outdoor living)
$25,500 colour studio upgrades (hybrid flooring, colourbond roofing, double glazed windows, wider appliances etc).
Being that it's a small house on a small block, I'm wondering if we're overcapitalising?
For reference, it's a single story 4 bedroom, 2 bathroom, 2 living plus study on a 350m2 block on northern outskirts of Melbourne. Total build+land price will be at $620,000 on completion.