Browse Forums Building A New House 1 Dec 02, 2012 5:29 pm I think there might be a similar thread to this somewhere, but I couldn't find it. I'm wondering how much people spent on upgrades from the base price of their builds, and whether or not they were undervalued by the bank? I'm worried about getting undervalued at the moment because we're spending over $80k on upgrades and (other stuff for the house that we're asking finance for). Settlement: 10.02.13 Slab: 06.03.13 Frame: 08.03.13 Lock-up: 05.04.13 Handover: 03.06.13 Build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=59555 Brisbane Photography Re: How much did you spend on upgrades? 2Dec 02, 2012 5:41 pm Our bank valued our build based on the contract we gave them we knew anything we spent at colour selection time would be out of our pocket. They valued the land $20k less than paid in July and valued the house 20k more than contract price in August. We ended up spending only an extra 10k. So not too bad, we still have to pay for turf, letterbox, clothesline, fence and gates, blinds and light fittings. Built a Hawthorne 31 with EB nessjeffdreamhouse.blogspot.com.au Building an investment now with New Living homes... We are at nearly finished... Just landscaping and driveway to go! Re: How much did you spend on upgrades? 3Dec 02, 2012 5:47 pm Thanks for that info, 1sttimebuilding2012! Scares me though. I dread to think what ours will come back as. Which bank are you with? I didn't think the banks took into account what's in contracts, they just base it on number of bedrooms and bathroom and general size compared to other houses in the same area? That's what I've heard, which is why I'm scared. *lol* I found the other thread http://forum.homeone.com.au/viewtopic.php?f=31&t=60819&p=943366&hilit=base+price#p943366. But I'd still like to hear about people's valuation issues. Settlement: 10.02.13 Slab: 06.03.13 Frame: 08.03.13 Lock-up: 05.04.13 Handover: 03.06.13 Build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=59555 Brisbane Photography Re: How much did you spend on upgrades? 4Dec 02, 2012 6:16 pm We are with anz. We also got a pre approval amount so we knew not to go over that amount with upgrades. It was hard, would have loved to upgrade my appliances, and got a glass splashback, at the end of the days have a new house with a beautiful kitchen. I will be extremely happy when we move in. Built a Hawthorne 31 with EB nessjeffdreamhouse.blogspot.com.au Building an investment now with New Living homes... We are at nearly finished... Just landscaping and driveway to go! Re: How much did you spend on upgrades? 5Dec 02, 2012 6:42 pm Our house was about $120,000 over base price but that included site costs, BASIX, bushfire and upgrades. We just took the builders quote to the bank and no dramas, only problem we had was the bank valued our land about $20,000 less than what we paid for it which i dont know how they worked it out..?? Re: How much did you spend on upgrades? 6Dec 02, 2012 7:09 pm Mine had a base of $144k and contract price of $201k. Of that $31k was site works and utility connections, $4k is Hebel... not sure what other significant ones are in there. I think we put in $4k in electrical, $3k for the driveway, and ~$3k in general colour selection upgrades. Ceiling height and glass splashback were the other big ones. Eaves, timber varnish architraves and a different façade are the three things that would have been really expensive which I'd like to have done. Building a Delta 21 at Craigieburn - http://homeofzero.blogspot.com.au/ Deposit: 26/02. Contract: 22/05. Settlement: 29/05. Site start: 18/10. Re: How much did you spend on upgrades? 7Dec 02, 2012 7:12 pm Thanks everyone! How did your valuation go, akashra? Settlement: 10.02.13 Slab: 06.03.13 Frame: 08.03.13 Lock-up: 05.04.13 Handover: 03.06.13 Build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=59555 Brisbane Photography Re: How much did you spend on upgrades? 8Dec 03, 2012 7:19 am Valuation through HomeSide was $36k below actual. Valuation through ANZ was $2k above actual. I saw the figure HomeSide pulled out as being a shifty "let's make it enough to ensure we get to charge LMI", so jumped ship. I had a pretty healthy buffer (74%), but not THAT much! Building a Delta 21 at Craigieburn - http://homeofzero.blogspot.com.au/ Deposit: 26/02. Contract: 22/05. Settlement: 29/05. Site start: 18/10. Re: How much did you spend on upgrades? 9Dec 03, 2012 7:22 am I'd say up to 50% more. But can depend on what you can afford - eg air/con. solar etc. Re: How much did you spend on upgrades? 10Dec 03, 2012 11:20 am Our contract price came in $56,700 above the base price of the house however we have 29k in site costs. The majority of the extra cost was added on during quote stage when we were deciding what we wanted and adding on and changing things - its shocking how quick it all adds up... it doesnt even feel like we have changed that much to our house. Our valuation came in 16k under however we had a decent deposit so while it did cost us in LMI the valuation came back the same from 2 banks (ANZ and Bankwest) so we accepted it and moved on. No the fireplace doesn’t work. It’s been enclosed. I’m not sure what was removed, as it was done quite some time ago - well before what I can see with photos online… 2 11589 7 12026 I thought this would be a popular question but I haven't been able to find any similar posts. Perhaps I'm wording my searches wrong? 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