Browse Forums Building A New House 1 May 02, 2013 7:05 pm Hi all, Hoping this isn't too stupid a question - I had a bit of a hunt around the forum to see if it'd been answered already but I couldn't see anything! We're currently building our first home in Highlands, Craigieburn. We've been given an expected completion date of early June, move in mid to late June (fingers crossed!). My question is around valuations. We obviously got one done when we got the loan for the house & land package, and it came back 'bang on' in terms of the price we were paying, in the words of our broker. That was in November last year - but I was wondering if the bank has to do another one before handover? Or will the fact that the last one was only 7 months ago be enough and they'll just do a bit of a walk through and sign it off? Completely unsure of the process and wondering if I should be worried about them doing another valuation and it being under. It's a bit illogical given that there are two other nearly identical new builds on our street that are currently up for sale for significantly more than we paid for ours, but still! It's on my mind... Thanks in advance. Building our first home in Highlands Estate, Craigieburn Re: Valuation - does a new one get done at handover? 2May 02, 2013 7:23 pm They won't do another valuation, but they might check the property or ask for a building inspection. Just depends on your bank. Re: Valuation - does a new one get done at handover? 4May 02, 2013 8:25 pm ummm, I think it depends on the bank... a week ago we got our final invoice, gave it to the bank to have the cheque made up, had PCI on Tuesday and found out the day before from the bank that they DO a valuation inspection before handover and then the cheque will be drawn! That's with ANZ... they just want to make sure that what we have said was getting built is... We dont have mortgage lenders insurance so I dont know if that has anything to do with it. 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: Valuation - does a new one get done at handover? 5May 02, 2013 9:04 pm Thanks for that. It's interesting... I know they sometimes do a drive by or inspect it to make sure that the house actually exists and they haven't got a mortgage over, say, a trip to Europe, or something, but I wasn't sure if they actually do a proper valuation as such. My concern is that the valuation comes back low, they refuse to release the final payment and then we're stuck! I'm not sure if that's something that can happen, or if that can only happen at the earlier stage (when you're actually applying for the mortgage). It's so confusing! Oh well, might have to pester my finance company tomorrow to ask them - poor things, they've been dealing with my silly questions and stress-outs for a while now.... Building our first home in Highlands Estate, Craigieburn Re: Valuation - does a new one get done at handover? 6May 02, 2013 9:10 pm Hmmm... we should find out tomorrow what the valuation comes out as... I will be annoyed if it is lower than we paid. I think it should be more than what we paid, as we paid for our upgrades by ourselves. 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: Valuation - does a new one get done at handover? 8May 02, 2013 9:58 pm I work for a bank - used to do home loans, we do a number of valuations and inspections. The first one right at the beginning is to make sure that your plans for your proposed build on your land make sense - we have declined a couple on over capitalisation. Think someone wanting to spend $450,000 on a house (not land) in an estate where most houses would be $175,000 - $300,000. That particular place they also did away with half the bedrooms to add a gym and something else weird. Then throughout the build we inspect to make sure the work has actually been done before approving progress payments, this usually happens at slab down, plate height, roof cover, lock up and then at the very end they go through and put a tick in the boxes against everything on the plans that originally made up the valuation they approved at the beginning. This last one, they won't usually increase the valuation terribly - its more to check that everything the bank has paid for has been done Our Custom Dale Alcock build in the Village at Wellard https://forum.homeone.com.au/viewtopic.php?f=31&t=78620 Re: Valuation - does a new one get done at handover? 9May 03, 2013 3:56 am a wellard2timers said. we have handover next week. and i asked our bank manager what happens and she said they have a valuer come out just to make sure all is well and everything is there. the valuation does not change I had an old shower unit that broke on me and when I took it off, there were only 2 water pipes, instead of the normal 2 water pipes and a shower head pipe. S o I… 0 36934 Depends how much direct sun it gets. Is there any shading (eaves or trees)? If the sun hits a window directly it doesn't matter too much if it's double or single… 1 12647 Sorry but you have a crap builder. Probably too late now. For our last build I only spoke to builders who would allow me easy access (at no cost). I used my own sparky… 10 9804 |