So desperate to find some neighbours or to be neighbours, I know our stage is now almost completely sold out
surely there are some more Hill Farm Park release and other stage buyers out there!
Feeling so lonely at the moment!
Browse Forums Building A New House Re: Pasadena Clyde Estate 6Jul 09, 2014 3:14 pm LaceyM aurion_kinetix Hi All, Me n the missus took out a lot @ Stage 5 late May. Looking forward getting the land titled in late Oct & hopefully start building by Nov(hopefully the weather warms up also). Ran into a hiccup not totally unexpected but valuation came short by 18 grand. Now waiting for another bank to a better valuation hopefully... How exciting, Im nervous about the bank valuation... how does it happen and how do you deal with it? The bank needs to get the current value of the house and lot by comparing against the market value of the houses near your area, in your case around Cranbourne and Clyde, hopefully your bank will not de value your land, which normally what happens if you are buying in a new estate, the houses they will be comparing with are the old houses around and not the new ones, which is why sometime we get a lower value. In our case, our land was de valued at 221k although we bought it at 225k, which is quite strange, considering the estate has been here for atleast 3 to 4 years. If your bank value came out lower than your purchase value, you will have to make up for the shortage, ie; your purchase cost is 400k, bank valuation $350K, bank will only lend you based on the 350k, not 400k, so if you are borrowing 90%, you will only get 315k and not 360k, you will need to get the 45k out of your pocket,in addition to your 10% deposit. Hope this make sense. Hopufully your bank will give you a good valuation, if not, there are other banks that you could try. Re: Pasadena Clyde Estate 7Jul 11, 2014 11:56 pm The lucky part was the land's value is spot on. It was the house that is undervalued because of variations and upgrades. At this point we decided to split loan first. It could be possible to get a better loan for the house at a later date. Or worse case, cough out the difference in cash... Re: Pasadena Clyde Estate 8Aug 08, 2014 3:41 pm Did a drive by the other week! roads are well on their way to being complete all over the estate now that the weather is better they're really smashing it out! Re: Pasadena Clyde Estate 13Oct 17, 2014 3:43 pm aurion_kinetix The lucky part was the land's value is spot on. It was the house that is undervalued because of variations and upgrades. At this point we decided to split loan first. It could be possible to get a better loan for the house at a later date. Or worse case, cough out the difference in cash... Just wondering how you went with the valuation? We're also building in Pasadena and I've heard a few stories of peoples valuations coming in under Re: Pasadena Clyde Estate 14Oct 27, 2014 9:56 pm JP79 aurion_kinetix The lucky part was the land's value is spot on. It was the house that is undervalued because of variations and upgrades. At this point we decided to split loan first. It could be possible to get a better loan for the house at a later date. Or worse case, cough out the difference in cash... Just wondering how you went with the valuation? We're also building in Pasadena and I've heard a few stories of peoples valuations coming in under /quote] Hello Hello! Same old deal. The land is on par. Settling next week I believe. Still needed to 'contribute' in the tune of $10k+ which I'm in the process of finding our why I still need to pay when I've already paid 5% deposit. We swapped our house plans due to the recent promotions flying around from our builder. For an extra $5k. We got a much larger house which is quite a good deal. Our broker is confident that the shortfall will be less as we are utilising more land space. I'm building a double-storey where there isn't much around our neck of the woods thus initial valuations are very far fetched. ie. they took reference from a house with 4 bedrooms in Cranbourne. Fingers-crossed... Will keep everyone posted. Re: Pasadena Clyde Estate 15Nov 11, 2014 5:54 pm Hi Everyone, Just wondering if anyone else in the Pasadena Estate is building with Boutique Homes or if you're willing to share the cost of your site works? Just heard back from Boutique and they've wacked another $4k on top of our "Fixed Site Costs" because our block has changed I'm angry enough that the land developer has changed our block (it now has a tonne of fill and a massive fall), but Boutique Homes have made me furious because their "Fixed Site Costs" are not fixed at all. Our site costs are now up to $21k Re: Pasadena Clyde Estate 17Jan 08, 2015 4:53 pm LaceyM Getting close to being full and ready to go now! Getting excited now! We're building houses THIS year!! Re: Pasadena Clyde Estate 18Jan 08, 2015 6:09 pm JP79 LaceyM Getting close to being full and ready to go now! Getting excited now! We're building houses THIS year!! Cant beleive it!!! Re: Pasadena Clyde Estate 19Feb 14, 2015 10:19 am Valuation came back all clear! Now just waiting to title so we can get our building permit and have the loan approved unconditionally! Very relieved |