Browse Forums Building A New House 1 Feb 09, 2015 5:36 pm We're soon to be building with Carlisle and are getting a 90% mortgage. I am curious to know if any of you have had your build undervalued and if so what have the builders/yourself done? It worries me somewhat, that if this is the case, then what changes can we make to our plans. We haven't gone too crazy - (approx $20k in extras), but it seems Carlisle won't be too flexible to make changes and we're not in a financial position to put in a higher deposit. Hopefully it won't be the case - but I'm keen to hear how much you've spent on extras/luxuries thanks Re: Ever had your build undervalued? 2Feb 12, 2015 1:11 pm We had our land undervalued, build came up right. But we hardly made any luxury mods to the build. Kept it basic, just enclosed the kitchen, upgraded the solar, etc. I have heard that valuators don't look at luxury upgrades the same way the owner does. A platinum shower rail is not worth much for the valuator as much as it is to you for example. Even though we went with 90% loan, we also kept enough allocated towards different parts of the build. We had some reserved in case we were undervalued. And we got undervalued for land by approx $12,000. We also had funds saved for: - after contract upgrades - personal upgrades and fittings including labour cost - fencing which is extra to the mandatory one we needed. - retaining walls - landscaping So worst case scenario, you should be prepared for these expenses instead of going to the dollar calculations. If they undervalue your build, you can start cutting your upgrades. If they undervalue your land, things then become bit difficult. Re: Ever had your build undervalued? 3Feb 12, 2015 1:55 pm I felt like we were overcaptilising, especially when our site costs were about 50k but our house came in exactly what we spent on it so that was a relief. https://forum.homeone.com.au/viewtopic.php?f=31&t=64434 Building our own custom design based on the Elwood by Dale Alcock Land settled - November Plans submitted to council - January Prestart - March Slab - 18 September Brickies - 23 October That is a really good attitude Akin to you catch more flies with honey than vinegar. I do enjoy watching that tik tok inspector from Victoria but he does go a little… 12 81884 Thank you so much everyone. This all makes a lot of sense. I guess when you talk to a builder who butters up everything to look very polished, you get to start believing… 7 17591 Thanks mate. Yeah good points! Leaning towards Option 3 to get a bit extra space in the cabinets but not going too crazy high (and expensive). Would require a mini… 13 39702 |