Browse Forums Building A New House 1 Dec 04, 2015 7:07 pm Hi all this is my first time building and its been nothing but poopy thanks to poopy broker. Im so over trying to building a house. We've had nothing but issues. I dont even wana build a house anymore. All the joy is gone. We've gotten rid of our useless broker who just constantly ignored texts and calls and after we 1st got declined due to missing 1st land repayment which came out of an account we had no idea about He told us to go ahead sign your building contracts and itll all be good. He didnt seem to want to help us and have a new one. We've now had 3 different evaluations come back $20,000 short 2 with old 1 with new. Even with using first homeowners grant ($10,000) and every last cent in our bank $18,000 which about $15,000 is left over deposit to be used for house the rest is rent, bills ect. We still need to come up with $5,000 and mums already taken that out on her house loan so cant help us anymore. Aidans considering getting a 2nd job which means he'll never see our daughter or me. We are building with 8 Homes in Kurunjang (next to Melton) so we now have a block of land which we paying off and a signed building contract which our broker told us to sign. If anyone can give me some options or ideas as to what to do thatd be great Thanks Re: UNDER EVALUATION ×3 2Dec 04, 2015 9:27 pm JessJadiem Hi all this is my first time building and its been nothing but poopy thanks to poopy broker. Im so over trying to building a house. We've had nothing but issues. I dont even wana build a house anymore. All the joy is gone. We've gotten rid of our useless broker who just constantly ignored texts and calls and after we 1st got declined due to missing 1st land repayment which came out of an account we had no idea about He told us to go ahead sign your building contracts and itll all be good. He didnt seem to want to help us and have a new one. We've now had 3 different evaluations come back $20,000 short 2 with old 1 with new. Even with using first homeowners grant ($10,000) and every last cent in our bank $18,000 which about $15,000 is left over deposit to be used for house the rest is rent, bills ect. We still need to come up with $5,000 and mums already taken that out on her house loan so cant help us anymore. Aidans considering getting a 2nd job which means he'll never see our daughter or me. We are building with 8 Homes in Kurunjang (next to Melton) so we now have a block of land which we paying off and a signed building contract which our broker told us to sign. If anyone can give me some options or ideas as to what to do thatd be great Thanks Hi Jess Sorry to hear of your bad experience. We almost went through the same thing earlier this year with a broker we were unhappy with, we almost gave up on building because of incompetence of th@ broker, unfortunately our first choice of builder lost a customer. We looked into another and were introduced to their broker. We were sceptical at first but found he was excellent. In just half and hour of talking with him we learnt a lot and our passion of building continued. He drops everything to return our calls and has put us on a plan to work towards our goal of deposits, he advises us not to overspend on upgrades because banks don't see that, so we've budgeted well. When we need a pep talk he's always available, and he's advised us that he works for us and so he'll look for the best deals that would suit us. I know how you would feel believe me and your done the right thing getting rid of that waste of space. I can't help with evaluation as we haven't got to that stage yet, ours will be in March. But I'd keep looking for a good broker who will be able to guide you in the right direction and find the best deals for you. All the best for your build Re: UNDER EVALUATION ×3 4Dec 07, 2015 5:55 pm I mean this in the nicest way possible but it seems like you just don't have the money to do what you want to do. If your problem is that the bank won't lend you money due to lack of finances then I would say good on the bank for ensuring we don't end up like the American mortgage crisis. Re: UNDER EVALUATION ×3 5Dec 07, 2015 9:25 pm Can you drop any extras from your contract?? Building a modified Simonds Palisade in Brentwood Forest. View my build thread here: viewtopic.php?t=76776 Re: UNDER EVALUATION ×3 6Dec 07, 2015 9:41 pm How much is the house you are looking at? Remember there are some cost that will jump out while building. Unless the building is giving you 10000000% iron clad contact of no price changes you might need to save a bit more. My 1st house was a 3 bed firbo. Learn to live within your means. Re: UNDER EVALUATION ×3 7Dec 08, 2015 7:57 pm I feel your pain! Our land was valued at the right amount. Our build was valued at the right amount. But together there was a shortfall of $20k. This was because we built in a new estate, with no comparable sales, therefore the bank undervalued the total value of the property. We just had to fork out the extra $20k ourselves. We had the money, but it was meant to be a fall back for us, as i'd just had our third baby and was on maternity leave and half-pay! Needless to say it was a struggle paying rent and building. We've only just got back into a comfortable position financially and we moved in in February. See if there is anything you can remove from the contract and get credit for. We did our landscaping and driveway etc after handover for much less than our builder quoted! Your contract must have a 'subject to finance' clause anyway? And if the bank won't finance you, you could break the contract?! Re: UNDER EVALUATION ×3 8Dec 11, 2015 10:05 am I don't think changing brokers, or applying to more lenders are going to help - 3 are all valuing your house as $20,000 less than they think its worth but your paying for. My only suggestions are to drop as many things as you can to get it below the $20,000 difference - eg if you chose caesar stone benchtops, make it laminate. Things like these upgrades don't really increase your value when building. Instead of tiles, go with laminate again. If you chose top of the line carpet, go back to standard. However be careful if you go reducing the size of the house -as this will decrease your value again with the bank as they go off house size as well as everything else. You may also need to look into your contract and pull out if you can make the costs. I know with ours that would have been a $10,000 break fee - but if you don't have the cash it could cost more later. ~Shellby~ GJ Bridgewater 203 11/3/2016 - Site Work Started 29/9/2016 - Handover 142 Work Days 6 Work Days Over https://forum.homeone.com.au/viewtopic.php?f=31&t=80174 Hi everyone, building a duplex with my brother and we will then subdivide the land with council. Each duplex will be 360m2. The frontage of the house is West facing and… 0 3385 Thanks for the insights, that makes perfect sense, and yeah, I will be leaning on the experience of the excavator operator entirely. 6 16122 I want to build a bigger driveway (without a nature strip) than has been approved under my CDC. I’ve also had a DA approved to build a deck. It looks like I can do this… 0 4800 |