Browse Forums Building A New House 1 Mar 02, 2012 7:16 pm Hi Guys, My partner and i have decided to build in Grandvue, Pakenham. Everything went fine with the purchase of our land but when the bank has valued the 'house and land package' it has come up $30K short. Has this happened to anyone before? We are not sure what to do from here... do we trust the banks valuation and assume we are paying far too much or do we dispute it with the bank?! We are first home buyers... Any help, advice or suggestions would be welcome!!! Re: Valuation Issues - Grandvue, Pakenham 2Mar 02, 2012 7:35 pm Don't assume you're paying too much remember that the bank isn't taking into account the money your spending on upgrades etc it is working out if they had to sell it as soon as it's built what would they get for it. If you need more money so that you can fund the build you'll need to check with the bank if they'll accept a sworn valuation and you can pay someone they will accept. If you don't need the money then don't worry and plough on (unless you're planning on selling very soon after build). Our build has been undervalued by the Bank by about $180K LOL. They have nothing to compare it to locally so they won't value it at what it's worth. We don't need the money so not worried. P.S I'm not a financial advisor nor an expert so get the right advice but I have worked in banking for a long time and know how the "valuations" work. Re: Valuation Issues - Grandvue, Pakenham 3Mar 03, 2012 8:10 am B_and_V Hi Guys, My partner and i have decided to build in Grandvue, Pakenham. Everything went fine with the purchase of our land but when the bank has valued the 'house and land package' it has come up $30K short. Has this happened to anyone before? We are not sure what to do from here... do we trust the banks valuation and assume we are paying far too much or do we dispute it with the bank?! We are first home buyers... Any help, advice or suggestions would be welcome!!! I had the same issue, the bank takes into account the overall price of land + house. And determines what they could sell it for if it was a very quick sale. I think I worked out the price to be 8.3K/square for the valuation of my home and I had to pay the difference, which was unfortunate. Have a look around for quotes but the bank isn't interested in if your house is custom designed, has upgrades or not, they calculate based on other houses in the area... Re: Valuation Issues - Grandvue, Pakenham 4Sep 17, 2016 8:42 am B_and_V Hi Guys, My partner and i have decided to build in Grandvue, Pakenham. Everything went fine with the purchase of our land but when the bank has valued the 'house and land package' it has come up $30K short. Has this happened to anyone before? We are not sure what to do from here... do we trust the banks valuation and assume we are paying far too much or do we dispute it with the bank?! We are first home buyers... Any help, advice or suggestions would be welcome!!! We are building on the Officer side of Grandvue and this has just happened to us as well. We were told because there is not enough of an established sales history in the area yet that the bank valuation will come in quite a bit under. In addition they do not take into account a lot of the aesthetic upgrades that may be added. I am looking at building a house. Has anyone used Construkt Homes (based in Adelaide)? Does anyone have experience with this builder? 0 6453 12 5336 Industry type domestic contracts are prepared by industry bodies for the benefit of the builders. This means that if you are the owner watch out. One of the points is… 0 3235 |