Browse Forums Building A New House 1 Mar 13, 2017 10:29 am Hi all, we are a couple looking to build our first home in Schofields, NSW area. This home is mainly living purpose but want to get the value right for bank valuation/ loan purpose, also if we need to sell it in future. I am planning for building a house with pool, which will cost me 1.1m to 1.15m mid next year. I am afraid it will be under valued by bank when I apply for loan in 2018 because the of the market price and mediam home value is less in this area. Please share your opinion on bank valuation and risk involved with this plan The location is Schofields area, 1.4km from the new Cudgegong station (opening in 2019, will direct line to norwest and Epping), 2.5km from existing Schofields station The total price of house+ land+ pool is coming close to 110000 to 1140000 I will need to apply for land loan early next year when the land registers and home loan mid next year Now the issue is median home price in Schofields at the moment is 750k according to real-estate websites. 4bedroom house median price is 850k. (the closes suburb The Ponds, median house price for 4bedder 990k) House of my sizes (on much smaller size land and no pool, basic inclusions) are selling for 890k or just under nine, Our lot is 1km closer to The Ponds suburb, which is an established suburb and houses of similar finish and size are selling for 1.3 to 1,4m. House of my size but smaller land and basic inclusions: over 1m Land: 470m2 for $595000, due to register early 2018 price /m2 is at least $30 less than other unregistered blocks in the area (probably because of narrow block, bigger size etc). 0.5m slope, no easements, service sewer etc plan looks right if we go for 370m2 block it will be around 100k cheaper, but i was dreaming to build a pool and a decent size backyard and for new pool it has to be >450m2 lot House: 32-34sq for 5 bedroom 3 bath- house (4 beds + converted study to guest bed in ground floor) Base price 350k Packaged upgrades 40k (height ceiling, squar set ceiling and windows, bathroom tiles, kitchen fitting appliances and what not) Façade and staircase upgrades above 50k. So all including site cost and etc the building cost is near 450k Pool 50k So the house and pool altogether coming to 500k Total price 1.1m + 20k Landscape= 1120000 Please share your opinion on this TIA Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35326 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11916 Just to makea point about this, an approach that some people have found sucessful in negotiating these rises down, Is to provide some workings to the builder, specifying… 4 81715 |