Browse Forums Building A New House Our First Home - Ballarat - Valuation for build under :(((( 121Sep 29, 2017 8:51 pm Oh sorry to hear that Would the standard plan of the house you chose be within the valuation? Fingers crossed your builder can come up with a suitable options Build thread: viewtopic.php?f=31&t=85381#p1630392 Re: Our First Home - Ballarat - Valuation for build under :( 122Sep 30, 2017 12:12 am Sorry to hear that Icat! Is the house valuation also based on location too? I thought it would have been the land that was based on location, not the house? Hope you get the valuation that you need to build the house you want! Re: Our First Home - Ballarat - Valuation for build under :( 123Sep 30, 2017 12:38 am My logics here is quite straightforward, if the bank thinks that build costs $46K less, than you would have to come back to the builder and ask them to reduce pricing by this $46K as they seem to be overcharging when comparing to market. As an example, $12K for just the stone bench is a way too much, e.g. I am getting the whole 2pac plywood carcass kitchen with 6 m of 40 mm quartz bench + 3 m waterfall edges quartz island for this price (from China). Re: Our First Home - Ballarat - Valuation for build under :( 124Sep 30, 2017 9:21 am alexp79 As an example, $12K for just the stone bench is a way too much, e.g. I am getting the whole 2pac plywood carcass kitchen with 6 m of 40 mm quartz bench + 3 m waterfall edges quartz island for this price (from China). The Battlers & Punters aren't able to borrow for unfinished homes..those days are pretty much coming to an end I do agree that generally the finishes kick project$ over the edge (waterfall...literally ) Banks don't care if you have a $10k or $50K kitchen..its just a kitchen!..get it Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs Re: Our First Home - Ballarat - Valuation for build under :( 125Sep 30, 2017 10:02 am Ezza78 Sorry to hear that Icat! Is the house valuation also based on location too? I thought it would have been the land that was based on location, not the house? Hope you get the valuation that you need to build the house you want! Thanks, I think what is happened here is its been valued on location. The valuer doesn't see the value of the cost of the build plus the land. That is fine, if the area we got the land in will only sustain so much in total value then we just have to adjust our expectations. I'm waiting to here back from the builder now. If its possible we just go for the original plan (which is on the first page) with minimal changes. Sarah Re: Our First Home - Ballarat - Valuation for build under :( 126Sep 30, 2017 10:43 am It is alway wise to get your own data, analysis and valuations yourself ..Praemonitus, praemunitus (Forewarned is Forearmed ) Property valuations and price estimates Goodluck Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs Re: Our First Home - Ballarat - Valuation for build under :( 127Sep 30, 2017 11:13 am A $500k house in a good area may be valued higher, however if you built the same house in a less favorable area, the bank may see it as over capitalising and it cap the value at much less. You've got to build to the area you're in if you're borrowing the majority of it (like most of us are). May have to scale back the fancy inclusions, as mentioned above, the bank doesn't care that you have a high spec kitchen, they just see it as a kitchen. Find my build thread here: https://forum.homeone.com.au/viewtopic.php?t=88694&f=31&p=1729530#p1729530 Re: Our First Home - Ballarat - Valuation for build under :( 128Oct 03, 2017 6:43 am Exactly that. We were over capitalising on the build and the area won't sustain the amount we were looking to put into the build contract. So we have cancelled that contract and sticking to the original plan posted on Page 1 with no structural alterations. And I have tried not to go overboard this time with all my wants. This is not be our forever home, as hopefully few years down the track we move out further on some acreage land. I post updated plans when we get them. It might not be for a few weeks. I'm hoping we can turn it around fairly quickly as most of the selections will just transfer. I feel a lot brighter today. Must be the full moon as on Friday/Saturday I was in the glumps. Sarah Re: Our First Home - Ballarat - Take 2 :) 130Oct 03, 2017 8:21 am Thanks. Builder has been good too. We both want the same outcome I want a house built. They want to build it. We on holidays next week cruising. So its good to go away without having a cloud over our heads of uncertainty. The mortgage broker has just stuck our application on hold with the bank and will update it when we get the new contract signed. Re: Our First Home - Ballarat - Take 2 :) 131Oct 03, 2017 4:26 pm sorry to hear that it came in low. Being a ballarat born and bread there are some areas which could possibly have that value but its not all that common. Have you thought of looking at some of the volume builders as they may be able to get you a nice house for a decent price. Re: Our First Home - Ballarat - Take 2 :) 132Oct 03, 2017 5:38 pm I'm happy with the builder. I don't think the big volume boys would be any different. A lot of the volume builders quoted 25K in site costs on top of the base price where my total costs are less than a 1/3 of that. So swings in roundabouts.The area is fairly new recently developed Estate. I think its going to be a nice estate, however, there not a lot of sales so I guess they going by what the closest. I'm not too disappointed. I've moved on. There only the 2 of us so the house will be plenty big enough. I did however get a nice letter from the Ballarat City Council that we have to pay $1150 Contribution Levy. So the paws out for money keep coming haha. Sarah Re: Our First Home - Ballarat - Take 2 :) 133Oct 04, 2017 6:57 am Glad to see you have a way forward now and you can enjoy your cruise with no cloud hanging over your head. Enjoy! Re: Our First Home - Ballarat - Take 2 😀 134Oct 04, 2017 9:16 am Well done. Glad your feeling positive about things. Have a lovely cruise - B A vue of the pines on the Gold Coast forum.homeone.com.au/viewtopic.php?f=31&t=87210 Re: Our First Home - Ballarat - Take 2 :) 136Oct 04, 2017 7:52 pm icat2000 Two more work days, two more weekend days then role on cocktail in my hand sitting on my balcony. Just read through your thread. Sorry to hear about all of your woes, but I admire your resilience! Have a great, well deserved cruise! We are about to build in Ballarat (2nd time). People complain about the cold, but I love living here. Building Vancouver 33 - My Thread https://forum.homeone.com.au/viewtopic.php?f=31&t=89689 Re: Our First Home - Ballarat - Kitchen help? 138Oct 05, 2017 3:36 pm icat2000 Morning All Big day for us today. We are meeting this morning with our conyancer to go through the land contracts and sign them if they are all in order and then following that meeting with the Mortgage Broker to talk about finance. The tiles are at the stage for waiting for lodgement at Titles office so tiles maybe month or so away at a guess. And then I would like to go back to National Tiles to go through the tiling options again now that I have the elevations. We have gotten our soil tests back. The land estate agent let us soil test prior to signing contracts. It came back a H2 classification which is pretty normal for Ballarat area. The builder is saying it looks good and doesn't think it site costs will increase, however, there is always a but haha, they have to wait for the engineering plans to make sure there doesn't need to be anything additional for the slab. Our land is fairly flat. So fingers cross, otherwise, I start tossing out some of my upgrades. Sarah Good luck, we built in Ballarat 4 years ago and had to pay an extra $3000 after soil tests were taken. It meant our slab had extra costs put to it. Re: Our First Home - Ballarat - Land Contracts & Finance 139Oct 05, 2017 3:39 pm icat2000 Thank you. You made my day. I was having a little downer about my house plan as the corridor is quite looooong. However, the builder suggests I could add a couple of plaster hampers at each end and consider adding some wall niches to break it up a bit. Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Also the other thing I was to revisit is the opening to the master suite. I don't care for the little door off the corridor. The builder put some suggestion to me but going to mark it up as I'm a visual person and makes it easier if I can see what they mean. I had the thought of putting some double doors in where the WIR is and losing that small bit of the WIR. It was my partner bit and I'm sure he won't miss it hahaha. I haven't put that suggestion through to them yet as I want to see what they come up with first. Regarding the titles. I'm tracking it online on the SPEAR site. Its been lodged at the titles office on 12 July. So hopefully not too far off. Still waiting on approval for the finance for the land. Settlement on the land is scheduled for 1 September. My builder does it a little bit different. You don't do your selections until after 5% paid and contract. You do the plans and electical first. I've nearly sorted it out mostly in my mind and they have been very good at providing estimates of costs so far. I just don't hope it costs too much extra. Cause there I hate to give up some stuff. The stone bench price is like 12K. My partner still hasn't got off the floor after telling him how much it would cost. If worst case scenario I could put laminate in the butlers area. Wow, 12K for the bench. You must be having waterfall ends but that is still so pricey. Think our bench was 3K - no waterfall ends and wasn't marble but still a stone bench.... Re: Our First Home - Ballarat - Take 2 :) 140Oct 05, 2017 5:15 pm It include stone everywhere as well as the cabinets in the butlers. Well doesn't matter now as we binned that contract. Should be getting new costings for take 2 house. I see where it comes in. So it looks like we finally have some movement on site! Definitely later than expected, but I'll take any progress at this point. I'll drop by over the weekend to get… 5 27433 Can you give advice on how to get missing certificates needed for a form 21? Our bank requires us to provide one but we are missing 4 building certificates from our first… 3 71778 yes it does, you've just not understood it. theres a difference. 4 5314 |