Browse Forums Home Finance 1 Nov 15, 2012 6:26 pm Hi all, my home loan is ready to go - EXCEPT - the verification team are concerned about the condition of the property, and may need a building inspection. The house has been neglected and the roof has leaked in a couple of places. Apparently it needs two stringers and about 6 new sheets of iron. The valuer mentioned mould on the ceiling and therefore possible other damage from the leak. I know the house needs alot of love, that's why I'm getting it cheap!!! I have some savings to do urgent repairs right now - then anything cosmetic will be DIY over a year or two. Will it basically come down to costs of repairs versus the amount of savings I have? If so, will I only need to show I can afford the essential repairs, eg. roof, or will they want to see enough savings to cover a total fix up? Any other factors relevant to all this? Appreciate any advice! How have others gotten around this problem, ie. buying a renovator's delight only to be told you can't have finance because it needs renovating? Leisa - mum of two, graphic designer and printing guru. Re: help! condition of property holding back loan approval 2Nov 15, 2012 9:31 pm I have always bought a preloved home with a building inspection report... You need to know what areas need work, whether there are structural problems as well as cosmetic. I have never needed it for a loan though... I don't think it's money wasted. Built a Hawthorne 31 with EB nessjeffdreamhouse.blogspot.com.au Building an investment now with New Living homes... We are at nearly finished... Just landscaping and driveway to go! Re: help! condition of property holding back loan approval 3Nov 16, 2012 9:18 pm It can be an issue. To get building insrance it has to be in habital condition. Without insurance yiou can't get the loan. Catch 22. We bought a burnt out property at almost land value and they stuffed us around until nearly the last week. We were doing the reno ourselves but they wouldn't lend as an owner builder. Luckily we have a builder relative who gave us a quote. As long as it's habitable it shouldn't be an issue. If not get a quote for the essential repairs. The bank should be happy with that. Re: help! condition of property holding back loan approval 4Nov 17, 2012 9:28 am I got the unconditional approval anyway! The LMI people were satisfied that I have extra savings to cover essential repairs. I'm going ahead with the building inspection anyway, as this will be my "to do" list. Leisa - mum of two, graphic designer and printing guru. The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19096 1 2986 Hi Minho I have heaps of experience in Ku-ring-gai with both DAs and CDC ( this is the main area we build in). DA's are taking 12-18months and CDC's we have been doing… 1 3161 |