Browse Forums Home Finance 1 Jul 23, 2013 4:31 pm We put a contract on a block of land. According to onthehouse the price paid for the block appears to be in the ballpark of prices paid for other subdivided land in the same street over the last couple of years. It is a street that appears to have had quite a few houses on 2 titles that owners have taken advantage of. The house we intend to build is not having many upgrades. It will be 2 storey, 4 beds, living, media, kids retreat and study. Costs at this stage around 240k land + 255k house build. House build excludes curtains, security screens, fence and driveway but includes ducted air, floor coverings and a $15k provision for slab upgrade (the 15k was initially for upgrading windows, roof and walls for acoustics but not necessary anymore. So now we are allocating it to a slab upgrade and hoping it all won't be eaten up. the construction cost already includes a H class slab so hopefully going to E/P classification won't cost the full $15k). The suburb we are looking at has two different areas in reality and we are in the less desirable/fancy area. There is a new development going on with land prices starting at $320k (min 480m2 vs our 455m2). We are 110m away from a train station but the new development will have houses ranging from 100 to 300 m away from the line (not the station) I have also checked realestate.com and comparable homes are selling for over $500k. My question is, will a valuer look over the whole suburb in determining value vs our smaller area or even street? The more desirable area is only 400-500m away - it is just newer and also has the brand new development going on. Our area is older but more people splitting blocks now. However, the immediate vicinity may cut values a little but they won't be similar houses. Just don't want to overcapitalise. Thanks in advance, dant Re: Valuations - street vs area vs suburb 2May 08, 2014 11:02 am have you considdered getting an independant valuation before you start? Knock 40-50k off that and that is likley to be the banks valuation. Just a thought. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: Valuations - street vs area vs suburb 3May 09, 2014 12:23 am They will be using the plans and specifications, etc from the builder to determine the valuation for construction. Total valuation is based on the land value plus build costs. You have said the land is in the current ballpark, so unless you go crazy and add non value items such as gold plated taps and heated floors, then the build cost you hope would be the figure the valuer also comes back with. What are you going to do about fencing and driveway? Cheers Tom CDC Housing Code 3 When to apply Floor Area external face of wall vs Gross Floor Area internal face of wall. Reading thru CDC Housing Code 3, lets take a lot 915sqm.… 0 16566 Hi all. I'm thinking of installing an electric gate in front of this street front villa (link below). The gate would be between the bush on the left and the letter box on… 0 2779 Thanks! I'm spoke to the builder I'm not sure if this is all true but basically went along the lines of they considered all options and if I was to compact and fill it… 2 7315 |