Browse Forums Home Finance 1 Oct 06, 2017 1:37 pm Hi All, we are first home buyers and we are wanting to purchase land that has a green electrical transmission box on the lot next door. It doesnt bother us because I have done my research and I know they are pretty safe and I am happy to landscape it out. Plus the land is a lot cheaper which makes the whole purchase affordable and saves us stamp duty. My question is will the bank completely undervalue the land because of this box? Or can I trust that the developer has the price pretty ok? Thanks in advance M. Re: First Home buyer nervous about land valuation 2Oct 06, 2017 8:13 pm Spot on - depending on the lender and the percentage you are borrowing you might have an issue - for example Bankwest will not accept this over 80%. While it may not bother you, it could impede your chances of a sale when you want to or if you need to sell it, hence the issue. Under 80% or other lenders may not have the same issue. Can I cheekily recommend you see a broker who can get a valuation done upfront & steer you in the right direction if you do want to buy that block? Ask friends to recommend one to you who specialists or loves building. Best of luck with your build Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: First Home buyer nervous about land valuation 3Oct 06, 2017 9:04 pm Thank you for your reply. The land is not registered so I can not get a valuation. The land is about 10% cheaper than other blocks the same size. We are borrowing 95% including LMI. I will speak to my broker on Monday. Re: First Home buyer nervous about land valuation 4Oct 06, 2017 9:06 pm Absolutely 100% avoid Bankwest (experience talking), this might be a job for a major. I'm sure your broker will be on it. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Not much in this responce. My suggestion is, what are you looking to build and why. This will all be impacted by the local councils planning scheme. Familiarise yourself… 6 5861 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 27708 We already paid for somfy motors for the blinds. The quote above was purely for “pre-wiring” so the blinds company can install the motors and blinds. That’s why we… 5 16275 |