Browse Forums Building A New House Re: Anyone building with Homebuyers Centre in VICTORIA? 4889Jul 30, 2017 12:17 am Hi Anna and Atherbogan, The value differed by almost $50k. The land price is on point though. The reason given to me is that there are no comparable sales to compare the price to and so the valuer thinks that the building price is too high I am a first home buyer and I am not too sure on what my options are. The broker will try to get valuation from other banks as soon as possible. atherbogan, If you take out alfresco, wouldn't that also lower the valuation again? On a side note, I noticed that a HBC H+L package on a lot beside my lot that was supposedly booked when I was in the office has been up on the realestate site sold by Stocklands with land only portion. interesting Cheers Re: Anyone building with Homebuyers Centre in VICTORIA? 4890Jul 30, 2017 7:50 am They say be prepared for an emotional rollercoaster ride when building. However, I never imagined how I feel right now. Purchased a block of land March 2017 with a title of November. Nothing is still happening on the development at all. I called the council and was told that the developer hasn't submitted all permits he's only submitted the building permit... this expires next March. The council also said they have had problems with the developer and cannot see any construction occurring within the next 6 months. My contract ends next November... my block is already 70K more expensive than when I purchased. A few developers around the area have dragged out titles so they can cancel contracts and re sell at the higher price. Has this happened to anyone else? Surrounding areas are nearly out of our budget. I'm a loss on what to do. Re: Anyone building with Homebuyers Centre in VICTORIA? 4892Jul 31, 2017 6:49 am The contract states that the developer can cancel the contract 30 months after we signed and that we cannot request compensation or argue it. Meaning they can cancel and if we want that lot still we need to sign a new contract with new price Re: Anyone building with Homebuyers Centre in VICTORIA? 4894Jul 31, 2017 8:25 am It's not called a sunset clause in the contract it's a "special condition" but all the same really, which I wasn't made aware of by my conveyancer didn't say anything until I pointed out the section in the contract. But yes I totally agree we need a plan B. Re: Anyone building with Homebuyers Centre in VICTORIA? 4895Jul 31, 2017 8:29 am Maybe look at some land that has already been titled or that at least is close to being titled as an alternative.
Edited: Can you get out of the land contract early too or are you stuck until the developer either issues titles or executes special condition clause? Re: Anyone building with Homebuyers Centre in VICTORIA? 4896Jul 31, 2017 8:48 am EricS Hi Anna and Atherbogan, The value differed by almost $50k. The land price is on point though. The reason given to me is that there are no comparable sales to compare the price to and so the valuer thinks that the building price is too high I am a first home buyer and I am not too sure on what my options are. The broker will try to get valuation from other banks as soon as possible. atherbogan, If you take out alfresco, wouldn't that also lower the valuation again? On a side note, I noticed that a HBC H+L package on a lot beside my lot that was supposedly booked when I was in the office has been up on the realestate site sold by Stocklands with land only portion. interesting Cheers removing the alfresco didnt seem to reduce the value much, apparently my bank Westpac considered it an add on that doesnt do much to a house price. Do you have upgrades that you can remove and do post handover. having said that i removed the alfresco and raised the ceilings to 2590 and that seemed to do the trick. Re: Anyone building with Homebuyers Centre in VICTORIA? 4897Jul 31, 2017 8:51 am EricS Hey all, I am also building with HBC and I have selected fixed cost H+L package in Allura estate in Truganina with Jasper 17. The land is about to title next month hopefully since the work is done and it's just waiting for titling office. I have done my colour selection about two months ago and paid about $2k in upgrade because I put a fair bit of upgrade into PWC. I am using Resolve finance and planned to use their in-house bank for construction finance. Got my valuation back today and I was told the value is way too low.. so the broker will have to start looking for other banks. Does anyone has similar experience building in the area? My understanding from the broker is that the building cost in the contract is way too expensive. Cheers Out of interest what have you included in your PWC? Re: Anyone building with Homebuyers Centre in VICTORIA? 4898Jul 31, 2017 8:52 am tarajbrown The contract states that the developer can cancel the contract 30 months after we signed and that we cannot request compensation or argue it. Meaning they can cancel and if we want that lot still we need to sign a new contract with new price thats a tough situation you're in, look for a lawyer maybe they can find a loophole at this earlier stage. unfortunately us consumers are not very protected from these developers. Have you called the consumer affairs in vic, they may be able to assist or give you some pointers Re: Anyone building with Homebuyers Centre in VICTORIA? 4899Jul 31, 2017 9:19 am Hey ngrundy and atherbogan, I did spend a bit on upgrades. I increased ceiling to 2700mm, added double glazed windows, upgraded the kitchen. Those are stuffs that I think will cost a lot more to do post handover. The others about $4k are cosmetics like powerpoints, lights and stuffs. I don't hve any alfresco at this stage. I hope other banks can give me a better valuation. Cheers Re: Anyone building with Homebuyers Centre in VICTORIA? 4900Jul 31, 2017 9:42 pm I don't remember that being in my contract. And if it was I'm sure my conveyancer would have pointed it out. Thats terrible. I can't believe they get away with that I havent, and i havent looked to much into it, but on face value its not the saviour its trying to make out to be. Shared equity in your home is never a good idea. The… 1 4210 Hi, have purchased a house with 2 single garage doors. The Centre pillar one side sits proud to the other. Can I change 2 doors into one. Please see picture. 0 6781 For reference, this is the Austlii reference. My take on this is, that they would be breaking the law denying access to a homeowner in Victoria, or their agent from having… 1 9626 |