Browse Forums Building A New House Re: Expenses acquired during build. What am I in for? 16Oct 23, 2017 6:06 pm I'm onto my second build contract as my first build contract didn't value up. Now it was a combination of me putting too much into the house and the area not being able to sustain the value of the build contract. I'm in Ballarat. This time around. Hopefully, I can share new plans shortly. I got caught up in the build process. Easy to do. This time I have made only one change to the plan and minimise the upgrades. Fingers crossed. Re: Expenses acquired during build. What am I in for? 17Oct 23, 2017 6:18 pm Even if my house was stripped bare and no changes made to the original plan it would still fail the valuation. Re: Expenses acquired during build. What am I in for? 18Oct 23, 2017 6:36 pm MangoLover - I tried that with my original plan to strip out as much as possible. But then it little resembled the concept of the house I had in mine. So I binned it and started again. I stilll building with same builder, but slightly smaller plan and not so many upgrades. I think I lost about 2K in money spent, but are reducing my build cost by over 50K so will save in the long run in mortgage interest. I just want a house at this stage. My partner will inherit land in due course and then we can build our dream home. Re: Expenses acquired during build. What am I in for? 19Oct 23, 2017 8:02 pm Go to a broker who deals with this situation regularly, banks will always give work to valuers who favour the bank, it's worst case type valuation, I've seen 20% and more in undervalue, a broker will fix this, and you may end up saving your $15,000 leaving you with a emergency fund, change your loan from bank to broker to fix your problem. Re: Expenses acquired during build. What am I in for? 20Oct 23, 2017 9:28 pm icat2000 MangoLover - I tried that with my original plan to strip out as much as possible. But then it little resembled the concept of the house I had in mine. So I binned it and started again. I stilll building with same builder, but slightly smaller plan and not so many upgrades. I think I lost about 2K in money spent, but are reducing my build cost by over 50K so will save in the long run in mortgage interest. I just want a house at this stage. My partner will inherit land in due course and then we can build our dream home. I don't think it would make a difference if I went with another smaller plan. You make the house smaller, then yes the costs go down, but the bank valuation goes down too. Their straight up generic design with no upgrades failed the valuation too. i would suggest nothing is unreasonable for PCI. we did all sorts, including checking the hot water, checking all the GPO's had power, testing that the showers were… 9 98987 Just to makea point about this, an approach that some people have found sucessful in negotiating these rises down, Is to provide some workings to the builder, specifying… 4 82110 The only thing to add to these comments is that where possible it's always good to try and work with people than just say "no" because you can. Having someone… 4 17400 |