Browse Forums Building A New House Re: Low valuation for new build construction loan 3Sep 13, 2020 10:26 am Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs Re: Low valuation for new build construction loan 5Sep 13, 2020 11:08 am Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs Re: Low valuation for new build construction loan 7Sep 13, 2020 11:43 am Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs Re: Low valuation for new build construction loan 11Sep 13, 2020 12:05 pm Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs Re: Low valuation for new build construction loan 12Sep 13, 2020 12:10 pm zoltaire Ozshaz I am Sorry to see you in this situation. I was in similar situation couple of years back. But I would suggest if you like the house then you may need to look into the decision of putting $$ from your side. I would say it would be a very personal decision. I was told by few people that banks usually are comfortable in the range of $10,500 - $11500 per Sq valuation range for a decent home. But again that's an approx range and it all depends upon the location. I am assuming yours is approx 24 Sq house so if bank has given you $270K as valuation then it comes out to be $11,250 approx per sq. But like I said this is a rough estimate and all depends upon bank to bank, location and personal circumstances. Think positive and stay strong ! Just my 2 cents. Did you end up going ahead with your build? Yes I did. It was a tough decision but i did my calculations and checked how much risk I could take that time. Later on I have done few upgrades like solar, battery, landscaping etc in the last 2 years which has brought the valuation higher to what I started with. But again every case is different and please take note of your personal circumstances. Re: Low valuation for new build construction loan 13Jan 16, 2021 1:46 pm Hey Zoltaire, We're in the same situation. Building in Harrisdale, ~230 sqm, builder quoted $315k, valuation came at $288k. Reasonably good spec which bank thinks worthless unfortunately. From the start we knew this could be a possibility but obviously disappointed. When we started visiting display homes in June we noted the prices, and by July pretty much every house we saw gone up by ~$20k. That explains our shortfall of $27k. We went back to the builder and they slashed $4k, and we maxed or LVR to get over the line. The valuators are being overly careful with the current inflated build prices I believe. Good luck. 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 13490 Those span tables can be pushed a little for a low deck if you dont mind a little flex. Last deck I did, I pushed it a little and it was still rock solid - no noticeable… 6 11341 4 5000 |