Browse Forums Building A New House Re: Porter Davis homes 6904Mar 20, 2013 1:54 pm This is probably a really stupid question but I just want some clarification. When the valuation is done for the house and it is compared to the 'contract price', does the contract price include everything i.e. site costs, temporary fencing costs etc? So, does the valuation take into account every single cent it costs to build? I hope that makes sense. I know what I am trying to ask but I don't know if I have conveyed it well! Re: Porter Davis homes 6905Mar 20, 2013 2:02 pm ftdt7882 This is probably a really stupid question but I just want some clarification. When the valuation is done for the house and it is compared to the 'contract price', does the contract price include everything i.e. site costs, temporary fencing costs etc? So, does the valuation take into account every single cent it costs to build? I hope that makes sense. I know what I am trying to ask but I don't know if I have conveyed it well! When you submit your request for valuation, you should be including all the costs. This can be a real pain in the neck, because in some cases the bank will want to see written quotes for every single item. My valuation included: - land cost - build cost - fencing - paving (estate requirement) - air conditioning (I didn't go with PDs option) - window coverings - front gardens (estate requirement) This pushes down your valuation result though, as many people would build then wait a while before doing some of these things. That makes for a challenging job for the bank, because people's definition of "complete" really does vary. I know some people who are still making major changes to the house two years after moving in! Re: Porter Davis homes 6906Mar 20, 2013 2:27 pm Lurgen ftdt7882 This is probably a really stupid question but I just want some clarification. When the valuation is done for the house and it is compared to the 'contract price', does the contract price include everything i.e. site costs, temporary fencing costs etc? So, does the valuation take into account every single cent it costs to build? I hope that makes sense. I know what I am trying to ask but I don't know if I have conveyed it well! When you submit your request for valuation, you should be including all the costs. This can be a real pain in the neck, because in some cases the bank will want to see written quotes for every single item. My valuation included: - land cost - build cost - fencing - paving (estate requirement) - air conditioning (I didn't go with PDs option) - window coverings - front gardens (estate requirement) This pushes down your valuation result though, as many people would build then wait a while before doing some of these things. That makes for a challenging job for the bank, because people's definition of "complete" really does vary. I know some people who are still making major changes to the house two years after moving in! Thanks for your reply When you say adding those things in pushes your valuation down, do you mean the actual valuation or the LVR? (Sorry, really new to this!) It seems like a bit of a grey area given like you said, many people do things after their build. For us, we are doing our landscaping, fencing, driveway and window coverings after we move in and we have money set aside for this, it won't be part of our loan. So all we need to borrow is part of the land and part of the PD build cost itself. Re: Porter Davis homes 6907Mar 20, 2013 4:16 pm ftdt7882 Thanks for your reply When you say adding those things in pushes your valuation down, do you mean the actual valuation or the LVR? (Sorry, really new to this!) It seems like a bit of a grey area given like you said, many people do things after their build. For us, we are doing our landscaping, fencing, driveway and window coverings after we move in and we have money set aside for this, it won't be part of our loan. So all we need to borrow is part of the land and part of the PD build cost itself. From what I've been told, in most cases the extra items I listed add to the cost of the build but don't significantly improve the actual value of the property. This means that you've spent more for a house that is essentially "worth" the same. This doesn't help your chances of getting a loan, so many people leave this until later and pay for it bit by bit. Terminology gets complicated here... your LVR (loan to valuation ratio) needs to be low to be good. Anything over 80% is a bit of a concern and starts costing you LMI (Lenders Mortgage Insurance). This can be small (a couple of grand) or impossible (don't ask). 80% isn't an uncommon LVR lately apparently but your broker will have seen more of this than any individual here on the forums. Re: Porter Davis homes 6908Mar 21, 2013 8:52 am Lurgen ftdt7882 Thanks for your reply When you say adding those things in pushes your valuation down, do you mean the actual valuation or the LVR? (Sorry, really new to this!) It seems like a bit of a grey area given like you said, many people do things after their build. For us, we are doing our landscaping, fencing, driveway and window coverings after we move in and we have money set aside for this, it won't be part of our loan. So all we need to borrow is part of the land and part of the PD build cost itself. From what I've been told, in most cases the extra items I listed add to the cost of the build but don't significantly improve the actual value of the property. This means that you've spent more for a house that is essentially "worth" the same. This doesn't help your chances of getting a loan, so many people leave this until later and pay for it bit by bit. Terminology gets complicated here... your LVR (loan to valuation ratio) needs to be low to be good. Anything over 80% is a bit of a concern and starts costing you LMI (Lenders Mortgage Insurance). This can be small (a couple of grand) or impossible (don't ask). 80% isn't an uncommon LVR lately apparently but your broker will have seen more of this than any individual here on the forums. Thanks, makes sense Re: Porter Davis homes 6909Mar 21, 2013 3:09 pm Can i ask a question about laminex colours please? Wondering if you can choose from a large range of colours as standard? I am looking at the Bleached Reed for cabinets... anyone used this? Our build: viewtopic.php?f=31&t=64705 Re: Porter Davis homes 6910Mar 21, 2013 9:04 pm meowsy Can i ask a question about laminex colours please? Wondering if you can choose from a large range of colours as standard? I am looking at the Bleached Reed for cabinets... anyone used this? I think you can choose only from the range they have at Hopetoun Interiors. Check with the consultants there... I wanted certain colours from the Laminex catalogue but couldn't get it Re: Porter Davis homes 6911Mar 21, 2013 9:05 pm update on my fireplace junk... SS came to clean out all the rubbish today.. needless to say he was NOT impressed! Still waiting on an update re: Staircase.. But on a happier front, my front door got installed today .. YAY! Re: Porter Davis homes 6912Mar 22, 2013 9:16 am Getting very frustrated with PD with regards to their responses. We've asked for a couple of items: * Pre-wiring for an alarm system to be installed - Nope, we don't do it for double storey houses. * Glass splashback to be installed behind rangehood of our choice - Nope, our electricians can't be bothered working out a new template to be cut for the glass I understand that PD is a volume builder but when they push back on the simple requests it really doesn't help with the 'dream' and we wonder whether its better to just cut our losses to get exactly what we want with another builder. Re: Porter Davis homes 6913Mar 22, 2013 5:46 pm Just got our construction plans to review, guess what this weekend will be involving......reading, re-reading, re-reading, comparing everything. I am going to read every word, I may not understand it, but will ask if I don't. Re: Porter Davis homes 6914Mar 22, 2013 6:31 pm jnkbids, thank you, I did that, and they do have the colour I am after as standard I learned it is really just gloss and different profiles that are upgrades. Our build: viewtopic.php?f=31&t=64705 Re: Porter Davis homes 6915Mar 22, 2013 7:06 pm I've given up on Hopetoun as of today. They keep getting confused about my electrical plans, using old copies of the floor plan and giving me huge bundles of documents to review. I know it's the standard PD process, so perhaps it's just me. But boy do they know how to make life hard. It's almost funny how many small but annoying items I have on my shopping list for an electrician to handle after handover, given they had the opportunity to do them at a huge markup during build. In other news my BC is being extremely helpful and patient which takes a bit of pressure off for me. Maybe one of these days we will actually start building something instead of arguing over which way a door should open. HD Re: Porter Davis homes 6916Mar 23, 2013 8:39 am MummaDJ Just got our construction plans to review, guess what this weekend will be involving......reading, re-reading, re-reading, comparing everything. I am going to read every word, I may not understand it, but will ask if I don't. Have fun MummaDJ! Yay! Our land is coming along! Love the street lights! Still are being told settlement on the land is July. Grrrrrr. We were originally told that "settlement will be April/May, worst case scenario June" - they've only had a couple of inclement days so there's no reason why they should now be saying July esp as it seems like only the roads, footpaths and crossovers are to go in - every time we go past there's always work going on (apart from on Sundays). Maybe they don't want to settle till after the parkland is all finished off - who knows. Maybe it's just the agent being ...... well I've been taught not to say anything if you can't say anything nice. Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Anyone have any suggestions on how long away they think it will be before we'd be having settlement going on the progress here? Re: Porter Davis homes 6917Mar 23, 2013 11:09 am It looks like 2-3 months from that photo... the things that will hold it up will be council and if you have traffic lights in your stage then vicroads are good at holding things up. Re: Porter Davis homes 6918Mar 24, 2013 9:59 pm inglewood Yay! Our land is coming along! Love the street lights! Still are being told settlement on the land is July. Grrrrrr. We were originally told that "settlement will be April/May, worst case scenario June" Hi Ingle That's terrible new.. the delays suck... We signed in Jan 2012 for an April Settlement... May at the latest say the developer (AB Justwait...) Flash forward to settlement about 31-July and site start now in October. There was a clause in our contract for an additional costs every 2 months for a delayed site start. Being 2 storey, that was an additional $2000... So in January when we knew this, I didn't care but it kicked in August so it was stressful locking away the paperwork not to be penalised... So don't believe what the land sale office says... they just want your money. And they also were not very forthcoming in telling us it would be nearly 12 months before we could get a home phone or the internet connected... regards Mike Re: Porter Davis homes 6919Mar 25, 2013 9:42 am I still haven't heard from PD regarding my tiles.... I wonder if Helen had actually forward my concerns to management???? Re: Porter Davis homes 6920Mar 25, 2013 9:49 am gabster I still haven't heard from PD regarding my tiles.... I wonder if Helen had actually forward my concerns to management???? I am sure Helen would have, perhaps PM her again to follow up. Best to chase and chase. Good Luck! Three options 1 Ask the liquidator 2 Find another PD customer and ask the source of their report 3 Pay for new report 3 12345 Ask for references and speak to them. If they are defensive or try to avoid the request, walk. 1 74717 I would never build with Fowler homes. I built with them in 2021 and till date maintenance issues are pending. All their existing trades and businesses don't work with… 14 105617 |