Browse Forums Building A New House Re: UNDER EVALUATION ×3 4Dec 07, 2015 5:55 pm I mean this in the nicest way possible but it seems like you just don't have the money to do what you want to do. If your problem is that the bank won't lend you money due to lack of finances then I would say good on the bank for ensuring we don't end up like the American mortgage crisis. Re: UNDER EVALUATION ×3 5Dec 07, 2015 9:25 pm Can you drop any extras from your contract?? Building a modified Simonds Palisade in Brentwood Forest. View my build thread here: viewtopic.php?t=76776 Re: UNDER EVALUATION ×3 6Dec 07, 2015 9:41 pm How much is the house you are looking at? Remember there are some cost that will jump out while building. Unless the building is giving you 10000000% iron clad contact of no price changes you might need to save a bit more. My 1st house was a 3 bed firbo. Learn to live within your means. Re: UNDER EVALUATION ×3 7Dec 08, 2015 7:57 pm I feel your pain! Our land was valued at the right amount. Our build was valued at the right amount. But together there was a shortfall of $20k. This was because we built in a new estate, with no comparable sales, therefore the bank undervalued the total value of the property. We just had to fork out the extra $20k ourselves. We had the money, but it was meant to be a fall back for us, as i'd just had our third baby and was on maternity leave and half-pay! Needless to say it was a struggle paying rent and building. We've only just got back into a comfortable position financially and we moved in in February. See if there is anything you can remove from the contract and get credit for. We did our landscaping and driveway etc after handover for much less than our builder quoted! Your contract must have a 'subject to finance' clause anyway? And if the bank won't finance you, you could break the contract?! Re: UNDER EVALUATION ×3 8Dec 11, 2015 10:05 am I don't think changing brokers, or applying to more lenders are going to help - 3 are all valuing your house as $20,000 less than they think its worth but your paying for. My only suggestions are to drop as many things as you can to get it below the $20,000 difference - eg if you chose caesar stone benchtops, make it laminate. Things like these upgrades don't really increase your value when building. Instead of tiles, go with laminate again. If you chose top of the line carpet, go back to standard. However be careful if you go reducing the size of the house -as this will decrease your value again with the bank as they go off house size as well as everything else. You may also need to look into your contract and pull out if you can make the costs. I know with ours that would have been a $10,000 break fee - but if you don't have the cash it could cost more later. ~Shellby~ GJ Bridgewater 203 11/3/2016 - Site Work Started 29/9/2016 - Handover 142 Work Days 6 Work Days Over https://forum.homeone.com.au/viewtopic.php?f=31&t=80174 Hi everyone, building a duplex with my brother and we will then subdivide the land with council. Each duplex will be 360m2. The frontage of the house is West facing and… 0 3396 Thanks for the insights, that makes perfect sense, and yeah, I will be leaning on the experience of the excavator operator entirely. 6 16158 I want to build a bigger driveway (without a nature strip) than has been approved under my CDC. I’ve also had a DA approved to build a deck. It looks like I can do this… 0 4814 |