The credit union got back to us on the 'on completion' valuation.
NOT GOOD.
The valuer has agreed that the land valuation is correct.
The valuer hasn't agreed that it costs what it costs to have Wisdom build the home, by more than 60 thousand.
Perhaps the valuers know of a building company that will build a prestige 4 bedroom home for less?
Regardless, they've valued the on completion value to be considerably less than the cost to build it, so now, instead of having 20% equity, we've got only 13% and now are required to have Loan Vendor Insurance. Bottom line is, what we're buying will be worth less [according to them] than what we've paid for it, and just to make sure of that, we have to pay another 10 thousand.
It's like having to pay 60 bucks if your account goes overdrawn by 30 bucks, but they overdraw your account to take the 60 bucks. So you end up 90 bucks overdrawn !
*update* appears the valuer didn't really study the tender, and assumed no floor coverings [tiles/carpets] nor lighting nor driveway. Great that we don't get to pick a valuer, especially since we're paying for it.!
Tuesday, 6 December 2011
Wednesday, 30 November 2011
Don't fence me in..
Drove out to see the block this afternoon and all the construction fences have been moved to the next land release. Today was the first time I could actually drive to and park in front of our block of land.
One thing that is noticeable by it's absence is the noise of the traffic from where we live now. I really hope the new road stays as quiet and peaceful as it is now.
The block is starting to get a bit wild looking after all the rains recently. Lots of grass coverage, plus a huge cow turd had been deposited right in the middle of it. I actually thought at first that someone had been out to do a bore hole or something. Saline soil eh? oh.. by the way.. if you are reading this and like me were doubtful about saline soil at the Ponds.. read
http://www.clw.csiro.au/publications/consultancy/2002/Rouse_Hill_Report.pdf
In fact, do yourself a favour and 'do a google' on : salinity second ponds creek
One thing that is noticeable by it's absence is the noise of the traffic from where we live now. I really hope the new road stays as quiet and peaceful as it is now.
The block is starting to get a bit wild looking after all the rains recently. Lots of grass coverage, plus a huge cow turd had been deposited right in the middle of it. I actually thought at first that someone had been out to do a bore hole or something. Saline soil eh? oh.. by the way.. if you are reading this and like me were doubtful about saline soil at the Ponds.. read
http://www.clw.csiro.au/publications/consultancy/2002/Rouse_Hill_Report.pdf
In fact, do yourself a favour and 'do a google' on : salinity second ponds creek
Tuesday, 29 November 2011
The story so far
Back in late June 2011 we happened upon an easterly aspect block on Waterfall Boulevard in the Ponds.
SO here's where we are at now. The land was registered last Friday and things are really going to be kicking into gear. We picked Wisdom Homes after intensive research on the internet, and finally settled on the Esperence 27 [after a bit of drama].
We've opted for the Side Outdoor Leisure. It's a bit of a tight squeeze onto the block, but the clever design of the house makes you think that the block is a lot wider once you've ventured into the heart of the house, which is the kitchen. The design also gives the side of the block some outdoor utility. Much better than having a house sitting on a block with nothing but gravel or pavers on both sides to the boundary.
The other great thing about this plan is the rear laundry, rather than a lonesome door exiting to the side as in some designs.
Also, I feel if you open a bedroom door to be confronted by the side of a built-in wardrobe, it makes the built-in look like an afterthought. In this design, the bedrooms have cleverly used the space for the wardrobe positioning, and also created study nooks.
There's also a good sized storage nook in the garage, a walk-in robe in bed 2 and a walk-in pantry.
First look at our block. The excavator is parked in our garage... I'd like to sneak back through the fence and take some more pictures of the block and the neighbourhood soon. I think it'd be a nice historical record to document it all.
The view across the almost finished road. Parts of it were still gravel.
A month or so later. The developer has turfed the nature strip. And the road is completed. The lot itself appears to have been seeded to prevent dust and erosion. I may have to mow the lawn here before long.
A view from behind the retaining wall at the rear of the lot. Hopefully it'll get back filled at some point. We think our land extends about a meter behind this wall.. So it might make a nice garden bed or something.
It was 589 sqm and wasn't on the corner, wasn't crossing a T-intersection, and wasn't on top of a pad mount substation. It was slightly sloping, with a retaining wall to the rear, and near to the nature reserve and recreation area.
At the time we weren't really looking to buy land, nor build a house.
But within a couple of days, we'd secured the block, sight unseen, off the plan.
But within a couple of days, we'd secured the block, sight unseen, off the plan.
We've opted for the Side Outdoor Leisure. It's a bit of a tight squeeze onto the block, but the clever design of the house makes you think that the block is a lot wider once you've ventured into the heart of the house, which is the kitchen. The design also gives the side of the block some outdoor utility. Much better than having a house sitting on a block with nothing but gravel or pavers on both sides to the boundary.
The other great thing about this plan is the rear laundry, rather than a lonesome door exiting to the side as in some designs.
Also, I feel if you open a bedroom door to be confronted by the side of a built-in wardrobe, it makes the built-in look like an afterthought. In this design, the bedrooms have cleverly used the space for the wardrobe positioning, and also created study nooks.
There's also a good sized storage nook in the garage, a walk-in robe in bed 2 and a walk-in pantry.
The view across the almost finished road. Parts of it were still gravel.
A month or so later. The developer has turfed the nature strip. And the road is completed. The lot itself appears to have been seeded to prevent dust and erosion. I may have to mow the lawn here before long.
A view from behind the retaining wall at the rear of the lot. Hopefully it'll get back filled at some point. We think our land extends about a meter behind this wall.. So it might make a nice garden bed or something.
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