Wednesday, December 3, 2008

Shattered Dreams

Had a phone call today from my broker today and the bank has come back saying the value of the house and land is $20,000 lower than what we are paying Shocked .

Most of it is the house that is short with the land being 4k and the rest the house.

This leaves us looking for that $20,000 to get the finance which of course I don’t have.

I managed to come across the list of houses sold they compared our house to. (Don't ask how I got this cos I'm not saying)

It appears the house's they used are all 2km away ( with undeveloped land between us and them) and they have not used any house sales to the Nth of as where all sell for more than it is costing for us to build. Here is a picture of what I'm going on about:

The areas circled in red are where the Bank found houses to compare ours with.
The blue dot is where our house will be.
And the green area is where I think they should get some valuations from to to an estimate of what our house market value will be.

Also looking at the houses they cocmpared our to they are all nearly 50mSq smaller but for one double story witch is 2mSq bigger and sold 70k more than hey evaluated ours..... WTF and the land is the same size. I dont think that it being a double story so they have a little more backyard would add 70k to the value.

All in all Im not very happy at the moment as you could imagine but Im not giving up without a fight and will ask for the valuation to be redone with the facts I have and will try to get some sales data of the houses just across the road to the north of us.

Monday, December 1, 2008

Contract signed

A well over due update:

We had our tender appointment three weeks ago and luckily our site costs came in well under the 9k we had budgeted for at just over 5k. sweet

As we had saved a little on the sites costs we decided to spend the money on some more pot draws in the kitchen and a few more power points( We probably would have added these anyway but it felt good adding them in and still coming in under budget)

On Wednesday we had our contract appointment and all went very well except we had to add another $1200 to the house due to increasing the ceiling bats from R2.5 to R3.5 to meet 5 star energy requirements and we also increased the size of the kick boards for the bathroom and ensuite vanities from 703mm to 803mm. The standard height is 900mm but PD make them lower when you select the fish bowl above counter type sinks. While we think 900mm would be to high as the taps would be at chest level, a 200mm reduction was to much and would be unpractical (especially when T has a makeup and hair marathon before we go out).

At the end that cost us $74.

Today we received a phone call from our CSC and she told us that we had received developer approval on our plans and colours.

So all that needs to happen now is for a the bank to come to the party and formally approve the loan and we can sign our next 20-30years away.

I will post plans of the house soon.