Valuation Update

We have had our first really major setback last week. The valuation has come in short by $25k, but it is quite strange...

The house cost is in 3 parts, land / contract amount / post contract variation:

Contract amount = exact
Land = $17k short
PCV = $0

The interesting part is that a month ago, when the land valuation was done for the land loan, it came in spot-on. So we arent really sure what has happened in the last month (im pretty sure there is no methance around!!)

The broker has put in a dispute to the bank based upon the previous valuation for the land. I also asked her to make sure that the PCV was forward to the valuer, as it contained the cooling, so I would of thought that that would have had a positive effect on the valuation?

If it comes back that the land valuation is bought up to what it was valued at last month then we will be fine. Removing the cooling and fencing allowance from the contract will give us the green light. We will just have them done after handover.

If not, tough decisions time....

Good news is we are scheduled to start building on the 31st July!! If there are no interuptions to the build, we could just sneak in before Christmas (this isnt likely however).


Other bad news is that the boundary pegs on the block are gone. If it stops raining I am going out there with a shovel to see if I can find them. Otherwise, a re-establishment survey will be on the cards which we need to pay for.

Another trick. Make sure the boundary pegs are maintained on the block. I think during the contruction of the house next door they have been broken / covered / or pulled out. I have head that covering them is plumbing poly tube can be effective as builders will stay clear of them.


OHH and the conrete is still there...