We did have some issues with the valuation but the developer came to the party and dropped their price enough to get us over the line! Now it's the nervous wait for the documents from the Bank in the hope that they arrive in time before we head off overseas in 10 days!! We also need to sign documents with the solicitor and Plantation before we go - needless to say time is starting to run a little on the thin side!!
We also got word today that the kerbing has gone down in our stage now and that the road (weather permitting) will be in by the early next week at the latest.
Based on all this (and everything going to plan....), the timeline looks something like this:
- Friday 7 June - Land Registration with Titles Office
- By Friday 14 June - Plantation lodge plans with Council
- Friday 21 June - Settlement on Land
- By Friday 9 August - Council approved plans
- By Friday 23 August - Plantation to start at site
There are ALOT of Ifs, Buts and Maybes in the above timeline, BUT we remain optimistic that things will continue to progress whilst we are away.
I will be heading out to the block tomorrow to see the progress so will look to post some more photos tomorrow evening.
Interested to know how the valuation came in as this is our area of concern at the moment. We want to do a knock down of our existing house to build the Emperor, but hesitant to push on too far without knowing if a valuation will be reasonable, but then can't really get a decent valuation estimate without having decent plans etc.
ReplyDeleteHow was the valuation worked out (if you don't mind saying), as in was it land value plus build costs, or was a premium added over basic building + fixtures cost.
Our disadvantage is that as soon as we knock down we lose all equity built up in our current place and go back to basic land value, so just not sure if the valuation will build some equity back in, or if we need to find some more money.
Good luck with the timeline, fingers crossed!
All up the valuation came in $20,000 less than our land + build contracts. The developer met us half way and we had some surplus cash to throw towards it. From our experience, I would get together your tender with Plantation and first lot of plans and take them to your Bank to see if they can organise a valuation based on those two documents. At least then you should get an idea. Alternatively, I know CBA customers can order their own valuation directly from their panel of valuers (at your own cost of course) but for the small cost, it might be worthwhile to give you a good starting point! All the best with it!
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