Home Build Update #6 – Back to the Drawing Board
It’s been 2 months since my last update and a lot has happened since then.
Back in November we had settled on a house plan, started selecting our external finishes and were only awaiting the registration of the land to move forward with the build.
In December we had the final plans ready for submission to council, we had agreed to the tender price and we were ready to sign contracts. Once the land finally registered in early December we were ready to apply for finance and get things really moving.
Which is where we hit the snag.
We had already been pre-approved for finance for the land and knew how much we could afford for the house so we applied for finance confident there would not be a problem.
Except it was a problem. A big problem.
The independent valuer appointed by the lender valued the completed house for a significant amount less than the construction cost, due to flat sale prices in the area in the previous 12 months.
Which meant the lender would not loan us the total amount required. Which meant we could not afford to build the house.
Finding out that piece of information in the lead up to Christmas was not ideal timing. Especially poor as the consultant we had been dealing with went on the leave the day we found out and was not scheduled to return until mid January.
I must confess that it felt like the Christmas and New Year period really dragged this time around, as we were left in limbo, not knowing what we could do.
Until we could speak to the Masterton consultant we couldn’t do anything else, although we did look at where we could cut the fat in our existing plan and checked out some alternate options, just in case we couldn’t move forward with the Villina.
Knowing we really didn’t have much room to move we went back to Masterton last week to be told, as expected, that they could not budge on price just as we could not budge on the plan or the inclusions we selected.
It was a huge disappointment. We had invested a lot in the plan and in the dream. The prospect of going back to the drawing board did not appeal to us in the least.
But over the long, limbo-ish holiday period, we had come up with a Plan B. And so we set to work.
We had been drawn to a Beechwood design called the Verdelho 5, a single storey home that will still give us all the interior space we need as well as giving us a little bit of side and back yard.
Plus, it’s the name of my favourite drop of white – seriously, how could it not be for us?
I called into the Beechwood office after my meeting with Masterton and got some information, including the location of the single Verdelho display home in all of NSW. It happened to be on the south coast at Haywards Bay, a 3 and a half hour drive from home.
So on Saturday, Nathan and I set off on a quick day trip down the south coast to see if this house design was truly for us. It was a fun day out, road tripping along the coast as well as being romantic in a “we have no kids to look after for a whole day – hurrah!” sort of way.
As well as enjoying the novelty of being able to hold conversations without any sort of interruption, we also spent most of the trip hoping that we were not on a wild goose chase. Silently praying that this house would be the one for us.
Luckily for us, we were not at all disappointed.
We’re suckers for wood and the facade looks fantastic. We loved it so much we asked for all the particulars of the display home so we can use them in our own!
The interiors were also fab – again in the neutral yet light style that we prefer and it was a relief to see the rooms in real life and know that the layout will work perfectly for our family.
So we are off to see the Beechwood consultant again this morning to arrange for a site inspection and to get a formal tender drawn up.
Time is now of the essence. We settled on the land last week and in NSW you have 6 months from the date of settlement to commence the build to retain eligibility for stamp duty concessions. Fingers crossed we can get the slab down by mid July to meet this deadline.
Let’s also hope we can get a bit further along in the process this time – I want me a house already!
I will continue to keep you updated as we (hopefully) progress. In the meantime, feel free to send positive vibes our way…
Linking up with the ever-fabulous Jess for IBOT – have a fantastic Tuesday everyone!