We’re buying a family farm, the house is run down and we’ve out a ton of work to fix it up. Trying to get a mortgage approved and the same valuation company has been ordered 3 times by different banks, they seem it not liveable but don’t say why.
Gippsland Victoria and low budget. Trying to get my head wrapped around the process, order of things and approx timeline. Purchasing rural farmland property in bushfire zone with a run down house. Plan on taking it down to the studs and rebuilding it exactly as it. Trying to find most cost effective way. How long does this usually take and how much does it usually cost?
So far I think it’s:
How hard is it to just renovate a house, take it down to the studs and rebuild without having to get permits and claim as new build? We’re buying a property with a run down house full of mould and will need a new roof. Also bushfire zoning. Trying to determine how hard it will be.
Trying to decide whether we tear down to the studs or slab and rebuild or buy a kit home and place it in the game Property we’re purchasing and trying to figure out the cheapest way. Currently has a two bedroom home but falling apart and riddled with mould. Thanks!
We’re purchasing a property (farmland zoning) for 600k (20% deposit is guarantor) and have serviceability of 800k. There is a liveable house on it but needs a serious Reno. What are our chances of getting the mortgage and then a 200k construction loan? Thanks in advance
We’ve had the run around with a few different brokers who I don’t think are familiar with rural properties so looking for advice and a new broker. We had a bank come out and do an assessment under the guise of refinancing so we could get an idea of value (it’s my partners nans property) and they said the house wasn’t liveable but the electricity and water were turned off and it was full of crap. They gave us no indication of what we need to make it liveable - does anyone know? We’ve since cleaned it out and turned everything back on but want to be sure we’ve got our bases covered.
My partner earns 155k PAYG, I earn 22k self employed for 5 years, our rough monthly expenses with rent are 6k, we have 1 dependent 4 year old. We’ve heard mixed info on whether we have higher borrowing capacity together or my partner on his own - thoughts? He has credit score of 594 and 3 late payments in a CC 1.5 years ago, no debt. I have a credit score of 894, 7500k CC.
Potential rental property income is $650 per week based on the initial banks valuation if it’s deemed liveable. We intend on moving to the property in 6 months time but purchasing as investment while my partner had the good work history where we are.
I have a ton of questions but would love to chat to the right person or get some advice on where to go from here, who is the best to help us, what next steps we should take etc. thanks in advance.