Something happened on the way to the Waldorf...

Okay, so it has been a long time since my last blog post, I had so many more posts planned with further colours pics, electrical details etc. 

We hit a bit of a roadblock - all was going according to plan.  We had signed the contracts and were waiting to get our mortgage documents to sign to get everything started, unfortunately the bank valued our build at $120K less than cost, which would mean we would have to put in a further $100K+ for the house to go ahead.  All the while that this was going on I was in a dispute with my current landlord over the rental house we moved into while our house was built.  Too long a story to go into but two VCAT hearings later, and six months after we moved in we finally received compensation of one months rent.   

Anyhou back to the story, we challenged the valuation but the bank took six weeks to get back to us, and they did not lower the valuation at all, our broker shopped around with other banks but it was still going to cost too much to continue.  So, after nine months of going through the PD processes, and investing so much time and effort on this house, we decided to terminate our contract (this itself took a few frustrating weeks) with Porter Davis, losing $9K in the process.  We did not want to put everything we had into building this house, and risk having nothing in reserve to complete it, and to complete the pool, and in case we need something to fall back on. 

I may have a seizure every time I drive past a PD billboard, but apart from that it is all good, we have found another house to build which meets our requirements, and more importantly will be much better of financially than if we did build the Waldorf.