Cost breakdowns and valuations

[morty]

Hi guys,

I'm currently putting together an application for the bank (for 6 apartments) who are requiring a bank panel valuation and a full cost breakdown from a QS.

The valuations are being quoted at around $3k and my cost breakdown and dep report from a QS at around $3500.

Does anyone have any experience with this and know if this is pretty standard? Or am i way off the mark and there's a better way of doing this?

Thanks in advance.
Morty

 

[Bradsdad]

Usually anything over 5 is treated as a commercial deal and unless you have extensive experience in such developments a QS would be requested. The fees don't seem all that excessive.

What is the goal for the 6 appartments once completed and what LVR are you looking at? There maybe a cheaper option.


Regards
Steve

 

[morty]

Thanks for the reply Steve.

I'm actually wanting to keep all six apartments so i'm trying to make the application as professional as possible. LVR will be around 65-70% depending on my final build costs (still getting quotes) so hopefully it's doable.

 

[Bradsdad]

Are you building them yourself or do you/will you have fixed price building contracts?

 

[morty]

I'm building the apartments through my own building company for an investment company i've got a 1/5th share in. The banks would prefer pre-sales but it seems to be adding up so i won't need them.

Thanks for letting me know about the costings. I thought they were probably ok but just wanted another opinion.

Cheers
Morty