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Internal space- floor plan and contract varies

Discussion in 'General Property Chat' started by jodes, 27th Jun, 2016.

  1. jodes

    jodes Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    88
    Location:
    Sydney
    Hi everyone,

    We are looking at an apartment in Sydney (not off the plan- art deco period) and can't get the floor plan to match up with the contract.

    The contract states "approximate area 570 square feet" (~53m2) but even being generous I can only get the floor plan to show circa 47m2.

    Which should I rely on? (and more importantly, which will banks relies on?) (especially given the 50m2 is the magical number :)

    The walls are REALLY thick- are these counted?
     
  2. Simon Moore

    Simon Moore Mortgage Broker - Melbourne Business Member

    Joined:
    4th Mar, 2016
    Posts:
    231
    Location:
    Melbourne
    For the banks, if they do a desktop valuation they will use whatever is on RP data - you can get your broker to pull a report if you would like to see what RP data has listed as the floor space. If they do a full valuation the valuer will come out with a stupid laser and do it manually. I don't believe they count the walls (walls are counted in the floor area), but I'm not 100% sure on that, anyone else know for sure?
     
    Last edited: 27th Jun, 2016
  3. Handyandy

    Handyandy Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    119
    Location:
    Sutherland
    I believe that the internal space includes the walls. If you say you have very thick walls then this may be the discrepancy