Low Valuation...

… is very common with Land + Build scenario. I expected one and I did get one. Our broker is looking to another lender at the moment, but in general there are 3 options if this happen:

1. Challenge the valuation - unlikely to deliver results unless there are significant inaccuracies in the valuation 
2. Look for different lender that use different valuer - make sure you have a good broker
3. Borrow more - last resort

Things that are mentioned in my valuation document (always ask for this document):

No provision for landscaping and fencing – as the valuer looks at the “on completion valuation” of house and land, house with no fence and basic landscape will likely sell less compared to the completed house in the area. 

Total building cost is considered to be unreasonable and not in line with current market. Yep. Building cost is the main culprit for my low valuation with almost 40K below. 

For the next time:

1. I obtained fencing quote + full land contract instead just the front pages (we have front landscaping included, mentioned deep in contract), so I hope it helps.
2. If I ever build again, I might consider finance clause in the build contract

Now just crossing my fingers. 

Swim Spa slash Swim Machine Research

Hiya!

I thought I should give you an update on where I am at. 

I mentioned before that I can no longer justify the lap pool (maybe for next house..), but there are alternatives - a smaller pool with swim machine. The questions are, what's available out there? What's the price?

What's available out there?

1. Swim Spa

Swim spa is pretty much the larger, deeper size of regular spa plus a swim machine at the end. There are three main types of swim machine:

1. Jet propulsion - this one pushes water to you and most turbulent
2. Propeller - supposedly provide wider, smoother current
3. Paddlewheel - similar to propeller

As mentioned in previous post, I am looking at two brands:

• Oasis Platinum Swim Spa - This is using Jet Propulsion called River Flow. The company claim that this is jet has better placement to allow proper swimming. Would not know until we try!
• Fastlane Swim Spa - This is using Propeller system, which is the ideal I'm looking for

Hang on, where is the Paddlewheel option, you said?

The only brand I can find is Swimex - their paddewheel supposedly even better than Fastlane but price is very prohibitive. It needs to be imported directly from US and there is only ONE supplier in WA Australia. 

Price comparison

• Oasis platinum - Approx. $25K with bell whistles of full body spa jet 
• Fastlane Swim Spa - Start from $40K
• Swimex Triton (Propeller version of swimex) - Start from $50K with basic inclusions
• Swimex Paddlewheel system - $75K and above 

2. Fastlane pool

Not to be confused with Compasspool Fastlane (this is a fibreglass lap pool). Fastlane pool I'm talking about is another product from the same company that build the Fastlane Swim spa. 

Fastlane pool is a liner pool integrated with the Fastlane swim machine - it can be installed above ground. Fastlane pool is the original product of the company (it's called Endless pool in US) - it has a built in return channeling system which has turning veins to help smooth the current to produce low turbulent swim experience.

Price start from $34,980 incl. GST - If I choose this, I want the performance current (double the propeller), so add $3080.
This is not including delivery, installation (can DIY but I"m not handy hey!), pool cover, heating, etc. Per my predictions, it will ended up in the vicinity of $42K.

Starting size is 2.13m x 4.26m x 1.07m, so it's quite small and shallow. The plus is that small = easy to heat and maintain. I can add 10cm depth for $2,024 and lengh approx. $1,255 for each 30cm. 

I'd love this but not so keen on the liner pool. The liner need to be replaced every 10 years ($1100 ish) and motor every 4-6 years ($800 ish)

Plus:

1. All in one
2. Supposedly better swim experience
3. Fully removable - so I can move the pool to the next place (if I want to)
4. Small, easy to maintain and heat

Negative:

1. Still expensive!
2. Liner pool requires replacement and maintenance
3. I can't use the machine in other pool
4. No insulation - so I will need to arrange this myself

Example of Fastlane pool installation

3. Combination of small pool + swim machine

Fastlane company also sell their swim machine unit by itself - called Fastlane machine. 
It can be dropped at any pool given there is sufficient space. So technically, I can plug small pool then add the machine later. 

Fastlane machine price: from $13,860 (including GST).

Deck mount Fastlane

Having explored many fibreglass pool options, from what I can see, I will still arrive to around $40K+ for the pool plus swim machine. 

The options I looked at

Australian Plunge Pool

Largest round pool 3.45m diameter is $26,770 incl GST fully tiled including equipment and delivery.
I like the look on this on, but doesn't seem practical for swim machine.

There is something about round pool

The rectangle 4.5 x 2.5 x 1.4m is $29,390 incl GST fully tiled including equipment and delivery.

Not as enticing as round.

Price exclude heating ($4,500).

Total with Fastlane machine will be in range of $40,670-$43,230

Miami pool above ground fibreglass Nicole - 2.3m x 5.36m x 1.2m
Above ground shell + basic equipment - $15,650
Installation $7,500
Delivery $1,500
Then add heating $3,500

~ $28,550 just for pool and install

Add Fastlane swim system, we arrived at $42,450 - hardly any savings. I was quoted $46K for a proper fibreglass lap pool... albeit traditional lap pool will take most of my backyard plus more heating cost.

Nicole - Above ground

Compass Pool Slimeline X-trainer - inground

Internal size 5.58 x 2.5m, depth is 1.11-1.52m
Rough quote of install, equipments and solar heating ~ $29,000
Add Fastlane swim system, we arrived at $42,900 - again, hardly any savings

They have the above ground version for this, but add additional $10K!

Slimline X trainer

Paradise Pool - Liner Pool - The Brightwaters

Paradise pool has a perfect rectangle above ground set-up. So far this is the only one with potential considering the price. Can be set-up fully above ground, semi in ground or in ground.

DIY flatpack price $8,850 (for basic 6m x 3.3m x 1.2m and custom size in similar measurement 5m x 2.5m x1.2m)

Delivery to Altona $330
Delivery to house TBA
Custom interior colour $390 (if needed)
Alternate coping to suit paving $540
LED light $450
Solar heating provision $225
Upgrade pump and add automatic pool cleaner $900
Step/ Seating area $780
Budget for heating 4000 
Budget for install (I don't know yet) assume $5000 - they claim this can be done by anyone who can build a deck

Total ~ $16,465 for equipments and pool, so approx. $21,465 fully installed pool with equipments.


Total with Fastlane system ~ $35,365 - Slightly more expensive than Fastlane pool basic setup


Plus:

1. I can budget for the swim machine later
2. The Paradise pool one doesn't really need insulation. The log they use as pool structure insulate quite well
3. Cheapest of all option
4. 50 years structural warranty.

Negative:

1. Liner pool still need to be replaced every 12-15 years
2. I'm not sure if the fastlane machine can be mounted yet. This will depends on the weight and the mounting bracket
3. Not really removable

How Paradise pool looks like without decking

Paradise Pool - looking pretty good with proper deck!

Another angle of the DIY pool with paving and decking

Conclusions?

No easy way or much cheaper way to go about this!