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Bank valuers for mortgages for Self-build

  • 17-12-2011 8:36am
    #1
    nok2008
    Registered Users, Registered Users 2 Posts: 113 ✭✭


    Hi all,
    THis is just a bit of a heads up for any self-builders who are applying for mortgages for their self-build - get a valuer to look at plans prior to planning.
    Yo could save a lot of time and money.

    So after a year and a half of getting planning for our self-build, going for tenders , deciding on builders etc etc we eventually got approved for the mortgage that we wanted. We actually got approved for more than we wanted so really surprised but we had to get the new build valued before drawdown.

    This was where i was shocked.We went to 3 different valuers on bank's list and they all said the same. Basically our site costs plus building plus fees etc etc will be circa 20% greater than the market value of the finished product. Even decreasing the size of the house would make no difference as the valuation would drop accordingly!!!

    Basically all the valuers running scared of getting sued in decreasing market. No issues when prices were rising!

    I checked these valuers websites and according to the value they were putting on our finished build all their houses / sites for sale were roughly 50% (especially sites as nobody buying) overpriced. One of them smirked when i brought up this point. Cant blame them though - got to look after number 1.

    Anybody else having this issue??
    Tagged:


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