Valuation on New build

Jennie2827

Has anyone had a valuation done on a new build that was not finished being built? I would have thought they needed to have the finished article for a valuation? But then you hear of sales that exchange long before completion on new builds.....

Any thoughts....

supernothing

Hi,

We are buying a new build that work hasn't commenced on, we had our valuation last week. I believe they just looked at the plans and at another house of a similar design for the valuation.

We have our mortgage offer with Halifax so valuation must have come in ok to our buy price.

Jennie2827

Thanks super nothing.....this pits my mind at rest. . Hoping tomorrow brings good news. Congrats on your offer!

ccbrowning

I had a valuation on my new build yesterday - but have not heard back yet. It's built but doesn't have floors or kitchen in it yet. I can report on how it goes when I hear.

Justin1970

They can value off plan as they did with mine. They only started building after exchange. I could only exchange with a mortgage offer in place, I could only get the offer when the valuation was done.

HTH

Jennie2827

Thank you all! Fingers crossed we get the outcome we need. .

dgtazzman

They just go to the building site, look at the plans, talk to the staff and look at comparables in the area and base their valuation on all the information received from that. From what I understand, a lot of it boils down to them coming to a price per square foot and seeing if that's in line with the rest of the properties in the area.

ethank

dgtazzman wrote: »

They just go to the building site, look at the plans, talk to the staff and look at comparables in the area and base their valuation on all the information received from that. From what I understand, a lot of it boils down to them coming to a price per square foot and seeing if that's in line with the rest of the properties in the area.

Exactly the same as what happened to me on the first house I reserved.