Self build valued less than build cost

alexasel

My concern is the mortgage lender will arrive at a similar value. 

Thrugelmir

alexasel said:

We had a valuation done by a local agent who has valued it at £295k based on our plans.

Can you reduce the cost of the initial build. 

alexasel

Doozergirl said:

How did you anticipate the final value when you started the process? 

Thanks for your advice. 

We’re not interested in making money from the build but didn’t anticipate it costing more to build than it would be worth on completion.

alexasel

Thrugelmir said:

alexasel said:

We had a valuation done by a local agent who has valued it at £295k based on our plans.

Can you reduce the cost of the initial build. 

It is something we will have to seriously look at, even if it means it takes longer and we do a lot ourselves. 

letsbetfair

If you look at the home reports of houses for sale in parts of Scotland, it's common to find the rebuild cost listed as significantly more than the valuation. I know this will be a pessimistic assumption about rebuild cost, and it would be cheaper to start from a cleared plot, but it does say something about the market

alexasel

Anyone got any good news? 😂 

letsbetfair

Well, if you're building your dream home hopefully you'll enjoy living in it more than one that's not designed to your liking If you're spending the rest of your life there, the sale price won't affect you directly (barring the impact on getting a mortgage)

Doozergirl

alexasel said:

Anyone got any good news? 😂 

You'll have an amazing house at the end of it! 

We're at 8 years 10 months and counting.  We might move in 2 months, if we don't run out of money again 😉

Marshaltown

alexasel said:

Anyone got any good news? 😂 

There's an old saying: "Now't gets built without blood, sweat and tears being spilt". Apart from that it's dead easy.

Davesnave

Doozergirl said:

alexasel said:

Anyone got any good news? 😂 

You'll have an amazing house at the end of it! 

We're at 8 years 10 months and counting.  We might move in 2 months, if we don't run out of money again 😉

And we're at 11 years, though ours was 'only' a refurb. We're still spending.

If we put it on the market, we'd  probably get our money back, but what would be the point when there's been nothing half as good within budget around here for years. We'll only worry about price when something changes and we need to move.