Author Topic: Valuing a new build home for purchase  (Read 596 times)

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Taf

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Valuing a new build home for purchase
« on: January 09, 2021, 10:59:49 pm »
I am looking to buy a new build home in Surrey.
The developer refused to negotiate any amount on the price. This is the last house of this type of build on the development.
I would like to know if it is possible to get a valuation done for a new build home?

I understand the lender will do valuation but that is not very useful. Also the prices of the other houses sold are not currently available on land registry as they have not yet been uploaded.

Thanks for your feedback.


New Home Expert

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Re: Valuing a new build home for purchase
« Reply #1 on: January 15, 2021, 07:27:43 am »
As a development is built out the prices gradually increase.
There will come a time when the sales presence on site is not economically viable and either prices will be reduced to sell out the site or an estate agent might take over.

All new homes are seldom worth the price you pay which is at a premium to older homes. 
You also have to do the rear garden in most cases too.

All a lender valuation will do is use recent prices as a guide and they will already have a relationship with the sale on site too and are most likely to value the home to the selling price or at last the amount of the loan.

If you believe the home is overpriced - don't buy it.
No one is forcing you too.
I expect you showed your hand and they know you really want the house so are not budging on price.

If you do buy it have the home professional snagged and inspected before you legally complete.
Once the builders have left the site it will be very hard to get anyone back to fix defects and snags.
The office based customer care departments are pretty useless!
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rooney

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Re: Valuing a new build home for purchase
« Reply #2 on: February 19, 2021, 12:06:22 pm »

May be you can hire a home inspector / home valuer to do it for you.