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Valuations
How is the valuation done?
What the lender is looking for when a
valuation is done for a self build or renovation project is
two things:
- What is the value of the land or building as it stands
just now.
- What will the value be when the project is finished.
The valuer will therefore visit the site, with
or without your client to assess the current value. To enable
the valuer to provide a projected final value your client
will have to supply a set of drawings for the project. These
do not have to be full architect plans but they do need to
be scale drawings showing elevations and floor plans.
Normally you would send these plans to
BuildStore and we will forward them to the valuer but if time
is short your client could meet the valuer on site with the
plans (if your client does this you should still send a copy
of the plans to BuildStore as they are needed by the lender).
Note: Before a valuation is instructed you should send a cheque
for the appropriate payment to BuildStore.
Cost of the Valuation:
See the Product
Profiles for details of the cost of valuation for each
lender. |
