Travel1 min ago
New Build Survey - Overpriced?
Hi there,
I've purchased a property on the LIFT shared equity scheme in Scotland.
As per my mortgage application requirements, I had a surveyor visit my property, it's structure is built, but with no internals.
He advised that all is fine, but "as with most new builds, similar to buying a new car, it is always slightly dearer when first buying it - but he woudl have no problem with putting it down as the price im purchasing at"
This kind of worried me for 2 reasons:
a) I thought properties increased in value (i know now is a difficult time, but since records began in 1902, properties double on average every ten years)
b) I have an interest only mortgage (yes i do have a repymayment vehicle) but maybe i should have went with repayment.....
I'm not looking for financial advice, or any help with choosing my mortgage etc - I've made that decision, but it's really just to highlight my concenrs now given what the surveyor has said.
I guess what im after is anyone elses experience with surveyors, and the comments he said?
many thanks for any help you can offer,
Neil
I've purchased a property on the LIFT shared equity scheme in Scotland.
As per my mortgage application requirements, I had a surveyor visit my property, it's structure is built, but with no internals.
He advised that all is fine, but "as with most new builds, similar to buying a new car, it is always slightly dearer when first buying it - but he woudl have no problem with putting it down as the price im purchasing at"
This kind of worried me for 2 reasons:
a) I thought properties increased in value (i know now is a difficult time, but since records began in 1902, properties double on average every ten years)
b) I have an interest only mortgage (yes i do have a repymayment vehicle) but maybe i should have went with repayment.....
I'm not looking for financial advice, or any help with choosing my mortgage etc - I've made that decision, but it's really just to highlight my concenrs now given what the surveyor has said.
I guess what im after is anyone elses experience with surveyors, and the comments he said?
many thanks for any help you can offer,
Neil
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I can see what hes saying, youre paying a premium for a brand new building, just as a car would be worth less the day after you bought it.
Unlike a car though, a house will not depreciate to the point of being worth nothing.
I think that if you had it valued 6 months aftre you bought it you would find it was valued less that you paid.
Unlike a car though, a house will not depreciate to the point of being worth nothing.
I think that if you had it valued 6 months aftre you bought it you would find it was valued less that you paid.
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