Re mortgage valuation this week!

[baz178]

Hi the mortgage company who we are dealing with at the moment are sending a surveyor out tomorrow for a valuation.
We gutted the house completely and made it 2 bathrooms and 4 bedroom and a massive kitchen extension and attached garage to side. We just have skirting boards in kitchen to fit and door, but waiting for the joiner has they’re busy on another job at moment.

Will that make a difference? Also the garden his a mess with all the building work it’s tidy but just all soil at the back and front his same just with original drive down! Will that also make a difference?

Thanks

 

[baz178]

Yes. The house will be repossessed because you haven't taken care of it.

Re mortgage

 

[baz178]

No some minor fixing here and there will make no difference what so ever.

So garden his basically cosmetic?

 

[baz178]

surveyor shouldn't be a problem so you'll be fine. What I have found though, is that when showing potential buyers around, most people can't imagine what it 'could' look like. Very strange.

That's why when selling, very important to paint any coloured rooms neutral if you can. Makes a big difference.

Thanks just with weather last month hardly been able to crack on with garden so it’s a mess.

 

[baz178]

As long as you have all services working you'll be fine. Mainly kitchen sink and toilet as without those I think houses are unmorrgable though I'd still think you'd be OK as they would see you're mid renovation.

Everything’s done in house except skirting in kitchen and a fire door into garage! Just the gardens a mess with the major work

 

[baz178]

He came yesterday, they don’t really say much everything his just measured with a laser measurement. Feel like you could put a gold floor down and they wouldn’t be interested. Anybody tell me why they measure the size of the property?

 

[baz178]

You really want to have the lowest value possible for remortgaging, so I think you will only benefit from unfinished items. That is unless you want more money out of the bank.

But I’m also borrowing more to get my money back for what I put into it. Thanks

 

[baz178]

I just need to house to be higher then 315k

 

[baz178]

You think decor will increase mortgage valuation over sqft?

Well no but I thought they would take into consideration it’s the highest standard skirting and door frames.

 

[baz178]

No.

Well how do they work it out then ?

 

[baz178]

It's basically finger in the air, they don't even visit the property in a lot of cases and just work it out based on local knowledge of the market and looking at what other similar houses have sold for.

He came out and measured and had 20 mins looking around the property.

 

[baz178]

When we were looking at houses, ten years back, very few gave square footage as part of the description. Generally, only the high-priced/ very large ones did.

It would be very helpful if both internal area and plot size were requirements when listing.

4 bedroom and 2 bathrooms.

 

[baz178]

Given some new builds have bedrooms that won't fit a bed, those descriptions aren't very helpful.

My house meets that description, but is huge compared to new builds.

I just checked 4 beds in my area on rightmove. None gave square footage and one didn't even give room measurements (what does "spacious" really mean?)

3 will double beds and the 4 one will easy fit a single bed, good size kids room.

 

[baz178]

Bought house for 198k and had a deposit of 35k.

 

[baz178]

Only potential issues are earnings and the property values in the area.

Had a pal whose wife wanted to become a property developer. She went OTT on everything and ended up with a load of beautiful houses they rent at a loss.

Value his good average selling his 265k but with the extensions I’ve put on hoping 300k.