Hi Guys, I'm just in process of purchasing a new build off the plans off a well known building company, the bank require a reg valuation is this normal for buying off the plans and how mush .would you expect to pay for that type of valuation.
TIA

reefshack - 2021-08-26 16:24:00

I don't recall having to provide the banks a registered valuation for either of our new builds to kick off the mortgage process. We certainly had to for our current home but towards the end of the build. The apartment - I don't believe we did but then I was overseas then so hubby may have taken care of that.

I arranged mine through QV, and they came out and wandered around and then sent the valuation through.

loukirby - 2021-08-26 19:08:00

Most banks have their own panel of valuers and will instruct them on your behalf. Stops you from getting a favourable valuation from a friendly valuer recommended by the developer or agent.

Worth asking of your lender also requires progress valuations at stages during the build before they can release progress payments to the developer.

Edited by sparkychap at 8:11 pm, Thu 26 Aug

sparkychap - 2021-08-26 19:59:00

We bought off the plans last year and the bank did ask for a indicative valuation on completion. This was to secure the first stage mortgage. Then on completion we had to get he registered valuation done to secure the balance.

hers.nz - 2021-08-26 21:53:00

We were charged $800 for a valuation about 18 months ago (but we were quoted $640!).

committed - 2021-08-26 22:11:00