Week 80: The Value Of A Valuer
Yay, it’s the 80s as in week 80 in my blog and not the 1980’s, my fave decade with bags of fun and not so fun memories of secondary state education. Anyway, let's not get caught up in the past as we are discussing the present and in the present I had to meet the valuer who was booked to carry out a midpoint valuation on my property. Why do they feel like ‘God’, as if their decision is make or break for the project in hand?? First we had to wait three weeks to have him come out due to the stamp duty craze. Then, post assessment an array of things to provide, none of which was asked the first time round. I just don’t get it? they know we’re against the clock, they’re forever telling us to speed things up. Then they contradict themselves by asking us to provide a long list of items in order for them to complete their assessment. Just incase your new to property and you were wondering what kind of things they ask for then below might be of interest to you:
Schedule of works already completed with costs?
Schedule of remaining works with costs and overall budget?
Anticipated timescale to complete the renovation?
Details of any professional warranties and guarantees which will be provided for specific works?
Details of all structural alterations/repairs and confirmation that the works have been overseen by a structural engineer and building control?
Please provide a copy of the structural engineers report obtained at the point of purchase?
Okay some of which are fine such as the first three bullets as in how much was spent, how much is left to spend and what time are we looking at. But the bottom three ‘oh please’ warranties/guarantees surely that could wait till the end. Plus the copy of the structural report, errrm…, don’t you think this should've been asked before they gave us the money. I’m not about to delve into their minds. A good valuation is the lifeblood of this business and you are at the mercy of a stranger that will walk around your house and with a stroke of his pen can determine the very essence of your future. Now if you're experienced then you will know what they desire and deliver accordingly and if you're new then I'm afraid you will learn on the job.
Anyway, to conclude on a positive note, all the above was submitted which is one of the reasons why I am late in writing this blog. I am awaiting a decision on their behalf and can only make a drawdown once they are satisfied with what I have provided. So work has come to a halt due to the lack of finance.
Tip: Don’t ever f***ing use development finance.
Tip: If you care for your sanity then there are other forms of funding to consider, because the only thing you will be developing is mental illness.