A new paper by the Royal Institution of Chartered Surveyors (Rics) should make it easier for people to access finance when pursuing a self-build scheme.
The Valuation of Individual New Build Homes Guidance should help professionals provide valuations for this type of project, after market feedback found discrepancies between how older homes and new builds are priced.
Furthermore, the document has been adapted to ensure government policies, buyer incentives and mortgage indemnity schemes do not cause any significant impact on the valuation of self builds.
Rics claimed the initiative should ensure surveyors follow a “consistent methodology” when valuing these buildings, which will stimulate finance and instil greater confidence in borrowers and lenders.
“There have been significant changes in the new and self build market,” Rics global residential director Peter Bolton King declared.
Although the guidance paper was crafted with the UK’s housing sector in mind, the organisation stated surveyors throughout the world may be able to adapt it to meet their own country’s circumstances.