Valuing your house

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Valuations are fundamental to achieving the right price if you are selling, buying or raising finance. The housing market will dictate the figure but finding the guide to get to that is not so easy.

Chartered Surveyors are likely to charge you for a formal survey and valuation for a bank. Estate agents will give you what they call a market appraisal for free. Beware of just getting one of these figures. They could be giving you a high ‘valuation’ in order to get your business and your house will sit on the market for so long it will become stale and achieve too low a price. Or they might give too low a figure so that they can get a quick sale without doing any work.

Consider looking at free internet sites who specialise in valuations over the net. Have a look at the land registry for comparable recent sales. Make sure you do your research thoroughly - your house is your most important financial asset.

View answers to similar questions

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  • Can you get an estate agent to value your house for free?

    I have just finished renovating my house and have no plans to move whatsoever, but am really interested to know how much it has (hopefully!) gone up in value, can I get an estate agent round for a 'free' valuation and pretend I am putting it on the market or something?
    Cheers.
    Nibs is right. Plenty of upstanding agents will help you if you're honest about what you want. My agent encourages his past clients to 1) consult him before they rennovate to make sure their money is being spent wisely and 2) to ask him if they want to know their value post-work. He would never charge them for this. Great agents know that they don't make serious money one transaction at a time, but by building long term client relationships.

    If you lie, they'll hound you forever. If you're honest, you'll find a great agent, who you can think about using when you do want to sell.

  • Does having a bathroom downstairs lower the value of your house?

    The house has three bedrooms upstairs is it worth while moving the bathroom upstaris?
    I think it narrows your market more, simply because if someone has a weak bladder, is elderly and needs to pee during the night etc they will look for a house with an upstairs bathroom.

    I do think sometimes, as it is older houses that have the downstairs bathrooms, that people can mess around too much with trying to put it upstairs and ruin the character of the house in doing so. If you want to put your house on the market, have a word with a builder and ask him to recommend a way of installing an upstairs bathroom with minimum disruption, and should any of your possible buyers have a problem with it, you can say you have looked into putting the bathroom upstairs but as it doesn't really bother you you havent done it, but then you can give them some idea's how they can move it - much better than not knowing what to say if they mention it is a problem to them.

    :o)

  • How can you release the value in your house?

    If you own a house outright, but want to buy another house and let the existing one, how can you release the cash in the first house to buy the second?

    A mortgage of some kind must exist, no?

    Thanks
    open the door

  • Does living in a Conservation area add value to your house?

    Our small area is applying for Conservation status - if this goes through, would it add value to our house?
    Research indicates that properties near open space may be valued as much as 20% higher than comparable property not near open space. In addition, there are documented health benefits, too. The answer to your question is a resounding "yes."

  • Does a nice garden put value on your house?

    My husband and i have put a lot of effort into our garden this year,when we bourt our house last year it was a bit worse for worst,and have spent a lot of time and money on it,will this put value on it?
    As a real estate agent I must say good for you! YES!!! Planting gardens, shrubs, trees can really add value to the home. You should choose several evergreens so you will have green year round. Plant perennials so it will not be a life long chore and expense every year. Annuals are great in beds and containers but try to focus more on perinnals and evergreen. I have my clients plant flowers in containers by the front entrance...by the way do not neglect your front door...it says a lot about what is going on inside the home. If it is a wood door be sure to add fresh stain as needed, if it is painted, be sure it is a color that flows with the exterior. A red front door is always catching to the eye...that is of course if it works well with the exterior color. Don't forget about the hardware on the door either...it should be fresh and clean in appearance. Goodluck planting!

  • If remortgaging to buid exstension, is your mortgage based on the value of your house now or completed?

    I am currently going through the process of getting plans drawn up to build an extension. I am looking to remortgage and wondered if it was based on the house just now or when the building works are complete. If now it would be a 90% mortgage if complete it would be a 65% mortgage so there would be a bg difference in rates available.
    You are not really remortgaging just increasing the debt,there will probably be no need to change lender or the terms on which the loan has been given.

    Policy on what you intend to do IE build an extension can vary from one lender to another as to how the works can be funded.The first event will be to have the lenders surveyor revalue now and on having the plans with consents give an after works revaluation.

    From what you are saying you may need some bridging loan facility via your bank,this can be a bit pricey but if granted by stage payments until completion can keep the cost down,but make sure your builders are aware of this and set up a contract clearly defining stage completion dates and as to when stage payments will be released,maybe employ a reputable project manager.

    Your lender may also be able to grant stage payments,so have a little chat with them,if they are a bank rather than a mutual building society that may help.

    Ensure you have adequate Buildings Insurance that increase as the works progress.

    Remember on completion of the works the new mortgage payment will be calculated on the number of years remaining on the loan so the cost per thou may be quite high if a number of years have elapsed,you may wish to negotiate an increased term to keep monthly costs down and keep as a hedge if interest rates shoot up.You can always pay more than the contractural payment to reduce the term.

  • Do you thank Blair & brown for having allowed your house value to go up?

    They shut their eyes and ears when the rise started not wanting to know how people with a £15.ooo salary could get a mortgage for £100K+ With many homes about to be repossessed and put back on the market and banks not lending due to the fear of negative equity prices are bound to fall!
    give it time and they will be in court over there activites i hope

    if not for illegal wars we shouldnt have been involved in then surely the fact they put this country so deep in debt it will take us years n years to get close to clearing it

    put us in debt so conservatives get the rap for the cuts needed to clear it.

  • How much would not having central heating knock off the value of your house in UK?


    A good £1000 or a lot more, a boiler alone is not cheap and there is the labour involved etc.

  • Did you borrow a lot of money when the value of your house was high?

    What did you spend it on and are you worried by recent developments?
    No smiley I didn't, but there have been many news reports claiming people were borrowing against the equity in their house to finance a life style or to stay in their own home (particularly the elderly) So wondered if it was actually true or just the media taking a few cases and overstating the situation.
    I think people who just remorgage, remortgage remortgage rather than trying to live within their means deserve the consequences of their actions.

    Sure, some people did mortgage their houses because they were in a tight spot, but I bet they are in the minority to those who did so to pay for luxuries like holidays, electronics, new cars and extravagent presents.

    People need only be worried if they can't keep up their current repayments. However, I think a tiny monthly overpayment may be sensible.

  • Which are the best ways of adding genuine value to your house?


    Decent well planned kitchen, decent bathrooms en suite if possible, utility room. don't add a conservatory, they don't add value but do make sure the windows are well maintained, whether they are wood or upvc, people like DG but replacing your windows won't necessarily add value