How Much Does It Cost To Get A House Valuation Done?
There are multiple reasons for someone to seek the valuation of property for homeowners. You may need your house value if you are looking to list your home. A house evaluation may be needed to remortgage your home. Or you may want a house evaluation to determine the changes in price from when you first purchased it to now.
For whatever reason you are wondering ‘What is my home value?’ You are likely also wondering what the cost of a house survey will be so that you can budget for your next step.
In the UK there are a variety of options to determine house valuation. The house valuation prices determine which UK property sector you decide to utilise.
If you want a free valuation house estimate, an estate agent typically will provide this for property owners. An estate agent is a person who helps buyers and sellers with the process of buying or selling a property. An estate agent has access to local market data and trends, as well as contacts with potential buyers and sellers. An estate agent can also provide advice on pricing, marketing, negotiating, and completing the transaction.
An estate agent can also provide a valuation of a property based on their knowledge of the local market and comparable sales. An estate agent’s valuation is usually free or low-cost,
as it is part of their service to attract potential clients. However, an estate agent’s valuation may not be as accurate or objective as a professional valuation, because it may be influenced by their commission or marketing strategy.
An estate agent’s valuation usually does not involve a physical inspection of the property. Rather, they are looking at the property, upgrades to the property and sales of properties nearby. The estate agent will use their experience and judgment to estimate the value of the property, and provide a valuation to you. The estate agent’s valuation may also include a suggested asking price, a marketing plan, and a sales pitch, as their goal is to help you sell your home. Some may argue that estate agents have a vested interest in giving you a higher valuation, as it means a higher commission for them if the property sells. Additionally, some homeowners may prefer to use online valuation tools or do their research to come up with a price, as they may feel more in control of the process. Ultimately, the decision of whether or not to have an estate agent evaluate your house in the UK comes down to personal preference and comfort level. If you feel more confident and comfortable with the professional opinion of an estate agent, then it may be worth the investment. However, if you prefer to do your research and make decisions based on that information, then that is also a valid approach. We’ll talk more about doing your research in just a bit.
If you get a property evaluation from an estate agent, it is advised to seek out at least 3 valuations from different agencies to be sure that you get an accurate house evaluation. This is the best approach because each estate agent may have a different perspective on the value of your property based on their experience and knowledge of the local market. By obtaining multiple valuations, you can get a more accurate and well-rounded understanding of the property’s market value. Additionally, having valuations from multiple agents can give you better negotiation power when it comes to discussing fees and terms. You can use this information to negotiate competitive rates and ensure you’re getting a fair deal. Moreover, if all the valuations from different agents align closely, it can give you confidence that the pricing is fair and realistic. On the other hand, if there are significant discrepancies, it may be worth investigating further or seeking additional advice.
By working with a few different agencies, they become vested in your home if they know they may get the bid to sell it for you. By seeking multiple opinions, you can compare and contrast the figures provided by different agents and gain a clearer understanding of your property’s worth. Additionally, each agent may have different strategies for marketing and selling your property. By meeting with multiple agents, you can gain access to a wider range of perspectives and choose the one that aligns best with your goals. However, you should follow up on their house valuation with your research to be sure that it has been done correctly and is up to your standards.
A second free option for finding out your current house cost is to use a house evaluation online tool which is a website or an app. When utilising an online platform for house valuation prices you get an instant result. The online property calculator uses information from HM Land Registry in comparison with local sales data, current trends, algorithms and other data that may be relevant to give you an idea of the valuation of the home that you own. These platforms, however, may not take into account the state of your home, repairs you have made, additions you have completed or other factors that estate agents can add to house valuation prices as they can physically see your home. They do, however, give you a starting point from which to be able to talk to a person when discussing property values.
If accuracy is what you need to answer the question, ‘What is my home value?’ A RICS chartered surveyor, also known as a professional valuer, is a great option for you. An established professional chartered surveyor has no vested interest in your home, thus no inflation will occur.
A professional valuer has the necessary skills and knowledge to assess the property’s physical characteristics, legal status, market conditions, and potential risks. A professional valuer also follows the standards and guidelines of the Royal Institution of Chartered Surveyors (RICS), which is the leading professional body for property valuation in the UK.
A professional valuation usually involves a physical inspection of the property, a detailed report, and a valuation certificate. The physical inspection may take from 30 minutes to several hours, depending on the size and condition of the property. The valuer will examine the property’s structure, layout, fixtures, fittings, services, amenities, defects, repairs, and improvements. The valuer will also take measurements, photographs, and notes of the property.
The detailed report will include a description of the property, its location, its surroundings, its legal title, its planning status, its environmental issues, its marketability, its comparables, its valuation method, its assumptions, its limitations, and its valuation conclusion. The report will also provide recommendations for further repairs or investigations if needed. The report will be sent to the client within a few days after the inspection.
The Valuation Certificate Will State The Market Value Of The Property.
The cost of a professional valuation will depend on the type of property, the location of the property, the purpose of the valuation, and the qualifications and experience of the valuer.
Further, your needs will determine what type of house survey is needed as well as the cost of your house survey.
-Level 1: This report is based on the condition that the property, services and grounds are found to be in. Problems that need attention as well as any defects the property has will also be listed in this report.
-Level 2: Survey Only: This report is more detailed with a more thorough visual inspection of the property, services and grounds without performing any tests around the property.
-Level 3: Survey and Valuation: The report includes the details from the thorough visual inspection of the property, services and grounds as well as the property valuers’ opinion regarding the current house cost. Added to this report is a figure for insurance reinstatement so that you do not over or under-insure your property.
-Level 4: This report is recommended for more extensive, older or run-down properties. Included in this report are risks as well as defects of the property. Those are accompanied in the report by the scope and timeframe for remedial work to be done to address the risks and defects. Costs for those repairs can also be included in this report by the surveyor. Also included in this report is information regarding energy efficiency.
The more detailed the report, the higher the cost for the report. Your need for learning your property evaluation will help you to decide which type of report you should invest in. Investing in an accurate report, should you want to sell your home, will ensure that you do not take an offer that is below the actual house valuation.
Thus, there is more than one option for getting a house valuation done. If you want a free house valuation you can contact an estate agent who will see your home and compare other home prices in your area to give you a house estimate, which could have some inflation as they hope to be given the bid to sell your home for you. The second free option is an online platform which uses algorithms and the data you enter about your home to configure your house value, but may not take into account the current condition of your home. Lastly, you can use a chartered surveyor or professional valuer to come give you the valuation of the property you own. This person will not be vested in your home like an estate agent, but their services do cost money.
Choosing the proper house valuation method depends on your requirements and preferences as well as your budget. Estate agents and online tools can offer initial estimates, but for utmost accuracy and impartiality, engaging an RICS Chartered Surveyor is recommended. A professional valuation provides an informed assessment and expert advice on maximising your property’s value.