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Written by Ruban Selvanayagam
Ruban Selvanayagam
Ruban Selvanayagam is a professional cash homebuyer, private rented sector landlord, auction specialist, blogger and media commentator.
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Edited by James Durr
James Durr
James Durr is a passionate property entrepreneur with a strong foundation and background in business.
Whether you’re planning to sell your property, remortgage or simply wondering how your home’s value may have changed over time, getting a valuation of some sort is usually the first thing to do.
This will help you to see how much you might receive should you sell.
But how much does a house valuation cost? The UK property sector offers a range of resources to help you find a realistic price for your home. The amount you can expect to pay depends on which of these you choose.
In this article, the team at Property Solvers explores the cost of house valuation. We also look at the various routes you can take to get an accurate figure for your property.
Estate Agent House Valuation
Most estate agents will provide you with a valuation for free. The procedure is considered part and parcel of their services and. It also provides them with a useful opportunity to pitch themselves to you.
Their hope is that once they provide you with a valuation, you will decide to use their agency to sell your home.
This doesn’t mean that you only have to stick to one agency when getting your property valued. In fact, arranging at least three valuations from different agencies may help you to reach a more accurate figure. This should give you an idea of what your property is worth.
The agent will be able to advise on the best possible price. They may, for example, look at how much value you’ve added to the property and point to other similar sales in the area as a potential pricing benchmark.
Of course, it’s worth being somewhat cautious here. It makes sense for estate agents to have a vested interest in your sale. After all, more often than not, the higher the valuation figure provided by an agency, the more likely a seller may be to use their services.
In this way, using estate agencies for your house valuation may see you faced with a slightly inflated figure. This can lead to you overpricing your property. The result is that it will sell far slower than it might otherwise have done.
Most agencies work hard to provide accurate figures, but care should always be taken just in case. It’s always worth doing your own research. You may also seek an opinion from a professional who does not have a motive to nudge up their valuation results.
Online House Valuation
Another free house valuation option comes in the form of online tools.
Platforms like Rightmove and Zoopla provide house valuations instantly. They often use automated data searches that take information from HM Land Registry. This information is then compared with various current trends, local property sales data and other relevant details.
Here at Property Solvers, we call this a ‘desktop valuation’. We would advise using Zoopla’s How Much is My Home Worth? tool with some caution.
The resulting figures shouldn’t be considered totally reliable. They are more of a ballpark estimate to reveal where you should be aiming. After all, estate agents are unable analyse your property’s features, examine its decor and state of repair.
However, some of these platforms also offer you the opportunity to get a valuation from any of a number of estate agencies and to compare their findings. This enables you to discuss your home in greater detail with a real person in order to find more reliable results.
As is mentioned above, there is still the risk that some agencies may provide you with an estimate that is on the high side, but getting this kind of house valuation online still constitutes a very handy resource.
RICS Chartered Surveyor Valuation
For the highest possible level of accuracy, and in order to catch certain things that other valuations may have missed, it may be worth arranging a professional house valuation with the help of an established chartered surveyor.
These independent valuers have no vested interest in your sale, so there is no reason for them not to be totally honest about their findings.
A chartered surveyor may also be able to provide you with advice on increasing the value of your home. Or, if you’re already working on a home improvement project, they could give you an informed estimate regarding the amount of value it may add when complete.
Cost of a RICS Chartered Surveyor Valuation
There is a range of different types of house survey available:
- The RICS Home Survey (Level 1) – ‘traffic light’ ratings of the condition of the property, services and the grounds. The report also highlights risks and problems in need of attention. It also includes a priority assessment of any defects and/or issues;
- The RICS Home Survey (Level 2) (Survey Only) – a more detailed report that involves a more visual inspection of the entire property its services and grounds. Note the surveyor does not conduct tests;
- The RICS Home Survey (Level 2) (Survey + Valuation) – as described above but with a professional opinion on the ‘market value’ of the property. There is also an insurance reinstatement figure;
- The RICS Home Survey (Level 3) – tend to be the best choice for larger, older or run-down properties / buildings. The report contains detailed information on the structure and core fabric of the property. You’ll also find extensive reporting of identifiable risks and/or hidden defects (and the causes). Scopes and timeframes of required remedial work are also included. Although a full quantity survey will be needed for a full breakdown, the surveyor can also provide an estimate of costs for identified repairs.
The first of these (Level 1) may cost you anything from £100 to £250, the second (Level 2) between £250 and £1,000 and the third (Level 3) between £500 and £1,500. You’re likely to pay more the further South of the UK you go.
The table below highlights the service features of the different levels of house survey:
| Service Features | Level 1 (Outline Survey) | Level 2 (Survey) | Level 2 (Survey and Valuation) | Level 3 (Advanced Survey) |
|---|---|---|---|---|
| Describes the construction and condition of the property on the date of the inspection. | X | X | X | X |
| Aims to identify any problems that need urgent attention or are serious. | X | X | X | X |
| Aims to identify things that need to be investigated further to prevent serious damage. | X | X | X | X |
| Aims to tell you about problems that may be dangerous. | X | X | X | X |
| Aims to show up potential issues and defects, before any transaction takes place. | X | X | X | X |
| Aims to help you decide whether you need extra advice before committing to purchase. | X | X | X | |
| Aims to enable you to budget for any repairs or restoration. | X | X | X | |
| Aims to advise you on the amount of ongoing maintenance required in the future. | X | X | X | |
| Provides a reinstatement cost to help you avoid under or over-insurance. | X | |||
| Provides a market valuation. | X | |||
| Aims to establish how the property is built, what materials are used and how these will perform in the future. | X | |||
| Aims to describe visible defects, plus exposing potential problems posed by hidden defects. | X | |||
| Aims to outline the repair options and give you a repair timeline, whilst explaining the consequences of not acting. | X | |||
| Where practical and agreed, provides an estimate of costs for identified repairs. | X | |||
| Provide specific comments on energy efficiency. | X |
The service you choose will naturally depend on your unique circumstances and reason for seeking a survey. You may find that footing this kind of cost for house valuation is worth it in the long run.
An accurate asking price means that your home is more likely to sell quickly without sitting on the market for too long and incurring additional costs. It also means that you won’t need to accept an offer way below the property’s genuine value.
It is worth noting that you can do your own research regarding your home’s value by researching recent sales of similar properties in the nearby area. Again, this only provides a broad figure that you can use for comparison purposes.
Contact Property Solvers
If you need to sell your home fast, Property Solvers can provide a free cash offer up front. There are also no estate agency or legal fees and can buy your home in as little as a week.
For further advice and guidance regarding your property sale, get in touch with the team at Property Solvers today. We will be very happy to help.