Your house value does not always stay the same.
But it is difficult to determine how much it has changed yourself.
So, how long does an independent valuation take? Read on to find out.
How do house valuation visits take?
A typical house valuation takes between 15 to 30 minutes to complete. This applies to most flats, semi-detached and detached houses.
If it takes less than 15 minutes, you might be worried that the valuer was not thorough. Some valuations take up to one hour, but longer than this is rare.
There are several reasons why a house valuation can take up to one hour. These include:
- A very large house
- Lots of land
- Very unique features
- Ease of access.
You should not rush your house valuation. Even if the valuer takes a while, this is usually because they don’t want to miss any key features.
How long after booking a house valuation does it take place?
House valuations can be done by a number of parties, including:
- Estate agents who usually do it for free
- Surveyors who charge but give more reliable valuations
- Cash house buyers who do desk research before making a cash offers.
Cash house buyers can give more or less immediate valuations.
Estate agents might be able to carry out valuations within a few days or weeks. It depends on the location and how busy they are (certain times of year have more housing activity).
Surveyors are generally more readily available than estate agents.
Valuations continue after visits
Your valuer may continue their research after leaving your property. They may need to look up how close local schools and amenities are.
Any extremely unique features may need to be researched further.
How long after the valuation do they send me a figure?
Your valuer usually takes two days after the valuation to reach a figure. This is often because further research is needed.
They might need to compare your house with similar ones in the area, for example.
You should receive a valuation within 48 hours. If you haven’t received one by then, follow up. You could also ask your valuer on the day for a guideline.
How long does an online valuation take?
In recent years, online house valuations have become more popular. This is when an estate agent provides a figure based on information gleaned online.
You might give a walking tour of your house via a video platform such as Zoom or Skype.
Your valuer should also use sources such as the Land Registry and Zoopla. They will compare your property to similar ones they have sold recently.
If you show your valuer around via video link, it may take up to one hour. The valuer wants to ensure they don’t miss anything.
You may be instructed to pause on certain points if the valuer needs to gather information.
Once the valuation is completed, you can expect a figure within 48 hours. Follow up if you haven’t heard anything.
How long does a lender house valuation take?
Sometimes, your mortgage lender will visit your house to value it. This is to ensure that they agree with the value of your property.
They may reduce their mortgage offer if they feel that the value has been overestimated.
A lender house valuation will take around 30 minutes. It involves the same walkaround process as an estate agent, which a surveyor will complete.
You should then receive a valuation from the lender within two weeks.
Checking on details revealed in the survey causes the process to be slightly longer.
You may receive a reduced valuation if your house price is not aligned with current market trends.
Is a longer house valuation more likely to be accurate?
A valuer may take longer to ensure they take in every detail. In this instance, important details are less likely to be missed, resulting in a more accurate house valuation.
Remember that the valuation accuracy is not only determined by the time they spend in your house.
The company and person involved are also important. Some estate agents exaggerate valuations. This is so that you select them to sell your house. But the price will inevitably need to be dropped.
Market conditions have an equally important impact on your house value. Research before or after the visit is key.
How long is a house valuation valid for?
Your house valuation is valid at the time it is given. Your valuer is estimating the price it would sell for today.
External and internal circumstances impact how long it is accurate for.
Major inflation or cost-of-living crises may significantly shift the landscape. Stay current with economic conditions and ask an expert if you are unsure.
You’ll also need to maintain your house’s qualities. It should be as tidy and well-presented as on the day it was valued. If you pay for an extension, this will obviously impact value, too.
The valuation you receive from a valuer differs from that of a lender. A bank sends someone to confirm that they agree with the sale price. If they disagree, they can reduce the amount they lend on the house.
Once a lender values your house, the mortgage they are willing to offer isusually valid for up to six months.
Should I get multiple house valuations?
Lots of experts recommend that you get several house valuations.
You cannot rely on the accuracy of each individual valuer. But when you gather several opinions, you can calculate an average.
Plenty of estate agents provide valuations for free. You can utilise this without paying a penny.
You may also want to spend a small amount for an independent expert to do a valuation. This gives you the opinion of someone with no skin in the game.
How long does an auction house valuation take?
Listing your property at an auction house requires a valuation, too. A company member will inspect your house.
All circumstances will be considered. Since you are listing it at auction, the property might be wrong.
Your valuer will take longer to inspect and understand all these factors. It usually takes around one hour in total.
How long does a cash buyer valuation take?
An initial cash buyer valuation is often done over the phone. You’ll be asked for details about the property before being given a figure.
If the deal proceeds, a surveyor may then visit you to confirm this valuation.
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