Completing a valuation is an essential first box to tick before listing your house on the open market.
Market conditions can affect the selling price of a house at any given time. Furthermore, different properties grow in value at different rates.
It can be difficult to decide on a figure without an expert’s help.
In the blog below, we’ve examined the cost of house valuations and explored whether you should trust the number you’re given.
How much does a house valuation cost?
Most estate agents will value your house for free.
They do this so that you will agree to sell the property with them, and they can charge you fees and make a commission on the sale.
Not all estate agents offer this free of charge, though. Check with the company to make sure you aren’t misled.
If you want to bring in an independent expert, such as a RICS surveyor, then this will cost you a small amount. The average fee is around £250 for this service.
How long does a house valuation take?
House valuations shouldn’t take any longer than 30 minutes. It may go on a bit longer if there are very unique features that the estate agent needs to inspect.
By visiting your house, the expert can see:
- What condition it is in
- How large the property is
- Whether it has any unique features
- What the local area is like
This is all clear from one walk around the property.
The valuer will consider the market conditions and any other sales they’ve completed in the past few months.
They will continue this research back at their office. They can use a database of recent sales in the area to compare.
Will estate agents exaggerate my house valuation?
Some people believe that estate agents exaggerate your house valuation.
This might be done to encourage you to select them as your representative.
But if the price is dropped later on, it is unhelpful.
Some homeowners speak to an independent expert because they are impartial. If it guarantees a non-biased, accurate valuation, it is often worthwhile.
You mustn’t pick the estate agent that quotes the highest figure. This might indicate that they are lying to you, or are not well-informed on house prices in the area.
How trustworthy is my house valuation?
It depends on who it comes from and how it compares to other research you have done.
The more house valuations you complete, the more likely you are to find your property’s ‘true’ worth. You can find the mean of all the quoted figures and then use this number moving forward.
You can take research into your own hands, too, to test the validity of the valuation.
For instance, Zoopla has information about the recent selling price of properties.
You may be able to ask new homeowners in the area what they bought their house for, too.
How accurate is Zoopla’s valuation of your house?
Zoopla provides you with a rough estimate on the value of any given house, if listed on the market today. But take this number with a pinch of salt.
Zoopla has access to a wide database of house selling prices, but there are factors it doesn’t consider.
Zoopla does not take into account the condition of your house. It has no way of determining whether your doors are broken.
It also cannot tell if the garden is unkempt or there is mould inside the property.
Details such as sitting tenants or a short lease are also more difficult to gather.
In some cases, people have reported that Zoopla gets the square footage estimate for a house incorrect.
This detail is important in determining the value of a house. Even a miscalculation by 100 square foot can have a big impact on value.
Can I value my house myself?
While it is possible to value your property yourself, it is recommended that you bring in an expert to do so.
You are free to walk away from their valuation and pick a figure of your own. But if you go too high, the property will not sell.
Independent valuers and estate agents work in the housing industry every day. They are well-informed about what buyers are willing to pay.
