There are a number of reasons that you may need to get a house valuation done. The four most common reasons for getting a house valuation are the following:
1. To put your house up for sale and get a mortgage for a new property
2. To remortgage your property
3. If you’re getting a divorce
4. If you need to know for insurance purposes
A property survey is optional when you’re buying a property. However, we would always recommend getting a survey done if you already have concerns or feel uneasy about the condition of the property. It’s especially important if the property is an old or unusual property, has a thatched or timber roof, or if the building is a listed property.
WHAT IS A HOUSE VALUATION?
A house valuation is carried out by an accredited estate agent or independent valuer to give you an accurate idea of the value of your home or the home you’re buying.
WHAT KIND OF HOUSE VALUATION SURVEY SHOULD GET:
1. Basic valuation/Condition Report
A Condition Report is the most basic type of survey you can get. It is, therefore, the cheapest. This is typically done by your mortgage lender The report doesn’t go into huge detail and is designed to complement the mortgage valuation.
A condition report will provide you with basic indications of anything that may be a cause for concern but it will not provide you with advice or a formal valuation.
Cost: from £300
2. HomeBuyers Report
A HomeBuyers Report is a more detailed survey as is the most popular option according to the Royal Institute of Chartered Surveyors (RICS). There are different levels of the Home Buyers Report, you can choose to have a report with or without a formal valuation.
Cost: from £350.
3. Full structural
Full structural Home Condition surveys are offered by the Residential Property Surveyors Association (RPSA) rather than the RICS. This report is conducted by specialists in residential surveys and includes practical information such as broadband speed, damp assessment and boundary issues for the conveyancer to consider.
These reports are independently checked to consistency.
There are different levels here too, some reports will go into attics, under floorboards etc. and provide advice, others won’t.
Cost: from £450
Always be sure to ask exactly what’s included before agreeing to a cost for a valuation.
HOW LONG DOES A HOUSE VALUATION TAKE?
A Mortgage Valuation Survey will typically take between 30 minutes to an hour depending on the size of the property. You should then receive the report within 2 to 3 working days. Full condition reports may take longer.
HOW CAN YOU GET THE MOST OUT OF YOUR SURVEY?
1. Tell your survey about any concerns you already have
2. Be there for the survey and walk around the property with your surveyor
3. Ask questions and point things out that worry you
There are online tools and platforms that can help to give you a rough idea of your property’s worth. Whilst these can give you a good idea they are not formal reports so will only be a guide.