What is a property valuation, why get one and how much does it cost?

You might think you know what a property valuation is, but they are not just for when you are about to sell a property. Plus, it is not simply estate agents who conduct them either. Here we explore why you might need a valuation, how much they cost and what types of valuation are available.

What is a property valuation?

A property valuation is an estimate or appraisal of how much a property is worth. They are mainly conducted by estate agents for the benefit of homeowners who want to know the value of their property, usually in advance of putting it up for sale. A valuation gives the estate agent an idea of what price a property could fetch on the open market.
There might be other reasons to get a property valuation. It might be due to reasons of probate, to find out the value of the estate of a loved one after they have passed away. It could be for insurance purposes. Mortgage lenders will also carry out their own valuations, to make sure a property is worth the price it is being sold for.

Who carries out property valuations?

Estate agents and surveyors usually undertake valuations. If you want to put your property up for sale, an estate agent will come to value it; surveyors will conduct mortgage valuations, probate valuations and ‘Red Book’ valuations.

How is a property valuation different from a mortgage lender’s valuation?

A property valuation is different from a mortgage lender’s valuation because the objective is different. A property valuation is for the benefit of the homeowner, who may be looking to sell the property after having it valued. A mortgage lender’s valuation is arranged by the mortgage company, and only has the lender’s interests at heart.

Do estate agents charge for valuations and how much do they cost?

Some estate agents may charge for property valuations, or insist that you use their services after a free valuation, but haart offers free, no obligation valuations. These are conducted by our experienced staff, who will visit your property in person. They will take a few days to arrange. If you are looking for an immediate estimate of your property value, haart offers an instant valuation tool.

What other kinds of valuations are there?

Probate valuations

A probate valuation is a valuation of a property that belonged to someone who is deceased, in order to establish the value of the property. This is part of the process called probate, which values a person’s estate for tax purposes.

Red Book valuations

A ‘Red Book’ valuation is a way of describing the most rigorous appraisal of a property’s value by a surveyor, according to the professional standards of RICS – the Royal Institution of Chartered Surveyors. The publication that sets out these standards is known as ‘the Red Book’.

How can you get a house valuation?

The best way to book your property valuation is to arrange an appointment with an estate agent. Find out more.

Why and when would I need a property valuation?

Selling a Property

The most common reason for getting a property valuation is when you are selling, or about to sell a property. You need a valuation in order for the estate agent to put the property on the market at a reasonable price.

Buying a Property

You wouldn’t normally need to arrange a valuation of the property you are buying – a mortgage valuation will usually flag any concerns the mortgage company has over the purchase price and the value of the property.

Resolving Disputes

Valuations may be needed in circumstances where there is disagreement about how much a property is worth. This could arise if a couple are divorcing and have to sell a property jointly owned between the two parties. Or a landlord and tenant may be in disagreement about a rental rate rise, and seek clarification about the current value of a property. Whenever two parties hold an interest in a building, there is potential for dispute.

Why are property valuations important?

An accurate valuation is vital if you want to get the best price for your property. It tells you what your property could be worth if you decide to sell and takes into account numerous factors including:

What similar properties in the local area are selling for
The condition of your property
The current performance of the national housing market

An accurate property valuation can also help to resolve disputes, protect investments, and ensure that the insurance coverage for the property meets the rebuilding cost.

Request a free property valuation with haart

If you want to know how much your property is worth, haart offer a free, up to date, no obligation valuation carried out by one of our team of professionals. It gives you a better idea of what price you could achieve for your home.

There are a few different reasons why you might need to know the value of your property, including for property insurance, investment analysis, selling, and taxation. We’re going to take you through the valuation process for selling your property.

Before you can put your house on the market, you need to have it valued. But what exactly happens at a valuation? How is a property valuation done, and what steps should you take afterwards? Read our guide to finding out what your property is worth.

Selling your home? Let haart help. Head to our Sales page for more articles and information. Questions for us about buying or selling? Contact us.

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How important is a property valuation?

So, you have made the decision to sell your home. An accurate valuation is vital if you want to get the best price for your property. It tells you what your property could be worth if you decide to sell and takes into account numerous factors including:

What similar properties in the local area are selling for
The condition of your property
The current performance of the national housing market

Can I get an online house valuation?

It is possible to get an estimate online, but having an experienced agent visit your home and prepare a valuation of your property is always recommended. They will have received specific training to assess your home. You will get an accurate valuation from someone physically seeing your property rather than the limited information an online valuation takes into account. If you would like an instant valuation to give you an idea of the value of your home take a look here.

How much does an estate agents’ valuation cost?

With haart you can get a free valuation of your property. Some other agencies may charge a small fee or require you to use their services to market their property following a home valuation in order to receive the valuation for free. Other types of valuation could cost more. For example:

A chartered surveyors’ valuation (a service you would usually get when buying a home) usually costs around £250
A HomeBuyer Report costs around £400
When a lender needs to check the property you are buying is worth the price you are paying, they conduct a mortgage valuation survey. The cost varies depending on the lender and is based on the size and value of the property. It can range from £150 to £1,500.

What happens during a house valuation?

An agent will arrange a valuation appointment to come and view your property. They will walk around it, with you if you prefer, and make notes on the rooms. They will take measurements and ask some questions. These may include:

When were the windows last replaced?
How old your boiler is
Is the property leasehold? Who owns the leasehold and how long is left on it?
What special features make your house unique
Is it a sole or joint ownership?
Are there any issues with the home e.g. structural or maintenance?

To find out more about what happens, read our in-depth guide to what happens at a house valuation.

What do estate agents look for during a house valuation?

Agents conducting a house valuation will be looking at how your home compares to similar properties in the local area, such as the condition of the property, how much refurbishment or modernisation it requires, and if it has any unique features.

They may also ask about neighbours and local amenities, but their expert local knowledge will have already helped them to know information like this about your local area. Answer all questions honestly and to the best of your knowledge to help the agent to assess your home’s value. At haart we also like to get to know you and why you are looking to move which helps us to understand how we can best help. Find out more about the top things valuers look for when valuing a house.

Does the estate agent take photographs during a valuation?

Most agents don’t take photographs at the valuation appointment; this can be arranged later, giving you time to make the necessary arrangements and make your property look its best.

Need more information on how to prepare your home for viewings? Read our guide here. Avoid putting your house on the market before it's ready to go. Adding value to your home doesn’t have to be expensive!

How should I prepare my home for a valuation?

There is a difference between a home valuation and a viewing. The valuation is being undertaken by a professional estate agent, not a potential buyer. So, don’t worry about trying to make your house a show home yet. A good agent will see your property’s potential despite minor clutter or small jobs you may want to finish before the house goes on the market. At haart we like to give you some information to look over before your valuation, so to find out more about this please talk to your local branch.

What questions should I ask during my home’s valuation?

Most questions you will want to ask are about the current condition of the property. You will want it to be in its best shape for selling, but it can be tricky to know how much it is worth investing in it to do so. Some frequently asked questions from house valuations include:

Should I complete any small decorative jobs before selling?
Should we re-carpet or not?
What fixtures and fittings are we required to leave?

A haart agent is expertly placed to provide advice and will know what demand is like for your type of property in that area. They will be able to advise you on what to do and what not to do when getting your property ready for the market.

How long does a property valuation take?

The length of time a valuation takes will differ from property to property. It will, of course, take longer to value a three bedroom detached house than a one bedroom flat. If there are any unique features to your home, these may take a little longer to evaluate. To make sure the valuation is accurate, try to have a clear enough schedule that won’t rush an estate agent. Allow up to an hour but standard valuations normally last around 15-20 minutes.

What happens after a valuation?

Your estate agent will be in touch with a value if you haven't been given this during the valuation. You don’t need to do anything immediately and even if you do decide to sell your home, haart can guide you through each step and tell you how the whole process will work.

How quickly will I know how much my house is worth?

At haart, we’re on a mission to get you moved. Our agent aims to provide an accurate valuation of your property at the valuation appointment, which will be confirmed after the appointment. We can make a recommendation on how it should be marketed and make sure you are 100% happy with our thoughts.

With over 100 branches nationwide we can help you buy or sell. Get in touch with us today.

What is a property valuation, why get one and how much does it cost?