House Valuation Price: How Much Is A House Valuation?

Is a house valuation going to cost a lot?

When it comes to selling, the first thing you may wonder is ‘how much is my house worth’, making you look at how to get a house valuation and what the house valuation price is.

We’ve written a full guide on what a house valuation is, how accurate they are and the answer to ‘how much is a house valuation’ and so much more:

What is a house valuation?

A house valuation is an assessment of your property that is carried out by a qualified individual, whether that be an estate agent or RICS surveyor, depending on the type of valuation you’re having carried out. A valuation will normally be carried out in person and will take into account your property’s location, condition, and size, among other factors.

Getting an estate agent valuation on your property is important for you as the seller but also as a buyer. As a seller, it gives you an idea of how much you can expect to get for your property should you choose to sell on the open market. As a buyer, with you having a rough idea as to what you will get for your property on the open market, this then gives you an idea of how much you can afford to spend on your next property.

It's recommended you get several house valuations from a few different estate agents in order to get a better idea of the potential range as to what your property could be worth. You also need to be wary when getting an estate agent’s valuation, as estate agents will often give you a high valuation in the hope of winning your business, rather than it being the realistic price you will be able to get for your property on the open market.

A RICS survey will be conducted on your property on behalf of your buyer to give them peace of mind that your property doesn’t have any major issues, that could negatively impact the property’s value.

A RICS survey isn’t the same as a house valuation, as the sole intention for getting a RICS survey isn’t because you want to get an idea of what your property is worth. However, the result of the survey will have an impact on what your buyer will want to pay for your property and whether they will be happy to pay the full agreed price.

A mortgage lender’s valuation is similar to a RICS survey in that it’s taken out on behalf of the buyer and the outcome of the survey will affect the price the buyer wants to and is able to pay for your property.

During a mortgage valuation, a surveyor will inspect your property’s condition on behalf of the mortgage lender to ensure your property is worth the price that the buyer is paying. This is because a mortgage lender needs to be confident that they will be able to get their money back, should the buyer not be able to make their payments, and therefore the house needs to be sold, before they decide they’re happy to lend on a property.

With a mortgage lender’s valuation, if their valuation doesn’t match the price the buyer is paying, the mortgage lender will not lend the amount needed in order to allow the buyer to purchase your property and this often leads to your sale falling through.

Are house valuations accurate?

An in-person house valuation is going to be more accurate compared to using an online tool, as your property is being valued face-to-face, which allows for the quality and condition of the property to be taken into account, as well as meaning the agent can ask questions to get the most up-to-date information.

Often online calculators can struggle to give you an accurate estimate for your property because you may have redecorated or extended the property since you bought it and this won’t be widely known information, meaning the house valuation price given by the online calculator is based on the data available from when you bought the property.

It’s also worth bearing in mind that, although an in-person valuation will be more accurate compared to an online calculator, it still won’t be the most accurate form of valuation you can get.

This is because, as we mentioned, estate agents are all fighting to win your business so the house valuation price they give you for your property will be higher than what it’s really worth, just to make you choose to sell your property on the market with them.

The most accurate house valuation you will get will be that from a RICS surveyor or a mortgage lender. However, you will only get this type of valuation survey once you have found a buyer and so won’t be of use to you at the start of your selling journey.

House valuation price: how much is a house valuation?

So, you’re wanting to sell your house and need to get it valued but your first worry is the house valuation price and whether that’s going to be a big expense. For an online valuation, you’re able to get this free of charge so there’s no need to worry. Of course, as we mentioned, it’s not going to be the most accurate valuation, but it’s still a good way to get a quick house valuation without needing to pay a price.

You also have the option of using an estate agent for an in-person valuation, which will also come at no cost to you. Again, as we mentioned earlier, an estate agent’s valuation won’t be the most accurate, with their sole intention being to win your business, so it’s worth bearing in mind that free valuations won’t always be the best option.

RICS valuation cost

RICS, short for Royal Institution of Chartered Surveyors, is a respected and widely recognised organisation responsible for setting high standards for home valuations. A RICS valuation isn’t something that all buyers have to have, but it will be requested by most banks before they approve a mortgage application.

As a seller, you’re able to request a RICS valuation if you wish to have ‘concrete proof’ as to how much your property is worth. With a RICS valuation being the most accurate and exact form of valuation, you will have an edge in negotiations if a buyer starts trying to work you down on your selling price.

A downside is the RICS valuation cost, with it being higher than that of the regular house valuation price. The size, value and location of your property will all play a part in your RICS valuation cost, but you can expect it to be somewhere between £150 to £800.

There are some occasions where you won’t have a choice to not get a RICS survey and you will be told you have to. For example, if you’re buying or selling a property with the government ‘Help To Buy’ scheme then you may be told you have to have a RICS survey before listing your home or completing a sale.

Mortgage valuation fees

A mortgage lender will request a valuation, often using a RICS survey, to ensure the property they’re about to lend on is worth the amount the buyer is paying for it, just in case the lender should need to get their money back out of the property if the buyer fails to make repayments.

Unfortunately, just like a RICS valuation, you will face mortgage valuation fees. This can feel a little unfair as you’re having to pay the mortgage valuation fees when it’s your mortgage lender who has requested it, but this is what must be done in order to get a mortgage.

The cost of the mortgage valuation fees will be dependent upon the size of your property and which mortgage lender is chosen. On average, for a property up to £50,000, the valuation fee will be around £200.

Of course, you won’t have to pay for your buyer’s mortgage valuation fees, but this is something you will need to bear in mind should you need a mortgage to buy your next property.

Can I value my house online?

You have many different online options when it comes to getting your house valued, making it quick and easy to get a house valuation. You also have the added benefit that you can get a house valuation online free of charge, meaning you won’t have to pay a penny to get a near-instant valuation of your property.

To get a house valuation online free of charge, one option you have is to use an online house price calculator to get a quick, rough valuation as to what your property is worth. Using an online calculator is much quicker and less hassle compared to an in-person estate agent valuation. All you need to do is enter your postcode and house number and then you’re given a figure as to what the calculator believes your property to be worth.

However, the word ‘calculator’ can be a little misleading, with it having the impression that the figure you will get is going to be extremely accurate and exact. The reality is actually quite the opposite. In fact, you will actually find the figure you’re given by an online calculator will be even less accurate than that given by an estate agent. This is because there’s no in-person inspection of the property and therefore the data the calculator will be using for the valuation is quite often outdated, meaning the valuation is going to be inaccurate.

Your other option when it comes to getting a house valuation online free of charge is to come to us! We don’t just give you a valuation for your property, but it’s also the amount we’re able to pay in full to buy your house for cash, with all your fees covered. We’re able to give you an initial valuation after a phone call with you. Or, if you want a more accurate offer, we will set our team of underwriters to work on researching your property in order to give you the best figure possible. We also have regional managers with expert local knowledge, should you wish for someone to come out and do an in-person valuation of your property.

We buy any property in any location and in any condition, so you don’t need to worry about fixing your house up first! We also don’t charge for our online house valuation, so there’s no need to worry about the house valuation price you’ve had to pay, should you choose to change your mind about selling.

Also, with us being cash buyers, we’re able to purchase your property in a fast timescale of your choice and, as mentioned, we will cover all the fees for you. We will also handle the whole process from start to finish, keeping you updated at every stage, making it a hassle-free way to sell your property.

Why choose us?

We do more than give you a free house valuation without giving you any further information on how to sell. The Property Buying Company is owned and operated by property professionals, founded in 2012, and with over 50 years of combined experience, you can be sure you’re in safe hands.

We’re members of The Property Ombudsman and the National Association of Property Buyers, further emphasising why we’re the people you can rely on. On top of this, we understand what it’s like to sell a property and all the stresses that can come along with it, so we will always be up for a chat to listen to your worried, and we will handle the whole process for you.

We’re also rated excellent on Trustpilot, with over 1,000 reviews.

We will always be open and honest about our service and process, with us telling you upfront what we’re able to offer you for your property. We will keep you constantly updated, including any issues we face and how we will do our best to overcome them for you.

On top of this, you don’t need to worry about the condition of your property – we buy any property in any condition!

We do more than just conducting a house valuation; we will give you a cash price that we can buy your house for in full, covering all the fees, including the legal ones, and also completing in a timescale of your choice! It’s never been easier to find your house value and sell fast!