How Much Is My House Worth: Property Valuation London

Time consuming, confusing and tiresome are some words that come to mind when thinking about or getting a property valuation, especially when you have the correct knowledge about the topic at hand.

When selling your property in London you will be looking for a house valuation to get a better understanding of your house value. It is widely suggested that you have 3 different property valuation and from those 3 decide on a happy medium, this tends to be the best form of practice.

In this article we will be going through and breaking down what a house valuation is, to how to get a house valuation in London.  Find out the answers to your specific questions about a house valuation below:

What is a house valuation?

A house valuation in simple terms is the process of estimating your house price through numerous factors that could change the price for better or for worse.  The main factors that will add up into the house price are size, location, type, potential and the condition it currently is in. The valuations are often carried out by professional surveyors who will look at the property in detail and making notes as they look through the house, often you will find them taking pictures for evidence. After all the evidence has been taken the surveyor will reorganise their thoughts and go through it, here they will make a decision on what they think your house is worth.

Once the report has been constructed by the surveyor, you will get it sent to you for you to look through. Here you can find any problems with your house and the surveyors opinion, this can be useful for home improvements if you want to increase house price before the sale.

It is vital to get an accurate house valuation to see how much your house is worth, if it isn’t accurate, you might find yourself selling your house at a lower price than you expected and becoming disappointed.

Who does the house valuation?

You will usually find that when you get a house valuation done it is performed by a professional surveyor, estate agent or local agent.  The person doing the valuation of your house are specifically trained to evaluate your house with fairness and honesty while also keeping up standards of regulations and housing measures.

When selling your house it is always best practice to have at least 3 different valuations of your house to get a more clear picture of the true house price.  You might find that some estate agents that will do your valuation will over valuate your house, this is because they want to hook you in to sell with them. Unfortunately majority of house valuation come with a cost so people tend to only do one valuation instead of full suggested 3.

Depending on the agency you end up choosing to go with, the cost of the house valuation may vary due to competition between agents. Below is a brief breakdown of the costs of typical house valuations:

• HomeBuyer Report - £400 (+Upwards).

• Mortgage Survey - £150-£1500 (Depending on the size and value of your property).

• Chartered Surveyors Valuation - £250 (+Upwards).

• Condition Report - £400 (+Upwards).

If these types of house valuations are too expensive for you then an online house valuation might be a better option as they tend to be free but less accurate.

What is the house valuation process

When examining your property, the examiner will try and act like a possible buyer to take the positives away from your houses features, they will closely assess your home with an eye for detail. This will help highlight positive areas in your house while also bringing out negatives that could be useful for the owner to take measures against possible structural flaws or interior design issues.

Here are some questions you might get asked by the surveyor:

• How old is your boiler?

• When were your windows last replaced?

• If your property is leasehold, who owns the leasehold and how long is left on it?

• What features of this property make it unique?

• Is the property sole or joint ownership?

• Does your property have any issues (structural or maintenance)?

Surveyors that value houses will have expert knowledge of the local area and a good understanding of other houses' value in your vicinity. We can not stress this enough that it is important to highlight the positives and the uniqueness of your property to help stand out from the rest of the houses on the market. 

The surveyors might ask you certain questions that are less related to your house and more about your area. For instance, they might ask what are the local shops like, how close is the local primary and secondary school and is there a hospital nearby. You will have to answer all the questions honestly to the best of your ability, this will help you through the sales process, so no hiccups will occur.

Unlike a potential buyer, when the surveyor comes round you will not have to clean up beforehand to make your house look perfect, just a tidy up will be fine. Usually the valuations will take anywhere from 15 minutes - 1 hour and once completed they will send you a postal or email report of their findings.

When the valuation is finished we will offer you a cash for your house based on our valuation of the home.

How much does a valuation cost London?

The cost in London can vary massively depending on where you live in London, how big your house is and the company providing the service. On average the cost is around £600 - £1000 or more! Below are some of the costs involved in the process:

RICS Valuation

Typically these are seen as the best valuation to get, highly detailed and done by professionals for various different purchases such as selling, buying, probate, shared ownership and more. Usually this costs around £300 - £1000+ however, this can vary depending on a number of reasons. It can vary because of the size of the house, property location and the complexity of the job at hand. 

You will find the average RICS survey for a typical London property is around £500 - £800.

Online Valuations

Online valuations is a cost effective avenue to take when trying not to spend money on extras when selling your house. Normally, you will find an online valuation to be completely free however, this might sound amazing and worth it but its not always what its cracked up to be. 

A free online valuation is less accurate than an in person Homebuyer report or RICS survey and they are not official. On the positive side they are free and give you a good idea of how much your house is worth based on pictures of your house that gets reviewed by a professional estate agent.

Homebuyer Report

A Homebuyer report is a detailed survey done by professionals, that is similar to a RICS survey however costs slightly vary in-comparison as you will find yourself spending £400-£900 on average. This number can change depending on size, locations and complexity of the job. 

Building Survey

An in depth report detailing problems with the structure of the property and this can include a valuation. You will usually find this survey used for bigger buildings that are more complex than an average house. 

Because of the detailed work done in the survey it will be more expensive than a regular one, this is often why its used only for large buildings. It will cost you around £600- £2000.

Should I pay for a house valuation?

It all depends on your budget and how knowledgeable you’re of the housing market. We would recommend that you do pay for a house valuation if its required for important financial or legal reasons. You will often find when applying for a mortgage, the lender will ask for a house valuation to make sure that the property is actually worth the loan and won't be a waste of money. 

Paying for a house valuation is beneficial for most property owners, it can spot issues with your home that you might not have noticed before. This will help you avoid even more costly mistakes in the house sale process, even if that means spending a bit extra to get the valuation done it can be more cost effective in the long run. 

Can I get a free house valuation?

Yes you can get a house valuation for free however, this will only be an online house valuation that an estate agent will offer you. These are not official valuations but it's a good way to get a rough idea of how much your house is worth.

Which property valuation is most accurate?

 A RICS survey is considered one of the most accurate surveys you can get, it is carried out by professionals that go through your house with attentive eyes and note down details of problems and positives to give you a fair house price outcome in their report. 

On a RICS survey you will find that the professional surveyor uses market insight of the local area and gage your house price based on similar houses sold in the area.

Do estate agents charge for valuations?

Estate agents often provide free online house valuations that are good indicators for how much your house might be worth. The valuations typically come as a service package that is bundled up with other benefits to the house sale when you go with the estate agent. It is important to take notice that free online valuations are often not as detailed as a RICS and should be used while also getting a physical survey like a RICS as well to get two different point of views.

Estate agents will often offer an in person RICS survey as well, this will be worth taking however it will cost. Normally, estate agents will have services packaged as a bundle of benefits for the customer with a set price, in this package you might find a RICS survey included. 

On average an estate agent will charge £400 - £700 for a RICS valuation in London. 

How to get a free house valuation in London? 

There are multiple methods to get a free house valuation in London, with little stress and hassle. Here are some of the free methods below:

Estate Agents

Most estate agents will offer a free online valuation to help set a guide price for your house free of charge with no obligation for potential sellers. This is their way to lure you in and make you a customer.

Online House Valuation Tools

Zoopla, Rightmove and Purplebricks are all instant online house valuation portals that by going through the process of putting your property details onto the site they will generate a rough house price estimate. These tools will evaluate your house based on location, sales data and similar properties.

Property Auction and Consultation

Auctions often offer free valuation to people that consider selling through their auction while some consultants may also provide free estimates for those that want to sell through them. If you do not want to sell through them, then you should not expect a free valuation of your home as it would be a waste of time for them as they get nothing out of it.

Lender and Banks

Banks and lenders may offer a free valuation of the property as apart of their deal, normally this is only applies to people that are applying for a mortgage with the lender or bank. These valuations often will be less detailed and most likely just an online valuation.