Getting an accurate valuation of your house

[Steve vRS]

Of course the only way to get a true value is to see how much someone will pay for it. However, I may be looking to buy out my 'better' half but was wondering how best to get the most accurate valuation.

A local estate agent will obviously know the local market but I would have thought that they will want to give a 'good' valuation to try and flatter you and get your business. Would a paid for Chartered Surveyor valuation be any more scientific or do they see what you paid for the house and just add a value to it based on what others locally have gone for?

Should I just bung her a few grand and hope she bites?

FML etc.

Steve

[SeeFive]

It's cheaper and quicker to have her shot - so I am finding.

[RichS]

We've just used two local agents for a valuation. We're sort of thinking of moving, but also just downright nosey as to how much it's gone up in the two years since we bought. Answer: less than we thought, "it's a shame you didn't have me round before 23 June, sir". We're not that bothered, it's still a bit ahead of what we paid plus what we've spent. And clearly if you do move then the house you buy is equally likely to have dropped.

They were refreshingly honest I felt. They came in within 3% of each other. The lower valuation (who came round second) sort of slagged off the higher valuation agent, but not in a particularly bad way. It's a small town and they all know each other.

I think an estate agent would be a better option than a surveyor. Go for three and take an average. Make sure they tell you the "valuation price" rather than their proposed "asking price", for obvious reasons.

[surveyor]

RichS said:

We've just used two local agents for a valuation. We're sort of thinking of moving, but also just downright nosey as to how much it's gone up in the two years since we bought. Answer: less than we thought, "it's a shame you didn't have me round before 23 June, sir". We're not that bothered, it's still a bit ahead of what we paid plus what we've spent. And clearly if you do move then the house you buy is equally likely to have dropped.

They were refreshingly honest I felt. They came in within 3% of each other. The lower valuation (who came round second) sort of slagged off the higher valuation agent, but not in a particularly bad way. It's a small town and they all know each other.

I think an estate agent would be a better option than a surveyor. Go for three and take an average. Make sure they tell you the "valuation price" rather than their proposed "asking price", for obvious reasons.

Of course the cheap shiny suit, not qualified and trying to get the business would be better than a Surveyor. Let it get as far as court, and see what happens.

OP a Valuation from a Chartered Surveyor experienced in the market is a worthwhile investment. They will know selling prices in the locality, be able to spot value significant defects, and will provide a report with comparable to justify their opinion. Should you not be able to agree on the value, the Surveyor will understand their duty to the court as an Expert Witness.

[RichS]

surveyor said:

Of course the cheap shiny suit, not qualified and trying to get the business would be better than a Surveyor. Let it get as far as court, and see what happens.

OP a Valuation from a Chartered Surveyor experienced in the market is a worthwhile investment. They will know selling prices in the locality, be able to spot value significant defects, and will provide a report with comparable to justify their opinion. Should you not be able to agree on the value, the Surveyor will understand their duty to the court as an Expert Witness.

I'm sorry you don't agree with me, I was only offering the benefit of my experience. The OP asked for a view on hoe to get the most accurate valuation. How will a surveyor know what properties are selling for more than, er, the people who sell them? Of course a surveyor will be able to point out issues (and even be able to point out what might be issues, but (s)he can't tell because (s)he couldn't lift the floorboards. But how will an ability to point out issues go to being able to accurately predict selling price?

I'm not suggesting they're not trying to get business. However the fact they came to within 3% of each other suggests they're not sticking pins in the dark.

And why do you think that an estate agent wouldn't be able to justify his view to a judge?

I'm no apologist for the snake-oil merchants, but I was just saying that in my experience the two we had round were pretty respectable, straight and decent. For you to suggest no estate agent is like this tells me more about you than them, no offence.

[jonamv8]

Agh I went through this - horrible time.

Rics surveyor came in 10% under estate agents who were eager for the business

[surveyor]

RichS said:

surveyor said:

Of course the cheap shiny suit, not qualified and trying to get the business would be better than a Surveyor. Let it get as far as court, and see what happens.

OP a Valuation from a Chartered Surveyor experienced in the market is a worthwhile investment. They will know selling prices in the locality, be able to spot value significant defects, and will provide a report with comparable to justify their opinion. Should you not be able to agree on the value, the Surveyor will understand their duty to the court as an Expert Witness.

I'm sorry you don't agree with me, I was only offering the benefit of my experience. The OP asked for a view on hoe to get the most accurate valuation. How will a surveyor know what properties are selling for more than, er, the people who sell them? Of course a surveyor will be able to point out issues (and even be able to point out what might be issues, but (s)he can't tell because (s)he couldn't lift the floorboards. But how will an ability to point out issues go to being able to accurately predict selling price?

I'm not suggesting they're not trying to get business. However the fact they came to within 3% of each other suggests they're not sticking pins in the dark.

And why do you think that an estate agent wouldn't be able to justify his view to a judge?

I'm no apologist for the snake-oil merchants, but I was just saying that in my experience the two we had round were pretty respectable, straight and decent. For you to suggest no estate agent is like this tells me more about you than them, no offence.

Typed a long reply before I could not be arsed. It's clear that the RICS message is not getting through though. Depressing,

[Steve vRS]

I would need to borrow to pay her so I presume the Building Society would use a Surveyors report to value the house for loan to value ratios.

[RichS]

surveyor said:

Typed a long reply before I could not be arsed. It's clear that the RICS message is not getting through though. Depressing,

I don't know what the RICS message is, but won't it be by definition not objective? I'm not being difficult, genuine question. I've never met a surveyor I didn't like, and I can't say that about estate agents. Though there are some good ones out there, particularly in the sticks where we are. I have no doubt at all you know what you're talking about, I'm just a nosey middle-class Torygraph reader who's obsessed about his house value.

[surveyor]

Steve vRS said:

I would need to borrow to pay her so I presume the Building Society would use a Surveyors report to value the house for loan to value ratios.

They might by chance give it to the same valuer, but to be honest they are completely different animals.

[surveyor]

RichS said:

surveyor said:

Typed a long reply before I could not be arsed. It's clear that the RICS message is not getting through though. Depressing,

I don't know what the RICS message is, but won't it be by definition not objective? I'm not being difficult, genuine question. I've never met a surveyor I didn't like, and I can't say that about estate agents. Though there are some good ones out there, particularly in the sticks where we are. I have no doubt at all you know what you're talking about, I'm just a nosey middle-class Torygraph reader who's obsessed about his house value.

The surveyor will have most likely done a property related degree. They will then have done 2 years work experience and passed a professional interview.

They will then carry out CPD, and have to follow RICS guidance, rules and regs.

They will also carry PI Insurance

[RichS]

surveyor said:

The surveyor will have most likely done a property related degree. They will then have done 2 years work experience and passed a professional interview.

They will then carry out CPD, and have to follow RICS guidance, rules and regs.

They will also carry PI Insurance

I get that. But isn't the majority of that theory? I've got a law degree. Spent 4 years getting it. Could I tell you on qualification what a business should be sold for? Of course not. Rules and regulations are all very well, but as the OP says straight off, a house is worth what someone will pay for it. And the people at the sharp end of that are the estate agents.

[surveyor]

RichS said:

surveyor said:

The surveyor will have most likely done a property related degree. They will then have done 2 years work experience and passed a professional interview.

They will then carry out CPD, and have to follow RICS guidance, rules and regs.

They will also carry PI Insurance

I get that. But isn't the majority of that theory? I've got a law degree. Spent 4 years getting it. Could I tell you on qualification what a business should be sold for? Of course not. Rules and regulations are all very well, but as the OP says straight off, a house is worth what someone will pay for it. And the people at the sharp end of that are the estate agents.

Whose valuing those sold houses for lenders?

[RichS]

surveyor said:

Whose valuing those sold houses for lenders?

Do you mean those houses where a bona fide purchaser has made an offer to buy? Thereby setting the market price? Surveyors. But that's not the same thing as to whether a surveyor could do as accurate a job of market valuing a house from a standing start before any bids are received compared to an estate agent. Put another way, how many times have you said the house isn't worth whatever the buyer's going to pay? And if it happens frequently, are you more concerned about accurately stating the value, or is there even a small part of you that thinks of that PI insurance and that it's better to play safe and undervalue, just in case there's a default?

[davhill]

Estate agent valuations are often unrealistic. One put our property at 30 grand more than a RICS surveyor.

The latter's valuation is the one that's admissible in court.

[RichS]

davhill said:

Estate agent valuations are often unrealistic. One put our property at 30 grand more than a RICS surveyor.

The latter's valuation is the one that's admissible in court.

Fair enough, I've no idea about that. Do estate agents never act as expert witnesses?

[surveyor]

RichS said:

davhill said:

Estate agent valuations are often unrealistic. One put our property at 30 grand more than a RICS surveyor.

The latter's valuation is the one that's admissible in court.

Fair enough, I've no idea about that. Do estate agents never act as expert witnesses?

Rarely. The judge gets to decide which evidence to place weight upon. Qualified or unqualified? Most don't take the chance.

I'm not knocking the experiences EA who knows everyone and everything in the market. But in today's world they are rare, and this is not their natural place.

[silentbrown]

surveyor said:

Of course the cheap shiny suit, not qualified and trying to get the business would be better than a Surveyor.

Are you suggesting he get a valuation from an RICS Estate Agent, or from a specific Valuation Surveyor?

[kiethton]

Yep - district valuer (RICS) is the way to go

Will cost you a couple of hundred quid but the value put on it (backward looking so maybe 5% less) is with it for your saving

[surveyor]

silentbrown said:

surveyor said:

Of course the cheap shiny suit, not qualified and trying to get the business would be better than a Surveyor.

Are you suggesting he get a valuation from an RICS Estate Agent, or from a specific Valuation Surveyor?

The local RICS Estate Agent probably has a qualified Valuation Surveyor. - that 's what i'd suggest anyway - Chartered Valuation Surveyor based at a Local Agents.

kiethton said:

Yep - district valuer (RICS) is the way to go

Will cost you a couple of hundred quid but the value put on it (backward looking so maybe 5% less) is with it for your saving

Not sure what this is about. District Valuer (Valuation Office) is often not as based on current values, and would certainly not be getting the current market knowledge that the practising Valuation Surveyor would.

Also not sure about the backward looking. The Valuation would be based on Market Value as at a specific date. That date and any special instructions would be in the report. I suspect you mean funny business? While it shouldn't go on I dare say it does.

I was involved as an Expert Witness in a fairly high value court case, involving a number of properties, of various types. To say that there were some bizarre goings on is an understatement.