House valuations: Everything you need to know

Pouring your heart and soul into your home is no small feat. You might’ve tidied up the garden or modernised the kitchen, sparing no expense on increasing its value. But after all this effort, knowing its real worth can feel like a guessing game.

There are plenty of free valuation tools online, and many of these offer a quick and satisfying figure. Yet even with a sales pitch from an estate agent, you might still be left looking for the solid, objective truth about your home.

Understanding a professional house valuation is one of the most useful steps to take as a homeowner. It’s time to move forward and plan with confidence.

In short, a valuation is a professional, in-depth report carried out by a qualified surveyor. The Royal Institution of Chartered Surveyors (RICS) is the leading professional body in this trade.

This report will conclude with a value figure, which becomes the reference point for lenders, lawyers and mortgage providers. Since every valuation is carried out by an independent expert, the figure is calculated based on factual data. It’s the most reliable and unbiased way to understand your property’s worth.

Remember, a valuation from a mortgage lender or estate agent won’t guarantee the same quality. It will typically only be around two or three pages long, and won’t go anywhere near the level of detail provided by a surveyor.

The thought of a professional surveyor inspecting your home might sound daunting, but the process is designed to be objective. The process is straightforward and non-judgmental.

Here’s a step-by-step guide on what to expect:

Step 1: Booking

Firstly, you’ll choose a RICS surveyor and instruct them to carry out the valuation.

They will then schedule a time and date to visit your property. You can help to speed up the process by getting a file ready with any relevant paperwork. This could include receipts for major upgrades or renovations, deeds and planning permissions for past extensions.

Step 2: Home visit

On the day they visit your home, your surveyor will carry out a detailed inspection.

They will check everything from the condition of the roof to the state of the kitchen and bathrooms. They might also take photographs of key areas to include in their report. They might also look for structural issues like damp or subsidence.

Need to know how long your house valuation will take? This will depend on the size of the property, but typically falls between 15 minutes and an hour.

Step 3: Analysis

After they visit your home, the surveyor will return to their office to compile data.

They will cross-reference their findings with external data, ensuring that all conclusions are objective and not solely based on what they saw in person. They will examine the sale prices of similar properties in your local area, along with the current state of the market.

Step 4: Report

Finally, the surveyor will put together a comprehensive report.

This will state the definitive value of your property, alongside the supporting evidence to back that figure. The report will also highlight any issues that could potentially affect the property’s value in the future. Along with giving you a picture of where your home stands now, it offers useful pointers on how to get a house valuation in the future.

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When you book a valuation, the surveyor will be looking for much more than just a clean home. They will assess a wide variety of factors, including the structural integrity and condition of the property. Here are just a few of the most important to bear in mind:

• Location: Your property will compete with similar properties in the same area, and may be worth more if it’s close to shops, schools, green space and transport links.
• Condition: The most imperative factor. A surveyor will consider the underlying condition, including the roof, walls and heating system. They will look out for any obvious signs of damp or mildew.
• Functionality: A dated interior could lower your property’s value if it’s inconvenient. Installing modern appliances and integrated smart systems could bolster interior practicality.
• Size and layout: The surveyor will pay attention to how many bedrooms the property has, along with the overall plot size. Outside space will also be considered.
• Energy efficiency: The property’s Energy Performance Certificate rating is very important. A higher rating will make the home more appealing to future investors. You may need to invest in double-glazed windows, insulation and renewable heating.

Knowing how to get a valuation on your house is just a small part of the picture.

You’ll also need to pay for a professional valuation. However, it’s worth remembering that this is the only way to provide an accurate and official figure to help you through the sale. In the UK, a home valuation can cost anywhere from a few hundred to over a thousand pounds.

Each property valuation quote depends on factors like its size, location and type.