Are you looking to sell, re-mortgage, or find out how much your home is worth? The first step is to get a property valuation. This will help you estimate what you might receive if you sell.
But how much does a house valuation cost? Property Saviour outlines the costs associated with house valuations, as well as the different methods you can use to get an accurate figure for your property.
You may also want to use our calculator to work out the cost of selling a house?
In this article, Property Saviour will explore the cost of house valuation. We’ll also look at the various routes you can take to get an accurate figure for your property.
Table of Contents
Estate Agent House Valuation
Most estate agents will provide you with a valuation for free, as part of their services. This allows them to pitch their services to you. Their goal is that once they provide a valuation, you’ll choose to use their agency to sell your home.
You don’t have to limit yourself to one agency when getting your property valued. It’s recommended to get at least three valuations from different agencies to reach a more accurate figure. This should give you a good idea of what your property is worth.
The agent can advise you on the best possible price. They may look at your improvements to the property, and compare it to other similar sales in the area.
It’s important to be cautious here, as estate agents may have a vested interest in your sale. If they give a higher valuation, there’s a higher chance of you using their services. This can lead to overpricing your property, and it selling slower than it otherwise could.
Most agencies strive to provide accurate figures, but it’s still wise to do your research. You can also get an opinion from a professional who doesn’t have a motive to inflate the valuation.
Online House Valuation
Online tools offer another free house valuation option. Platforms such as Rightmove and Zoopla can provide an estimate instantly by using automated data searches that take information from the HM Land Registry.
This data is then compared to current trends, local property sales data, and other relevant details.
The estimated figure should not be seen as totally reliable. It is more of a ballpark estimate to give you an idea of where you should be aiming. Estate agents cannot analyse the features of your property, examine its decor, or assess its state of repair.
However, some of these platforms also offer the opportunity to get a valuation from various estate agencies and compare their findings. This gives you the chance to discuss your home in more detail with a real person and get more reliable results.
Of course, there is still a risk that some agencies may provide an estimate that is too high. Even so, getting a house valuation online is still a very useful resource.
RICS Chartered Surveyor Valuation
For maximum accuracy, it is beneficial to arrange a professional house valuation with a certified chartered surveyor. These surveyors have no personal stake in the sale, so they will be honest and transparent with their findings.
Additionally, they can offer advice to increase the value of your home or give an informed estimate on the potential value increase of any home improvement projects.
Cost of a RICS Chartered Surveyor Valuation
There are various types of house surveys available.
- The RICS Home Survey (Level 1) offers a ‘traffic light’ rating of the condition of the property, services and grounds, as well as highlighting risks and problems in need of attention. It also includes a priority assessment of any defects and/or issues.
- The RICS Home Survey (Level 2) offers a more detailed report that involves a visual inspection of the entire property, services and grounds, although no tests are conducted.
- The Level 2 survey also includes a professional opinion on the ‘market value’ of the property and an insurance reinstatement figure.
- Lastly, the RICS Home Survey (Level 3) is best suited for larger, older or run-down properties/buildings. It contains detailed information on the structure and core fabric of the property, as well as extensive reporting on identifiable risks/hidden defects (and their causes). The surveyor can also provide an estimate of costs for remedial work, though a full quantity survey is needed for a full breakdown.
The cost of the Level 1 survey ranges from £100 to £250, the Level 2 survey from £250 to £1,000, and the Level 3 survey from £500 to £1,500.
Prices tend to be higher the further south of the UK. The table below provides a summary of the features of the different levels of house surveys.
Service Features
Level 1 (Outline Survey)
Level 2 (Survey)
Level 2 (Survey and Valuation)
Level 3 (Advanced Survey)
Describes the construction and condition of the property on the date of the inspection.
X
X
X
X
Aims to identify any problems that need urgent attention or are serious.
X
X
X
X
Aims to identify things that need to be investigated further to prevent serious damage.
X
X
X
X
Aims to tell you about problems that may be dangerous.
X
X
X
X
Aims to show up potential issues and defects, before any transaction takes place.
X
X
X
X
Aims to help you decide whether you need extra advice before committing to purchase.
X
X
X
Aims to enable you to budget for any repairs or restoration.
X
X
X
Aims to advise you on the amount of ongoing maintenance required in the future.
X
X
X
Provides a reinstatement cost to help you avoid under or over-insurance
X
Provides a market valuation.
X
Aims to establish how the property is built, what materials are used and how these will perform in the future.
X
Aims to describe visible defects, plus exposing potential problems posed by hidden defects.
X
Aims to outline the repair options and give you a repair timeline, whilst explaining the consequences of not acting.
X
Where practical and agreed, provides an estimate of costs for identified repairs.
X
Provide specific comments on energy efficiency.
X
Choosing a service depends on your needs and why you are surveying. Paying for house value may be worth it in the long run since you will get an accurate asking price.
This means your house will likely sell quickly without sitting on the market too long and incurring additional costs. You can research the value of your home by looking at recent sales of similar properties in the area for comparison.
Costs Based on Property Value
Below, we examine the cost of a valuation depending on the property’s value:
The cost of a valuation will depend on the value of the property. It’s important to take this into account when looking at the costs associated with the valuation.
It is essential to consider the worth of the property when evaluating the expenses of the valuation. This will help you make an informed decision and determine the best value for your money.
Property Value
Average Cost (£)
Up to £100,000
£220
£100,001 to £200,000
£280
£200,001 to £300,000
£320
£300,001 to 400,000
£370
£400,001 to £500,000
£420
£500,001 to £600,000
£490
£600,001 to £700,000
£520
£700,001 to £800,000
£570
£800,001 to £900,000
£610
£900,001 to £1,000,000
£640
What Are Other Types of Property Valuation?
Other types of property valuation include:
- A RICS Valuation is considered to be the most accurate and impartial type of valuation available. This is why it is required for Help to Buy and legal purposes. Other types of valuations are available when buying or selling a home, which serve specific purposes. These include:
- Mortgage Valuation Lenders usually charge between £150 – £300 for a mortgage valuation. It is a requirement when applying for a mortgage with them, although some lenders may waive the fee at their discretion. The lender will arrange for a professional valuation to ensure the home is worth the amount they are loaning and that their investment is secure.
- Estate Agent Valuation This is free for sellers when selling their home and will usually suffice to price the home. It cannot replace a RICS valuation for legal purposes or Help to Buy, and will not provide the same level of expertise or clout.
- Auction House Valuation If you are selling your property at auction, you could get a valuation through an auction house. Most auction houses will offer a free valuation if you are selling your home with them. Otherwise, they may charge a fee for this service, which will be at the individual auction house’s discretion.
- Online Valuation Property portals such as Zoopla offer instant online house valuations for free. This can give you an approximate of what your home may be worth, and you can also book an in-person valuation for a more accurate result.
Contact Property Saviour
If you’re looking to sell your home quickly, Property Saviour can provide you with a free cash offer right away. No estate agency or legal fees, and we can purchase your property in as little as 10 days.
If you require assistance or advice regarding the sale of your property, don’t hesitate to contact the team at Property Saviour. We’ll be more than happy to help.
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
