Value of Property

angeljay

Maybe a stupid question, I am looking at many different things to do with remortgaging or selling my house due to relationship breakup.

What I need to find out is the correct value of my house, is there a way to do this without an EA?

I have booked 2 EA so far to come look, but then depended on the value I may not sell!!!

I have looked at Zoopa which said 84K and another site which this site recomeneded which said 130K so I am unsure which is right!!!

How do I find out the exact amount or is it an EA I need to use?

There is 6 houses on my street one was at 107 and now 103, been on market a few months but my house is more imporved then theirs in terms of new kitchen, decor etc.

Robert_Sterling_3

angeljay wrote: »

How do I find out the exact amount or is it an EA I need to use?

A house is worth different amounts to different people.

Scenario.

The mother of a fifteen year old twins has recently died of cancer. Her father is at work all day. Her grandmother lives 150 miles away but is now looking for a house near to her son and grandchildren. A house very near by has come on the market. The grandmother will be willing to pay more for it than other viewers.

When valuing houses buyers go round looking at them. They compare the pros and cons of houses and make decisions.

Valuers compare a house, in so far as it is possible, with similar houses which have been sold.

I know someone who had a rule of thumb. If a surveyor gives a figure within 10% of the true price that figure is acceptable. If it is within 20% of the true price it is not good but not actionable. If it is more than 30% off target he might have a case of negligence.

House valuations are not an exact science.

angeljay

Basically I am trying to find out if I have more then 10% LTV or if I am in negative equity or if selling the house will supply me with enough cash to clear off the mortgage and rent ?

Do I have to use an EA to get a value on my house?

Thanks,

Doozergirl

If the other house has been on the market for a while without selling then if the difference is purely cosmetic then yours is unlikely to be worth any more than that. Just how overpriced their house is, you can't tell in order to compare.

Have you looked at the price of previous sales on www.nethouseprices.co.uk?
They will help.

Have a look on www.rightmove.com for properties within a mile or so that are the same size as yours. Any that are under offer will provide some steer also.

However, if you are considering selling then there's no reason not to have an EA valuation. They know exactly what's happening in your area now.

hamblettamaud

definitely ignore zoopa - they appear to artificially inflat their estimations for some bizarre business reason.

the value of your house is on a sliding scale of what other people would be prepared to pay for it. really, it's the luck of the draw on who is interested. however, you can also help things along with good marketing skills.

Debt_Free_Chick

Buying a property is - effectively - an auction, as different people will be prepared to pay different amounts. There is no way of finding out what folk will pay until you put the property on the market and wait for the offers.

An EA will give you their opinion on what you might expect to get. Zoopla simply takes the last "sold for" price from the land registry and then applies the House Price Index to it. Problem with the index is that it's an average of all the different types of properties across all the different areas and certain properties in certain areas have risen/fallen at a rate which can be radically different to the average.

In short - there is no "true valuation" - just a guess as to what other people might pay.

AverageJoe_4

It's only reallt worth what someone is willing to pay for it OR I guess what a bank is willing to lend against however, the bank should survey it using "experts" that will give an honest answer based on facts and pro opinion. Facts being a study of recently SOLD prices in the area for the same size and type as yours, and a general overview of yours too - then he'll report back to the bank and most likely make his final answer a "bank friendly" one.

Bank surveys as opposed to an Est Agt view, will always be lower so that the bank ensures that they will not "over lend". Unless of course you're like me and got ripped off by a dodgy surveyer, but thats another story.