Survey - valuation question

lowis

thanks cattie

i had one in this morning (said he would market it at between 180 and 190k) and i have another coming on monday. i also called one up who knows the block well and he said that minimum i should list it at was 160k.

i would consider getting another valuation survey done but surely they would just say the same as the surveyor thats just been round? i.e. that the 130k purchase price is ok and not actually state a market value.

Jorgan_2

A surveyor, for mortgage purposes, will never value a property more than its purchase price. I've had properties that have been under offer for say £145k, and valued at this figure by a surveyor, sales fall thru, sale agreed again to another buyer for £135k, same surveyor goes back & values it at £135k.

cattie

Lowis, you don't need another valuation done. You know the average market price of your property & it's been confirmed by the couple of EA's you've spoken to. If you always take the middle average of an EA's valuations, then you get a fair indication of what price it may fetch.

I know roughly where you live as my friend lived in a 2 bed flat in the St John St link you gave earlier.(Emberton, you no doubt know it?) Those flats are very spacious & a great location. I also have a nephew who owns a flat in M.Cliff House, 1 bed & he rents it out for 1100 month, so excellent investment from that angle.

Try not too worry to much about getting a more definitive market value on your property at the moment, you'll only ever really find that out once it's on the market & someone makes an offer for it.

lowis

thanks everyone - i didn't realise that a surveyor did that, i thought he would give me a valuation for market value.

so sort of related, if in 3 years time i wanted to sell the flat do i get a surveyor round to give me an estimated market value which I then give to an estate agent or will an estate agent know the rough value of a property and market it a price accordingly? obviously purchasers can only get mortgages for the amount a surveyor says it is worth - not the amount an estate agent says its worth.

sorry if these seem like obvious and simple questions - this is all new to me!

Jorgan_2

The EA' should be able to give you an idea of market value, remember to get three EA's to value it at the time.

lowis

well - the surveyor called me back yesterday and confirmed that the valuation he did WAS just confirming that the property was worth the 130k stated in the RTB documents from the council. he then said i would get atleast 155-160k for the flat as it is today, more if i made the improvements mentioned in his report.

i feel much better about taking the risk of buying now. thank you for all your advice.