How accurate are professional property valuations?

amanda123456

I am getting a valuation done along with a building survey on a property that I want to buy, (not the mortgage bank valuation) and its costing me around £200. How accurate are they? I know they look at sold prices etc but what do they do that I can't do myself? I don't want to feel that I ended up paying for a basic opinion just based on how much the house next door sold for.

Any advice would be appreciate.

hometrader

Also goes on square footage and a wealth of experience from the surveyor.

Question is, what would you do if your surveyor values it lower? If it has valued up by the mortgage surveyor you may struggle to get a price adjustment due to the fact that it's considered good mortgage security at whatever level it's at (I assume it has valued up at mortgage survey?)

You main concern is probably just what else comes back from the survey other than the value.

amanda123456

Hi thanks home trader,

I am buying the house with a personal loan me and my partner have obtained from abroad, so there is no mortgage here in UK and I have been told y offer was accepted based on being a 'cash buyer' and being able to complete faster than a few people who offered higher than us but were using a mortgage. And to be honest i don't know how true that is, I have a feeling that maybe the EA knew that perhaps those buying with a mortgage may not gotten approved due to the amount of refurbishment the house needs.

The house isn't in rentable condition which isn't an issue to me as i am happy to do it up but I am worried these valuations are not accurate.

I had one done by the bank for a mortgaged property and the guy evaluating basically just agreed with the asking price, when I asked how he came up with the exact same price as the price i was buying at his response was 'well even if I thought it was worth a little less, i wouldn't have wanted to throw a spanner in the works' - Doesn't exactly help

grizzly1911

Whilst there will be objective facts and figures that will influence the value of a property it is not an exact science. There will also be subjective elements and others based on the opinion of the surveyor/valuer from experience and knowledge of the local market.

If they are valuing a box with 50 comparable offerings in close proximity then they will be able to give a fairly accurate figure. If it is something more unique it will be a lot harder to value and may be closer to what someone is actually willing to pay, within reason. A run down area may be up and coming now and like wise areas may be going out of fashion.