Do I have my property valued before remortgaging?

seagull12

That's also a thing I'm extremely naive on.

Me and my girlfriend have done a fair bit to the house but never with any set-out intention to improve the value of it.

For example,, we've redone all the carpets, fitted new shower, new kitchen worktop, all brand new appliances and we've recently just spent quite a bit on ripping out a garden worth of decking and replacing it with turf and patio as well as fencing.

These are all things we've done for us but I do wonder now if these things would affect the valuation of the property in a positive manner. It would be nice to think so.

seagull12

crazygoog wrote: »

use Zoopla and Mouseprice for vague voyeurism only.

Interestingly Mouseprice list it's estimate as even higher than Zoopla. If these estimates are anywhere near what a mortgage company would value it at then I would be open to the 85%.

Thanks again for the advice.

amnblog

crazygoog wrote: »

In 2009 I paid £84000 for a house that was originally on the market for over £90k. We have since done the aforementioned work and spent a hell of a lot of money inside. Home values since then have remained fairly static, yet Zoopla now have my house valued at £77k, hence my scepticism of their valuations. If my value comes back anywhere near as low as this then i'll be mortified, but I expect in excess of a £90k value. This £13k margin on such a low value property could mean vast amounts more on a home worth around £180k. I would use a local valuer personally, but use Zoopla and Mouseprice for vague voyeurism only.

Zoopla lists the prices that properties have sold for, these figures are fact, not conjecture.

seagull12

amnblog wrote: »

Zoopla lists the prices that properties have sold for, these figures are fact, not conjecture.

Maybe I've misunderstood your post, but Zoopla certainly quoted current property price estimates when I had a look.

It quoted the date and price of when I purchased the property and then listed a current-day estimate of it's price.

crazygoog

Sorry, I assumed you were talking about Zoopla's valuation of particular properties. I agree, local sold prices will dictate what price you can achieve, but I don't agree that it will paint a full picture. Our street has a real mish mash of house styles. Some semi's have gone for £130k, some have gone for £80k. Again, for this I would not trust Zoopla or Mouseprice - too ambiguous in certain areas.

Dave_Ham

seagull12 wrote: »

Maybe I've misunderstood your post, but Zoopla certainly quoted current property price estimates when I had a look.

It quoted the date and price of when I purchased the property and then listed a current-day estimate of it's price.

Just take the sold prices in your postal code, they are the comparison ones.

Incidentally, walk into Halifax and ask them what your indexed current value is. You may well find Halifax will have 85% retention products that will suit you??

Good luck

amnblog

seagull12 wrote: »

It quoted the date and price of when I purchased the property

The purchase price and date is the information that is of value, and the type of thing valuers rely on.

Therefore if your property is one of only 6 similar ones in your area it is difficult to get a good gauge on it's value today.

On the other hand, if you live in a two bed victorian terrace among streets littered with them it is far easier to guage the value as the records may show several dozen sold in the last 12 months.

If the majority have sold recently between £160,000 and £180,000, putting a £190,000 valuation on yours may be a long shot.

crazygoog

seagull12 wrote: »

Maybe I've misunderstood your post, but Zoopla certainly quoted current property price estimates when I had a look.

Ha! Not just me that misunderstood then :j

crazygoog

amnblog wrote: »

The purchase price and date is the information that is of value, and the type of thing valuers rely on.

Therefore if your property is one of only 6 similar ones in your area it is difficult to get a good gauge on it's value today.

On the other hand, if you live in a two bed victorian terrace among streets littered with them it is far easier to guage the value as the records may show several dozen sold in the last 12 months.

If the majority have sold recently between £160,000 and £180,000, putting a £190,000 valuation on yours may be a long shot.

Exactly! Why didn't we word it like this in the first place between us

seagull12

Apologies for bouncing this but I thought I'd give an update.

I had the property valued before speaking to potential remortgaging lenders and had a very positive feedback on the house price. So much so that it had pushed me under the 80% LTV instead of the 85% which I was really hoping for.

I've spoken to two remortgaging options and they both seemed satisfied with the valuation but, of course, will value it themselves.

It was certainly worth getting the valuation done as I would never have dared listed the house price at the price they quoted to me.