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House Valuation
Richmc1983
Posts: 56 Forumite
Next month i am going to get a valuation on my home and i was told they take into account the price i paid for the house, is this true?
The home report for the house was offer's over £350k and i got it for £300k
Rich
The home report for the house was offer's over £350k and i got it for £300k
Rich
0
Comments
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Sounds like you are in Scotland?
Yes, they will consider the price you paid for your house as well as all the others in your street. If it was a purchase below market rate that shouldn't matter too much although it may make their job harder as they have less data.Changing the world, one sarcastic comment at a time.0 -
Sounds like you are in Scotland?
Yes, they will consider the price you paid for your house as well as all the others in your street. If it was a purchase below market rate that shouldn't matter too much although it may make their job harder as they have less data.
Yes i am in scotland and there is no other house like it in its street, There is only 3 house's in my area and the other 2 are alot smaller than mine.0 -
How long ago did you buy your house?0
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TrickyDicky101 wrote: »How long ago did you buy your house?
3 years ago0 -
It is highly unlikely to have moved significantly in value in those 3 years unless you live in a wild property hotspot. I think it unlikely the bank will assess you as having any equity to release.0
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TrickyDicky101 wrote: »It is highly unlikely to have moved significantly in value in those 3 years unless you live in a wild property hotspot. I think it unlikely the bank will assess you as having any equity to release.
Reason i was asking cause i know i got the house alot cheaper than the home report BUT i have completely gutted the place and reworked it all. Also the time of the house sale when i bought it there wasnt alot of people buying houses due to a RAF base was closing near by and wasnt sure what was happening within the area.0 -
Who is doing the valuation and for what purpose?
You'll find a difference between a chartered surveyor valuing for a mortgage and an estate agent providing a marketing appraisal.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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