Re-valuing after Renovation

alexchatwin

Hi, I've had a search around and can't see anything similar so:

Keen to get any thoughts/advice on our situation. We purchased a house at a significant discount to the original list price about 6 months ago and have spent roughly as much as the discount fixing a lot of things that were wrong with it (new floors, electrics, pipes, new bathrooms & kitchen). We're keen to try and consolidate the debt we took out to pay for this into the mortgage, but that will mean revaluing to see some of the 'benefit' of our investment.

1) Any tips on how we do this to get the best valuation possible?
2) Has anyone had experience challenging a valuation in this kind of circumstance?

I know we're not going to get every penny we spent reflected in the price, but at the moment I'm more concerned that for some reason the price could fall, or that the valuation will be heavily influenced by the price we paid (not taking the discount into account)

jlpike

What you bought it for and have spent on it will have little to do with value. Valuer will compare other similar property to yours. The improvements will have a an effect vs other lesser nice houses to a point. Your own research will be fairly accurate using rightmove etc

You can challenge but often unsuccessful. If houses in the area are not worth £x any amount if challenge won't make a difference. To challenge you will need to show other houses the same of v similar have sold for £x