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House valuation

edited 30 November -1 at 12:00AM in Insurance & Life Assurance
5 replies 520 views
fatbeetlefatbeetle Forumite
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edited 30 November -1 at 12:00AM in Insurance & Life Assurance
We're having substantial work done on our house, work that will update it and add some living space. Also central heating, new windows and Velux, and a conservatory is being added.

What is the most cost efficient way of getting the place valued for insurance purposes, (no intention of selling.)

Thanks in advance
“If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and who weren't so lazy.”

Replies

  • SystemSystem Forumite
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    The house value has nothing to do with insurance. You need estimated rebuilding cost plus a very generous margin. Insurance that gives cover in broad bands ("up to £500,000", etc) makes it easy.
  • EdGasketTheSecondEdGasketTheSecond Forumite
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    Just buy insurance with a standard limit; usually £0.5m or £1m and assuming that is enough, you don't need to worry about it.
  • ReardoaReardoa Forumite
    155 posts
    You don't need standard insurance in this case. You will need self build insurance to cover the renovations unless your current insurer is happy to continue cover.
    For self build insurance you will need an accurate value and that will be the rebuild cost rather than market value. The only accurate way would be to have a survey done which is costly (not a desk top survey as they tend to be wildly inaccurate) however www.abi.org.uk has a rebuild cost calculator you can use but it by no means perfect.
    As far as insurance is concerned if you need it try www.selfbuildinsure.co.uk
  • fatbeetlefatbeetle Forumite
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    Thanks all. The house has been uninsured since I stopped my "tenanted property" insurance, prior to moving in. I didn't get house insurance due to major work being carried out.

    I'll do as advised with regard to re-insuring it, (all work was done by a registered and respected builder.)

    I'd still be interested in finding out how much the old shack is now worth, just to see if the work done has added value.

    I'll ask in the DIY and house forum too.
    “If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and who weren't so lazy.”
  • Weighty1Weighty1 Forumite
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    If you just want the house valuing then ask 3 local estate agents to come round and give their opinion based on the renovations being done, much like Homes Under the Hammer works!

    As has been mentioned, this won't be relevant to the rebuild costs though, only for your peace of mind.
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