House Valuation for Remortgage

BulletCraig

Looking for some advice if possible. Our 5 year fixed term mortgage runs out later this year and I've been reading up on remortgaging. The applications ask for a valuation of the property but the problem is we've had quite a lot of work done since we bought the house 5 years ago - new extension, new patio, new kitchen, new bathroom, a lot of decorating etc. So I don't really have any idea about what the valuation should be. Obviously I'd hope it's increased but I don't want to be overly optimistic in case the lenders valuation differs (a £5k/£10k swing could potentially move us from the under 70% LTV bracket to over). Would it be worth actually paying to have our own valuation done ahead of time so we have an idea of what we should be working towards? Or does anyone have any other suggestions?

poppy10_2

How much have house prices gone up in your area over the past five years?
https://www.nationwide.co.uk/about/house-price-index/house-price-calculator

BulletCraig

According to that site it's around 4%/£5k, so not materially different.

Mr.Generous

An extension, kitchen, bathroom and decorating can add thousands, it depends what it was like before. If you change a pretty nice kitchen and bathroom you don't add much. An extension - depends on the size, the appearance, how sympathetic it is to the development and the standard of work.


Give an idea of the work and cost and you will get a more accurate estimate of the value. My bet is it will have added about what you spent if you paid others to do the work.

BulletCraig

The (single storey) extension/patio/kitchen cost around £35k in total. When we moved in the kitchen was TINY - you were lucky to fit more than one person in at a time. There was a makeshift utility room (more like a small corridor) off the back of the kitchen and a separate glass lean-to/conservatory (which leaked) leading off the dining room. The extension replaced both of those with a much larger/open kitchen area and a downstairs shower room. When we bought it the house in general was quite dated and in need of redecorating which we've done in all of the main rooms to a much higher standard than before, including a whole new bathroom.

I always thought the general rule was extensions never add as much value as they cost, so I wasn't expecting it to add anywhere near what we paid. But if it's even half I'd be pleasantly surprised.