Worth paying extra for valuation as part of homebuyer survey?

purplebutterfly

We're FTB using cash from an inheritance so no mortgage or lender valuation.

Quotes from various surveyors show that the majority charge an extra £75-£100 for a valuation as part of the survey. 

We plan to have this as we want to feel comfortable with the amount we're paying but just wanted opinions as to whether the valuation is worth it.  Bearing in mind that EA valuations can vary so much, is a surveyor valuation more trustworthy/realistic?

cattie

A surveyor's valuation is actually arrived at by communicating with local ea's to get an idea of property prices in the area. Many surveyors are not particularly familiar with an area that they work in, so gather information this way.

When you have a homebuyer's report done it will state whether the surveyor feels the property is worth the price  you're paying or not, so I'd certainly not bother paying extra for a valuation that you could arrive at yourself by looking on rightmove to see what similar properties are up for in the area.

user1977

cattie said:

When you have a homebuyer's report done it will state whether the surveyor feels the property is worth the price you're paying or not.

It might, but I wouldn't expect it to if you're not paying them anything to assess the value. I would view the valuation as a fairly significant point of getting a surveyor in at all, so I'd certainly pay for it. Looking at current asking prices doesn't really prove a great deal.

amandacat

Mine was included but I saw some surveyors do charge more to include a valuation. 
The mortgage company did their valuation- down valued at 9k. The homebuyer surveyor (who was local)- I booked him separately and not via the mortgage company as he was cheaper. He valued the house at the price agreed. 
The valuation part on the homebuyers report didn't add anything as such as we were happy with the price we are paying, however, it was reassuring after the desktop mortgage valuation by a non local came at 9k lower, that a local surveyor agreed with the price we offered. 

I wouldn't have paid extra for the valuation personally if it wasn't already included. The only reason to add it would be:
Concerns you might be overpaying and might want to re negotiate if so (hard in the current market though with the demand for houses)
For your own reassurance of the price you have agreed. 
But any valuation will always be an opinion and based on the best market information of previous sold prices. A house is still only worth the price that someone agrees to pay and will be the same if you re sell. 

princeofpounds

I'm not sure I would bother. If you have seen a bunch of properties, and you're satisfied this one is attractive value for money  to you (subject to no surprises in the survey or legals) then that's the most important thing. 

If you doubt your own judgement, or you are planning to sell before too long, then maybe it has some value to you. 

l0islane

I've had valuation reports on two properties I was purchasing for cash, both times the surveyor asked what I had offered and the valuation reports came in as exactly what I'd offered.  The report will explain what they've based the valuation on - similar properties in the area etc. - but rightly or wrongly I feel like they use the offer as a starting point and only make a different valuation if your offer was way off. They were still worth it for piece of mind but I'd suggested maybe not telling your surveyor what you've offered to get the most honest valuation.

Scotbot

l0islane said:

I've had valuation reports on two properties I was purchasing for cash, both times the surveyor asked what I had offered and the valuation reports came in as exactly what I'd offered.  The report will explain what they've based the valuation on - similar properties in the area etc. - but rightly or wrongly I feel like they use the offer as a starting point and only make a different valuation if your offer was way off. They were still worth it for piece of mind but I'd suggested maybe not telling your surveyor what you've offered to get the most honest valuation.

I also had valuations done as part of the survey as I was new to the area. If you decide to do it definitely don't tell them what the offer price is and make sure it is a local surveyor who knows the area.

purplebutterfly

The houses in the area vary in price wildly and the one we have offered on is unlike most others.  The attached house next door (slightly different inside layout but same overall size and same size garden) sold in 2018 for £30k LESS than we've offered on this one.
Having said that, our vendors have come down £20K from their original asking price - which was obviously massively overvalued by the EA as it has been on the market for 5 months! 

Thrugelmir

If it gives you a sense of comfort then do. A surveyor will have access to recently sold prices in the locality.  Also will factor in the general state of repair of the property in arriving at a value. When you are spending thousands of pounds on a major purchase. Useful to have somebody looking after your interests. 

AdrianC

If you're going to wave the survey at the vendor as a renegotiation attempt when the surveyor finds a stack of things wrong, it'll be worth its weight in gold.

Even if they then say "Despite all this, it's worth the offer"... because it'll save you looking daft by trying to renegotiate.