Property renovated - How to increase the property valuation?

Veteransaver

Be a bit careful, house prices have slumped a bit recently in many areas, you may find you actually get a lower value, depending on course on when the last "proper" valuation was done.
Not sure but many lenders index up or down the valuations, Eg if the last valuation was taken out 10 year ago with a mortgage, it should have gone up anyway.

FreeBear

lincroft1710 said:

35har1old said:

mexican_dave said:

In my opinion unless adding extra floorspace to a property, renovations/upgrades don't count towards adding value to your property, except where it provides a useful certificate eg an EPC upgrade from "D" to "C" as that can push a property into a different sales market. If you have a valuation they will only look at the house in the light of market prices. The process is likely to cost money, this being a Money Saving forum, I ask is it worth it? But if you are thinking of building insurance, that is different from a market valuation for mortgage. A higher specification property can have a higher rebuild insurance a valuation than its market valuation. Do not confuse the two. If it's an insurance valuation suggest Google ABI (Association of British Insurers) and use their rebuilding cost calculator tool, it is very broad-brush but a good starting point.

If the rebuild cost goes up so will the insurance

Not necessarily, it will depend on the policy. My buildings insurance covers full rebuild costs (no figure stated), the premium does not increase if the property is extended.

My current policy has a £1,000,000 cap to rebuild. Actual cost would be much lower.

MultiFuelBurner

everfor007 said:

Recently my property got renovated worth of £50k i.e Under flooring heating, tiles, new ceiling, new doors, panting etc.   In another  4 months my mortgage is due for renewal. If i increase my valuation another £40k, i'll fall under 60% borrowing and will get better rates.     Please advise steps and how to inform the  bank about my increased valuation and who will assess the new valuation?  

Depends when you purchased your property as it may have increased then decreased in value.

As others have said those changes might only add a fraction of your spend.