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  • FIRST POST
    skintc
    How can I impress the evaluator who's coming to revalue my house?
    • #1
    • 10th Oct 08, 10:38 AM
    How can I impress the evaluator who's coming to revalue my house? 10th Oct 08 at 10:38 AM
    Morning everyone, not sure if I'm posting this in the right place, but this seemed most relevant. Mods, feel free to move it elsewhere!

    My husband and I have been fixing up our house for months now, it's finally finished, and we're getting it revalued so we can release some equity and pay off some debts.

    The house has been totally modernised and has new everything. All that's left is just some general tidying and cleaning!

    The valuator is coming tomorrow to look at the house, and I just wondered if anyone had any tips on how to make a good impression?

    I assume some of the tricks apply that you would use when prepping your house for potential buyers, but is there anything else that would impress someone who's revaluing the house? What do they want to see?

    Thank you in advance!
Page 1
    • pinkshoes
    • By pinkshoes 10th Oct 08, 10:40 AM
    • 16,326 Posts
    • 22,487 Thanks
    pinkshoes
    • #2
    • 10th Oct 08, 10:40 AM
    • #2
    • 10th Oct 08, 10:40 AM
    Banks don't want to loan money at the moment, so sorry to sound negative, but it's unlikely anything you do will make it worth more than the price they probably already have in mind!

    I'd look on houseprices.co.uk and look what other identical houses sold at a couple of years ago, and that's the price they'll probably offer.

    EDIT: Unless, of course, you have paid off nearly your entire mortgage, and have LOTS of equity!
    Last edited by pinkshoes; 10-10-2008 at 11:02 AM.
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

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  • Little Otter
    • #3
    • 10th Oct 08, 10:56 AM
    • #3
    • 10th Oct 08, 10:56 AM
    Is it an estate agent who is coming to value your house or a valuation specialist?
    If an estate agent:
    If all you need in writing is a figure then (if you think the estate agent is 'allright') tell him your situation, and he will value your property (not at what you want) but at the top end of the market for your particular property..... this happens with probate cases where sols need the val of the property in writing.
    Also, as below said (sorry cant remeber the name while posting) the banks aren't eager to lend money at the mo anyway. And your house even though you have modernised it (depending in what area you live) will not be valued at the highest price it may have acheived 12-18 months ago.
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  • going2die_rich
    • #4
    • 10th Oct 08, 10:57 AM
    • #4
    • 10th Oct 08, 10:57 AM
    I think since it's their job, they won't fall for anything you try to do to increase the value. Just do the usual, make sure it's spotless (no bits of mould or cracks can be seen) be pleasant, offer them a cup of tea and hope they are in a good mood.
  • skintc
    • #5
    • 10th Oct 08, 11:05 AM
    • #5
    • 10th Oct 08, 11:05 AM
    It's a valuator from our mortgage company who's coming. I don't know if they work for our mortgage company or if it's an independant company they use.

    We're quite lucky actually, cos like you guys have said, with the market the way it is at the moment, they've already told us that from January they won't be offering any advances to anyone, so we've got in just in time!

    We've told them what we think it's worth, and they've told us what we can get based on that figure. I know that with house prices they way they are, it won't get it's full worth, but we have done it up to a standard that's better than any of the houses in the area that are at the high end of the market price-wise. So I guess all we can do is hope for the best!

    Oh, I was also going to make a list of all the improvements we've made in details. When we bought the house (dirt cheap, it needed tons of work) there were some major problems which we addressed, as well as just modernising in general. Do you think it's worth making a detailed list of what it was like before and what we've specifically done to improve the house overall? Or will the valuator not care and just want to look themselves and ask us as they go? I thought it might be useful for them to have the list as they look round so they can picture what it was like before and see how much we've improved it. I can show you on here what I've written if anyone wants to see it.
    • Mutton Geoff
    • By Mutton Geoff 10th Oct 08, 11:15 AM
    • 1,345 Posts
    • 1,493 Thanks
    Mutton Geoff
    • #6
    • 10th Oct 08, 11:15 AM
    • #6
    • 10th Oct 08, 11:15 AM
    we're getting it revalued so we can release some equity and pay off some debts

    Interesting viewpoint. No disrespect but isn't "releasing equity" simply borrowing more and taking you higher in LTV and therefore that bit closer to the risk of negative equity in the current market? If there is a deeper freefall (many national companys are worth just 10% of what they were a year ago), then you could be digging a deeper hole for yourself.

    Can't you solve the other debts with unsecured finance at lower rates/zero % cards etc? The cost of getting in and out of secured finance on your own home is surely much higher in the long term?
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  • skintc
    • #7
    • 10th Oct 08, 11:37 AM
    • #7
    • 10th Oct 08, 11:37 AM
    I get what you're saying Mutton Geoff, and normally I'd agree with you, but in our situation this is the best option. Allow me to explain.

    The debts we need to pay off include an IVA. Due to the IVA, we were only able to get a very bad mortgage. But releasing equity to pay this off, will reduce our outgoings vastly (as we'll be paying less to the mortage company than we are to the IVA firm), and will also mean that eventually (after the crisis) we may be able to remortgage after my hubby's credit rating is repaired, and get a better mortgage.

    It may sound like a bad way round, but right now our priority is reducing our outgoings, and improving our credit rating for a future possible remortgage that will help even more.
    • robpw2
    • By robpw2 10th Oct 08, 11:40 AM
    • 12,647 Posts
    • 26,389 Thanks
    robpw2
    • #8
    • 10th Oct 08, 11:40 AM
    • #8
    • 10th Oct 08, 11:40 AM
    sexy lingerie > silk dressing gown ..


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    • GDB2222
    • By GDB2222 10th Oct 08, 11:44 AM
    • 15,051 Posts
    • 81,611 Thanks
    GDB2222
    • #9
    • 10th Oct 08, 11:44 AM
    • #9
    • 10th Oct 08, 11:44 AM
    I agree with skintc. If you have the debt anyway, you may as well get it onto the lowest interest rate possible. That's provided the debt is joint debt and the house is jointly owned. If the debt is in one name and the house in the other (or jointly owned) you should seriously think again.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • skintc
    No, the IVA and the mortgage are both in my husband's name, although we have jointly applied for this advance, just to better our chances because I have a better credit rating but he earns a lot more, hence the mortgage being in his name. Shame I don't earn enough for a mortgage, we'd probably have gotten a much better deal.

    So yes, I see this as the most logical solution. Thanks for everyone's advice so far. Does anyone wanna humour me and take a look at the detailed list I made for the evaluator? Or do you think they'll not want to bother with it?
  • pickledpink
    Yep, post away!!!!
  • poppysarah
    They'll be interested in the structure being sound rather than it smelling of nice coffee.
    But post away!

    So you're releasing equity on an expensive mortgage to clear an IVA to be able to get a cheaper mortgage on the higher mortgage. Do the figures all add up?
    • GDB2222
    • By GDB2222 10th Oct 08, 2:06 PM
    • 15,051 Posts
    • 81,611 Thanks
    GDB2222
    No, the IVA and the mortgage are both in my husband's name, although we have jointly applied for this advance, just to better our chances because I have a better credit rating but he earns a lot more, hence the mortgage being in his name. Shame I don't earn enough for a mortgage, we'd probably have gotten a much better deal.

    So yes, I see this as the most logical solution. Thanks for everyone's advice so far. Does anyone wanna humour me and take a look at the detailed list I made for the evaluator? Or do you think they'll not want to bother with it?
    Originally posted by skintc
    Who owns the house? In your husband's name alone?
    No reliance should be placed on the above! Absolutely none, do you hear?
  • skintc
    Hey, sorry everyone! I started this thread at work this morning, and when I got home I got stuck in cleaning and tidying like mad!

    Thanks to everyone who wanted to humour me with my little list! Silly me tho, I wrote it at work, printed it out, and now I can't get it! I'll give you the gist tho:

    When we bought the house, the drive etc had all been built above DPC, causing damp. The gardens were like rubbish tips, and there was an old back boiler, which we later discovered was condemned! Plus there were no radiators upstairs.

    So, in we come. The house now has a new kitchen and bathroom, all high spec. Fully tiled, new bathroom suite with a large bath, luxury shower, modern glass sink and towel warmer. Kitchen has all new cupboards etc, and a smeg cooker, over and hood. New PVC doors, front and back. New carpets on stairs and in bedrooms. Bathroom was a bath and sink and then a seperate WC. We converted it into one huge bathroom. Papered all walls and painted white (couldn't afford plasterer but I think it looks almost as good)

    OUtside, we've flagged all round the house, with a patio front and back. Gravelled driveway, and lovely new lawn front and back, just laid last week!

    Anyway, the list I made basically describes what was wrong with the house before, and what we've done. We've basically done EVERYTHING you could possibly do.

    Now then,

    poppysarah: yeah, I figured we couldn't sway them with nice smells etc! They're not that stupid! And I know it sounds a silly way round to go, but it does add up. With the IVA paid off, our outgoings reduce, even with the mortgage payments increasing slightly. Then cos the IVA is paid, hubby's credit rating is improved, and we can get a regular mortage (we have a portable mortgage at the moment - interest only - ghastly!) which, even at the new higher mortgage will end up cheaper than what we're paying now.

    GDB2222: Yes, the house is in my hubby's name. We are planning to add my name to it, just never got round to it. Adding me to the advance is just a start. I might as well be on the mortgage too, I pay my way!!!
    • teabelly
    • By teabelly 10th Oct 08, 9:14 PM
    • 1,207 Posts
    • 1,080 Thanks
    teabelly
    You need to give the surveyor a good list of all the works that were done on the property. If they find out what you paid make sure you tell them what a bargain it was and how the previous owner was desperate to sell otherwise they will probably just mentally add what you've spent onto what you paid. Also check out rightmove for properties that are similar that are available now or that sold recently. Usually valuers work on what has sold recently ie up to 9 months ago for comparison. If you pitch your value at what most of the similar properties are on as asking prices and at a price which they similar have actually sold for recently close by then you should get the valuation you want. Some surveyors are being miserable and just down valuing on purpose as the lenders hold them by the goolies. Remember they only get paid £20 or so per valuation so make their life easy by providing reasonable comparisons ie what other properties you'd look to buy or would have bought if you were looking for something similar to yours. You usually need around 3 or 4 at or above the figure you want to sway them in your favour.
    • PasturesNew
    • By PasturesNew 10th Oct 08, 9:33 PM
    • 66,003 Posts
    • 387,673 Thanks
    PasturesNew
    What did you pay?
    What did you spend?
    What do you need? want? hope for?

    Then, please, let us know what he said.

    Hope you get what you need, want, hope for.
  • skintc
    You need to give the surveyor a good list of all the works that were done on the property. If they find out what you paid make sure you tell them what a bargain it was and how the previous owner was desperate to sell otherwise they will probably just mentally add what you've spent onto what you paid. Also check out rightmove for properties that are similar that are available now or that sold recently. Usually valuers work on what has sold recently ie up to 9 months ago for comparison. If you pitch your value at what most of the similar properties are on as asking prices and at a price which they similar have actually sold for recently close by then you should get the valuation you want. Some surveyors are being miserable and just down valuing on purpose as the lenders hold them by the goolies. Remember they only get paid £20 or so per valuation so make their life easy by providing reasonable comparisons ie what other properties you'd look to buy or would have bought if you were looking for something similar to yours. You usually need around 3 or 4 at or above the figure you want to sway them in your favour.
    Originally posted by teabelly
    Thanks, that's all really helpful. Trouble is, most of the houses in my area aren't worth what our house is, so we have none to compare it to. We have been told by estate agents that if we fully modernised the house, then we'd get the amount we want, but there are no other houses in the area up to scratch, if you get me. So they have the potential of being worth more, but they all need work really. Hope that makes sense!

    And yeah, we are gonna mention how much we spent fixing up the place. My hubby was able to get a lot of stuff cheap, and we did loads of the labour ourselves, but if we'd had professionals, and bought materials full price, it would've cost loads.

    I'll let you all know how it goes tomorrow, I'm knackered now!
    • Cleaver
    • By Cleaver 10th Oct 08, 9:54 PM
    • 6,543 Posts
    • 25,345 Thanks
    Cleaver
    Trouble is, most of the houses in my area aren't worth what our house is, so we have none to compare it to.
    Originally posted by skintc
    I reckon that will be an often quoted line over the next few years.
    • olly300
    • By olly300 10th Oct 08, 9:55 PM
    • 14,312 Posts
    • 13,632 Thanks
    olly300
    Thanks, that's all really helpful. Trouble is, most of the houses in my area aren't worth what our house is, so we have none to compare it to. We have been told by estate agents that if we fully modernised the house, then we'd get the amount we want, but there are no other houses in the area up to scratch, if you get me. So they have the potential of being worth more, but they all need work really. Hope that makes sense!

    And yeah, we are gonna mention how much we spent fixing up the place. My hubby was able to get a lot of stuff cheap, and we did loads of the labour ourselves, but if we'd had professionals, and bought materials full price, it would've cost loads.

    I'll let you all know how it goes tomorrow, I'm knackered now!
    Originally posted by skintc
    Be very careful of telling them things particularly plumbing, electrics and kitchen fittings where not done by professionals unless your husband is in the trade. They will be looking for bodge jobs in your kitchen and bathroom. So I would personally indicate what you spend on materials and not say who did the work, unless they ask.


    If they ask I would first enquire if there is anything wrong with it before stating your husband or you did it.
  • skintc
    Hey, everyone, back at work now!

    When I said we did a lot of the work ourselves, I didn't mean we did professional bits like plumbing and stuff. Fortunatly we have a friend who's a sort ofjack of all trades, he helped out with all the plumbing and stuff. And we have a gardener friend who helped out a lot. But we did all the decorating, tiling etc.

    So, the guy came on Saturday (funny, me and hubby were both expecting it to be a lady for some reason!) and it wasn't what I expected at all! I thought he'd want us to show him round so we could tell him what we'd done and what it cost. But all he did was take a few pics of the outside, have a quick look in all the rooms, and that was it, he wasn't there for more than 10 minutes. He did ask my hubby what we were hoping it was worth, so he told him and the guy said he'd see what he could do!

    So we'll get a letter telling us what he's valued it at. I'm excited!
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