Only a registered valuator can give an accurate valuation. The method of determining property value depends on the purpose of the valuation.
A valuation for insurance purposes is based on the replacement value of a property. In other words, what it would cost to rebuild it at current building costs.
Lenders require a valuation to ensure that their loan will be secured against a property of equal or lesser value. In other words, they are interested in the market value.
An estate agent can merely give an informed opinion of the market value of a house. This is commonly known as a comparative market analysis.
While your mortgage lender will carry out a valuation of the property before agreeing to provide you with the capital required, it is advisable to ask the seller for the latest valuation of the property or, in the absence of a recent valuation, to arrange for one to be carried out. The results of the valuation will naturally assist in assuring that you’re negotiating fair terms from the outset.
You may ask your bank to value the property for you. To visit the mortgage zone of the website to request a bank valuation, click here.
Alternatively, to view a list of valuators in your area, click here.