Getting your house valued is one of the most important processes involved with selling it.
Although a house valuation is often subjective, bringing an expert in can point you in the right direction about price. Market conditions, square footage, and condition will all be factors that they consider.
But exactly how long does a house valuation take? Keep reading to find out the answer.
How long does a house valuation take?
In most cases, for most types of property, a house valuation will take approximately 20 minutes from the moment the expert arrives at your house.
Much of the knowledge that goes into a house valuation takes place apart from visiting the property itself.
For example, the valuer will take market conditions. They also consider similar properties sold in the area.
The house valuation can take longer in some situations, which we have explained below.
Most estate agencies will give you a valuation within 48 hours of the visit. It may take longer if the house is larger, or there are more details to consider.
What impacts the time a house valuation takes?
A house valuation can take longer than 20 minutes if it is a large property, or there are a large number of rooms.
Not only does it take the valuer longer to walk around the entire property, but there are more factors to consider, such as:
- Square footage
- Storage space
- Condition of different rooms
- Features of each room
- Land (and its condition)
If there are unique features on the property, this will increase the valuation time further, as these might need to be inspect.
Common examples include a stair lift, an elevator, farm land or fields, a loft, or a ‘wet room’ with special features.
Land border disputes or developments will affect your house’s value. If these need investigation before a valuation, it may delay the valuation time.
Is a house valued on the spot?
Most house valuations arrive after the event. The valuer wants at least 48 hours to consider everything they’ve seen. They will also do further research and submit an official ‘valuation report’.
If a house valuation is given to you on the spot, you may want to sense-check this by asking the valuer some follow up questions. Get a clear sense of how they have reached their figure – and indeed, this is good advice for any valuation.
What does a valuer look at during the valuation?
There are dozens of factors considered when someone arrives to value your house. Many of these are external factors.
Meanwhile, during the visit itself, your valuer will get a sense of:
- The property’s condition
- How large it is – including the garden, if applicable
- How many bedrooms and bathrooms there are
- Its immediate surrounding area and location on the street
- Car parking spaces
- Nearby major roads
The valuer will look for any unique features. Whether there is room for expansion by the new owners is a common example.
Other features that impact house value include nearby schools and transport links. Other examples are local crime rate and amenities.
Some more factors include flooding history and construction type. Disputes and property boundaries will also come into consideration.
How long is a house valuation valid for?
When you receive a house valuation from an estate agent, it is valid at the time. The rate circumstances change impacts how accurate this valuation is. Examples include property market growth or local developments.
The valuation you receive from a valuer is different to the valuation from a lender. A bank sends someone to confirm that they agree with the sale price. If they disagree, they can reduce the amount they lend on the house.
Once a lender values your house, the mortgage they are willing to offer is valid for up to six months. Check the terms and conditions of the bank you work with, or ask them, for confirmation.
How much does a house valuation cost?
If you approach an estate agent, they will value your house free of charge. This is with the hope that you will sell your property with them.
Yet, this scenario sometimes causes estate agents to exaggerate their valuations. This means you are more inclined to sell with them. Plenty of homeowners seek an independent valuer for this reason.
To pay an independent valuer, it costs at least £250, with this figure going upwards depending on the detail you want in the valuation.
Paying on the lower end will give you a number. But if you want recommendations on improvements or extension opportunities, it can cost up to £1,000 for large properties.
You should get several different price quotations, and assess how much detail you need, before making a decision.
Should I get several house valuations?
Getting several independent house valuations is worth considering. You can never be completely sure that one valuation is accurate. So, several opinions enable you to calculate an average.
This does not have to cost you a lot of money. Although you may want to pay for one independent valuation, you could find other estate agencies that provide this service for free.
If you have any friends or family with expertise in this area, get their opinion too.
What happens if different house valuations give different figures?
You should calculate an average if you receive several different valuation figures. You may also want to give extra credence to any independent valuations. These are likely to be accurate and non-biased.
It is worth taking matters into your own hands about the valuations. For example, find out the value of similar properties in your area. You can do this by asking the owners, or checking through Zoopla.
Zoopla may also give an estimation of your property on its website, which will give you a benchmark.
What if I am unhappy with the valuations I received?
If you are unhappy with the valuations, you can make improvements to your house to increase its value. You can also wait until market conditions improve so the property will sell for more.
As a third option, you could receive a quote from a cash buying company. They will buy your property for up-front cash within 7 days.
This can get the house ‘out of your hair’ as soon as possible. It also enables you to complete a sale in unusual conditions. Examples include sitting tenants or repossession.
