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What Is The Cost Of House Valuation?

Written by, Marija Petkova

Updated September, 16, 2022

What is the cost of house valuation?

A house valuation can cost anywhere between £150 and £800+, depending on the size and location of the property.

Although it’s not mandatory, property valuation is an essential tool when venturing into the property market.

In this article, we’ll look at the cost of house valuations in the UK, the different types of property valuations, and why you need one.

Let’s dive in.

Who Charges For Valuations?

Depending on the type of valuation that you need, you may or may not pay for the work.

For example, traditional estate agents do not charge for a basic house evaluation because it is included in their services.

However, you will have to pay for valuation services when you need a thorough report, which is done by an expert surveyor.

Surveyors are usually hired when participating in a property settlement, applying for a mortgage loan or insurance, or establishing the value of an estate of a deceased person (this also includes probate fees). 

In any of these cases, the average cost of house valuation will depend on the size and value of the property.

What Do Valuations Cost The Estate Agent?

Although estate agents won’t charge you for the property valuations, the assessment process isn’t exactly free of charge for them.

Most estate agents use paid software to research the local property market (which they pay per month– not per search) and see how much properties of that size are worth and whether they’re in demand in that area.

They also have to cover travel costs to visit the property and spend at least 30-60 minutes inspecting it.

All of this takes about 2-3 hours of their time, which is between £80- £150 worth of costs to the estate agent.

Types Of House Valuations and Fees

There are three main types of house valuations, including: 

Estate agent valuation

A valuation carried out by your estate agent is free of charge. They look into the same features as expert surveyors, such as:

  • Location
  • Buyer demand
  • The distance between your property and educational facilities 
  • Transport links
  • The exterior of the house
  • The size and the potential of the property
  • Current decoration
  • Condition and size of your bathroom
  • Condition and size of your kitchen
  • Condition of the outdoor area 
  • Parking and garage options

Estate agents also consider additional factors that could potentially plummet or increase the value of the home (from the buyer’s perspective):

  • Fittings
  • Fixtures
  • Layout
  • Garages
  • Outbuildings
  • Vehicle access
  • Overall design

Independent house valuation

Independent house valuations are most common among home buyers. 

These are done by a third party – someone who has no connection to the property, buyer, seller, or lender – and cost around £300.

Royal Institution of Chartered Surveyors (RICS) 

An RICS valuation is conducted by a valuer who’s registered with the Royal Institution of Chartered Surveyors.

Banks typically require this type of valuation for mortgage purposes, building insurance, or as part of a building survey. You could also request a RISC valuation if you believe that you’ll need an edge in negotiations. 

This type of valuation costs between £150 and £800.

The cost of house valuation for mortgage and similar purposes by a RISC valuer is upward of £300.

It generally takes anywhere between 2-7 days to receive the valuation report, which is valid for 3 months.

How Much Does a Valuation Survey Cost?

 The cost of professional house valuation surveys depends on the level of valuation you need done.

Cost by type

Level of reportTypical cost
RICS Home SurveyLevel 1£300 – £900
RICS Home SurveyLevel 2£400 – £1000
RICS Home SurveyLevel 3£630 – £1500

Cost by property value

Level of report£100K – £249K£250K – £349K£350K – £499K£500K – £1M
RICS Home Survey Level 1£300 – £500£500 – £600£600 – £700£700 – £900
RICS Home Survey Level 2/RPSA Home Condition survey£400 – £600£600 – £700£700 – £800£800 – £1000
RICS Home Survey Level 3£630 – £800£800 – £900£900 – £1,100£1000 – £1,500

What is the difference between a valuation and a survey?

The difference between a valuation and a survey is that the former provides an estimate of the value of the property, while a survey offers information about the condition of the property.

Surveys are generally recommended for prospective buyers as they can reveal issues that a valuer might not notice during a viewing– for example, if a house needs underpinning.

You may be interested in: How long do property searches take?

How To Get Your House Valued For Free?

If you’re selling your home, you can have a real estate agent value it for you. They usually do this free of charge.

Another alternative is getting an instant house valuation online. Websites like Zoopla or Rightmove can give you an estimate of a property’s worth based on the location, age, and size of the home.

They’re less reliable because they don’t account for any improvements made to the property, but they can get you a ‘ballpark’ figure.

If you’re looking to buy a property, you should also check the Land Registry database to see if there’s a charge on the house you want to purchase.

Is It Worth Getting a Property Valuation?

Getting a property valuation is not mandatory, but it is recommended for both buyers and sellers. 

A property valuation helps sellers set a fair price, makes sure they don’t undersell, and ensures that the buyer doesn’t overpay for the property. 

It is essential when taking out property insurance, as underestimating your house’s worth could mean you don’t have enough cover when you need to make a claim. 

You’ll also need a valuation when applying for a mortgage or remortgaging to buy another property, which can work in your favour– if your home’s value increases, you will get access to more attractive mortgage products.

You may be interested in: How to borrow against your home?

How To Improve Your Property’s Value?

Overpricing, subsidence, dirt and grime, mould, dysfunctional devices, or old-fashioned decor can not only deter a potential buyer but plummet the value of the property.

Making a few simple home improvements can help raise the property’s value, especially if you’re flipping houses, including:

  • Clean and declutter
  • Update the exterior doors and the overall property’s look
  • Improve the energy efficiency system (ex. Install a thermostat)
  • Tidy up your garden and household
  • Turn empty rooms into bedrooms or decorate them
  • Upgrade your curb appeal

Bottom Line

The cost of house valuations depends on the type of valuation you need as well as the location, the size, and the value of the property. Real estate agents do not charge for property valuations, but you will need to pay extra if you need a thorough assessment.

                           

Frequently Asked Questions And Their Answers

Do you have to pay for a house valuation in the UK?

You don’t have to pay anything if you’re using a real estate agency. You’ll only need to pay extra if you need a more comprehensive report.

How do I get my house valued in the UK?

If you need a property valuation, you should hire an expert surveyor. You could also try an online valuation service, but keep in mind that they can only give you a rough estimate.

Is it worth getting a property valuation?

A property valuation ensures that you don’t undersell or overpay for a property. It can also be useful for mortgage and taxation purposes. 

What is the cost of house valuation?

A house valuation’s cost can be upward of £150, depending on the property’s worth, location, and size.

My name is Marija, and I'm a financial writer at DontDisappointMe. Although finance might not be everyone's cup of tea, my 10+ years of working in one of the biggest banks in my country, and my interest in extensive research on everything finance/investment-related, have made me somewhat of an expert in the field (if I do say so myself). No longer having the passion to work in a corporate setting, I decided that I couldn't let all of this knowledge go to waste so I started writing. And, here I am! Today I try to share my knowledge with my audience in the hopes of making this topic as simple and interesting as possible. In my leisure time, I like spending time with my family and travelling to new locations.