How do I value my house?

Understanding the true value of your property is essential whether you're planning to sell, remortgage, or simply want to know where you stand financially.

Getting an accurate house valuation can feel daunting, but with the right information, the process becomes straightforward and manageable.

Why getting an accurate valuation matters

Knowing your property's worth affects numerous financial decisions. An overvalued property might sit on the market for months without attracting serious buyers, while undervaluing means leaving money on the table.

For remortgaging, your property value determines how much equity you can access. Understanding current market value also helps with financial planning, estate planning and assessing your overall wealth.

The property market fluctuates based on numerous factors including location, local developments, economic conditions and seasonal trends. A valuation from two years ago might bear little resemblance to today's market reality, making regular valuations valuable for homeowners who want to stay informed about their biggest asset.

Where can I find someone to value my home?

Several professionals and services can provide property valuations, each serving different purposes and offering varying levels of detail and authority.

Estate Agents

Local estate agents remain the most common choice for property valuations, particularly for homeowners considering selling. Estate agents possess detailed knowledge of your local market, recent sale prices, and current buyer demand.

They'll visit your property, assess its condition, compare it to similar homes they've sold, and provide a market appraisal.

Most high street estate agents offer free valuations as part of their service, hoping you'll instruct them if you decide to sell. You can typically book a valuation through their website, by phone, or by visiting their office.

Having two or three agents value your property provides a useful range and helps you gauge whether any single valuation seems unusually high or low.

RICS Chartered Surveyors

For a formal, legally recognised valuation, a RICS (Royal Institution of Chartered Surveyors) chartered surveyor provides the most authoritative option. These qualified professionals conduct detailed property inspections and produce comprehensive valuation reports that banks, solicitors, and courts accept as official documentation.

You might need a RICS surveyor valuation for probate purposes, divorce settlements, tax matters, or certain remortgage applications. The surveyor examines the property thoroughly, considers all relevant factors, and provides a formal written report.

You can find RICS surveyors through the RICS website directory or by asking your solicitor or mortgage broker for recommendations.

Online valuation tools

Property portals which list pre-owned homes can offer instant online valuations using automated algorithms. These tools analyze recent sales data, current listings, and property characteristics to generate estimated values. While convenient and immediate, online valuations should be treated as rough guides rather than definitive figures.

These automated valuations can't account for your property's specific condition, improvements you've made, or unique features that might add or subtract value. They're useful as a starting point or for general curiosity, but shouldn't form the basis of important financial decisions.

Independent valuers

Independent property valuers operate similarly to estate agents but don't sell properties themselves. This independence can provide objectivity, as they have no vested interest in suggesting a particular value. Some homeowners prefer this approach when they want an honest assessment without any sales pressure.

Finding independent valuers typically involves searching online directories, asking for recommendations from financial advisors, or checking professional bodies' member lists.

How much does a house valuation cost?

The cost of valuing your property varies significantly depending on the type of valuation you need and who conducts it.

Free Estate Agent valuations

Most estate agents offer complimentary valuations with no obligation to proceed. They provide this service free because they hope to secure your instruction if you decide to sell. You can typically get several free valuations from different agents to compare their assessments and approaches.

While free, remember that estate agents may occasionally suggest higher valuations to win your business, a practice known as "overvaluing to get the key." Comparing multiple valuations helps identify if any agent is being unrealistically optimistic.

RICS Surveyor valuation costs

Professional RICS valuations involve fees that reflect the surveyor's qualifications, the detail required, and your property's value and complexity. Expect to pay anywhere from £250 to £1,500 or more, with most residential valuations falling in the £400 to £800 range.

Larger properties, unusual buildings, or properties in remote locations typically cost more to value. The type of report required also affects pricing. A basic valuation report costs less than a comprehensive building survey with valuation. Some surveyors charge based on the property value, typically around 0.1% to 0.2% of the property's worth.

For mortgage purposes, your lender might arrange and charge for the valuation separately, often adding it to your mortgage fees. These typically range from £150 to £1,500 depending on the property value and lender.

Online valuation tool costs

Most online instant valuation tools are completely free. Property portals offer these as a way to engage potential sellers and gather market intelligence. While convenient and cost-free, remember these are automated estimates with varying accuracy.

Some premium services offer more detailed online valuations for a small fee, typically £20 to £50, providing additional market analysis and data alongside the valuation figure.

When paid valuations make sense

While free estate agent valuations work well for most homeowners considering selling, certain situations justify paying for professional valuations.

Legal matters like probate or divorce require formal RICS valuations that courts and authorities recognise.

Some mortgage lenders, particularly for complex or high-value properties, insist on RICS valuations rather than basic mortgage valuations.

If you're not planning to sell but need an accurate valuation for financial planning, inheritance tax assessment, or capital gains tax calculations, paying for a professional valuation ensures accuracy and provides documentation you can rely on.

Factors that affect your house value

Understanding what influences your property's value helps you interpret valuations and identify potential improvements.

Location remains the single biggest factor, encompassing the neighbourhood, local schools, transport links, amenities and area desirability.

Property size matters too, including the number of bedrooms and bathrooms, total floor space and garden or outdoor space.

Condition plays a crucial role in valuation. Well-maintained properties with modern kitchens and bathrooms command premium prices, while properties needing significant work see their values reduced accordingly. Recent improvements like extensions, conversions, or energy efficiency upgrades can add substantial value.

Market conditions at the time of valuation significantly impact the figure. A buoyant market with high demand pushes values up, while quieter periods or economic uncertainty can suppress prices. Even identical properties might receive different valuations months apart due to changing market conditions.

Preparing for a valuation

Whether you're getting a free estate agent valuation or paying for a professional survey, preparation helps ensure the most accurate assessment. Clean and tidy your property to make a good impression, as presentation affects perceived value.

Gather documentation about any improvements, extensions, or significant work you've completed, including planning permissions and building regulation certificates.

Make a list of positive local features to mention, such as upcoming developments, new transport links, or popular schools nearby. If you've addressed any issues like damp or structural problems, have the paperwork ready to show the work was properly completed.

Be honest about any problems or issues with the property. Attempting to hide defects won't help in the long run, and professional surveyors will likely identify them anyway. Transparency ensures you get a realistic valuation you can trust.

Getting the most from your valuation

When arranging valuations, ask questions about how the valuer reached their figure, what comparable properties they considered, and what might increase or decrease your property's value.

If you're getting multiple estate agent valuations, pay attention not just to the figure but to their professionalism, market knowledge, and explanation of their reasoning.

Take notes during valuations and ask for written confirmation of the valuation figure. If you're selling, use the opportunity to assess whether you'd be comfortable working with that particular agent, as the valuation appointment doubles as a chance for both parties to evaluate each other.

Conclusion

Valuing your house doesn't need to be complicated or expensive. For most homeowners considering selling, free estate agent valuations provide sufficient information, especially when you compare several opinions. For legal or formal purposes, investing in a RICS surveyor valuation provides the authority and documentation you need.

Understanding the valuation process, knowing where to find qualified professionals, and recognizing what affects your property's worth empowers you to make informed decisions about your most valuable asset.

Whether you're planning to sell, remortgage, or simply want to understand your financial position, getting your house properly valued is a sensible step that provides clarity and confidence for whatever comes next.