We tried to remortgage our house in jan, however the surveyor says its only worth £107000, however the house next door just sold for £14000, fair enougth it has double glazing and a conservatory. Our home is in need of repair but isnt that bad, just needs double glazing and new kitchen, were due to have it valued again in next few weeks. Our house got to be worth least £125000 for remortgage, surely it should be worth this with next doors selling for such alot??
Anyone any experience with these things?
Thanks
2007-03-27 22:16:29 · 8 answers · asked by dancing darlings 3 in Business & Finance ➔ Renting & Real Estate
Its impossible to know if 107 is the correct figure or not. But here are some things to consider.....
First, make sure of your facts. Many folks hear about a sale nearby and often get the details wrong. Perhaps they were asking 140 but got less? Perhaps it happened a while back and therefore is not current data for the surveyor to utilise, or the opposite, the sale may not yet be consumated.
Second, request a copy of the report and see if that particular sale is referenced. It is possible that your surveyor missed it. If so, if you have his card or his name, give a call and request that he/she reconsider their opinion. You may also make this same request of the lender directly.
Remember, in dealing with the surveryor, ask nicely. They get this request ALOT (everyone thinks their home is worth more) and by calling him and asking him to reconsider, you are essentially telling him/her to admit they are wrong (I'm just pointing out the scenario from his point of view)
But honest mistakes happen all the time and the experience level of these folks varies widely, if you are nice, and if you approach it right, you have a shot.........of course this assumes that they did get it abit wrong on the valuation.
If you are really honestly at 107, then it is what it is.
If you are still not satisfied, and you are willing to spend a little more money.......start the process fresh with a new lender, they will send someone new out , tidey up abit before they arrive, tackle any easy, major or obvious items with regard to repairs, point out the house across the street FIRST when he/she arrives...and you have a reasonable chance that they will find 125 the second time around.
GOOD LUCK
Ed
2007-03-28 00:20:06 · answer #1 · answered by myfinancialmentor.com 2 · 0⤊ 0⤋
Well I don't know what area you're in or the details of your house but if you're unhappy with the valuation you can always get a second opinion. Just call another estate agent only this time tell him about next door and ask him what is missing from yours to get it up to around that price. I think he'll say next doors conservatory adds at least £20K to the valuation as it's another room. And when prospective buyers come to look at yours they'll be mentally working out how much extra they'd have to pay to have double glazing, a new kitchen, repairs and redecoration done. It all adds up. If next door already has all that, it's worth even more than it would cost probably to a prospective buyer to do the work themselves if they're looking for a place they can move straight into without future work being done. You might be lucky and get a buyer who's looking for a property that they WANT to do all that sort of work on themselves, but this would be reflected in the price they offered you. So I'd say get another estate agent's valuation AND keep your eye on the local property paper AND go online and search for online estate agents in your area and view properties similar to yours on their website.
Good luck with it...
2007-03-27 22:31:04 · answer #2 · answered by nephtine 4 · 1⤊ 0⤋
If you want a higher value, clean your house from top to bottom. I mean really clean, skirting boards, light fittings, cupboard doors. Everything.
Kids rooms, declutter, make beds, only have a few bits and pieces around.
Bedrooms, same as kids, but get rid of excess furniture, no clothes hanging around. Nothing too personal.
Bathrooms should be the cleanest room in the house. Fresh bathroom mats, new shower curtains, clean mirrors. Smelling nice.
Living room, declutter, everything cleaned and vacuumed.
Do not spray air fresherners, instead hide those slow release smelly things all over the place.
Tidy up things like paint work, touch up, if you can afford it and have the time, give walls a lick of paint.
2007-03-27 22:54:50 · answer #3 · answered by natasha * 4 · 0⤊ 0⤋
Do yourself a favour.
De clutter.[no offence]
Get the paint brush out.
Clean windows.
Hoover like mad
tidy garden
Hide bins.
Just a little bit of elbow grease, and low cost you CAN up your price. You won't get as much as your neighbour but you should get enough to remortgage
2007-03-27 22:31:51 · answer #4 · answered by David 4 · 0⤊ 0⤋
the £33,000 difference seems about right give or take a few thousand !!!!!! double glazing throughout , conservatory , new kitchen and general repairs plus decoration (and the disruption to have done) is within that figure ??????
2007-03-27 22:24:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I assume you need this higher valuation to achieve your remortgage.
Will you be borrowing extra money for home improvements that will increase the value of your home? If so the mortgage company may allow for this in the loan decision.
2007-03-27 22:27:13 · answer #6 · answered by Mark J 5 · 0⤊ 0⤋
I assume that the rate of 14000 is typed incorrectly.
Don't get conned. What you feel is correct. Go with your instinct.
2007-03-27 22:21:09 · answer #7 · answered by sting 2 · 0⤊ 0⤋
Their's is worth more as they have you for a neighbour. You only have them.
2007-03-27 22:25:50 · answer #8 · answered by Anonymous · 0⤊ 1⤋