Before you sell or buy a home, you need to know what it’s worth—but not all valuations are created equal! Many people rely on a free estate agent’s market appraisal, but without expert knowledge, this could lead to overpricing, underpricing, or even mortgage issues down the line. Here’s the correct order to do your valuations and surveys to protect your investment and avoid nasty surprises.
1️⃣ Market Appraisal (Free) – The Starting Point
Estate agents (like me! 👋) offer a free market appraisal to estimate your home’s value based on recent sales, demand, and local trends. A great agent with local expertise can get this spot on, but be cautious—some agents overvalue properties just to win instructions!
💡 Tip: Choose an agent who knows the market inside-out, uses real data, and isn’t just telling you what you want to hear.
2️⃣ RICS Valuation (Paid) – The Accurate Price Check
If you’re serious about knowing your property’s true value, a RICS Chartered Surveyor can provide an official valuation. This is a paid service but is often required for legal matters like probate, divorce settlements, and Help to Buy redemptions.
💡 Cost: £250 – £800 depending on property size and location.
💡 Who needs this? Sellers who want a highly accurate valuation and cash buyers who need reassurance before over committing.
3️⃣ Mortgage Valuation (Bank Survey) – For Mortgage Approval
If you’re buying with a mortgage, the lender will conduct their own valuation (which is often free). This isn’t a detailed survey—it’s just to check that the property isn’t overvalued or in poor condition. If red flags appear, the bank might hold back your mortgage until further investigations are done.
💡 Warning: This is NOT a structural survey—it won’t tell you about damp, subsidence, or hidden defects!
4️⃣ Homebuyer Survey – The Full Health Check 🏠
If you’re buying a home, don’t just rely on the free mortgage valuation! A RICS Homebuyer Survey gives a full building assessment, checking for major and minor issues like damp, subsidence, and structural problems. It could save you thousands by uncovering costly repairs before you buy.
💡 When to book? After getting your mortgage offer is the general practice.
💡 Cost: £400 – £1,500.
Final Thought: Don’t Cut Corners!
Most buyers rely only on a mortgage valuation and skip the Homebuyer Survey—this is a risk that could cost you later! As a seller, getting an accurate valuation from a knowledgeable estate agent can mean the difference between a quick sale and months of frustration.
🚀 Need expert advice on valuations, surveys, or selling your home? DM me today, and let’s chat! 📩