Just had a big extension done to make kitchen/diner and back of house open plan. Also done lots of renovation since we moved in 2 years ago. At that time house was under-priced for the area and went to sealed bids, which we won with an offer £20k over asking price. Extension was very stressful and has left us feeling strapped for cash and I guess I would like to see that all the work has been worth it in terms of value increase in the house! Is there a way to check other than pretending we want to sell (we don't) and asking some EAs to come round? If price has gone up, will that help us at all when we re-mortgage (currently 2 years into 5 years fixed rate)?
We recently had an agent come round to value ours as we are a few months away from re-mortgaging so wanted to know the equity we had. Plans to extend once we re-mortgage. Don't feel like you need to lie, if there agent is reputable they will be happy to carry out a free valuation as it's begins a relationship for when you do decide to sell.
If it makes you feel better, go get a valuation as if its gone up, it will be a huge help when re-mortgaging.
We did - but told them that we were undecided about whether to stay and extend, or whether to move. I did ask one other estate about a year before that if they'd come to value without us intending to sell, and the answer was no (which is understandable).
Yes, if the price has gone up, and you're paying down the capital, your LTV will go down (i.e. you'll be borrowing a lower percentage of the value of the house) which lenders like (less risky for them). The lower the LTV, the better mortgage rate you'll get usually.
We did. We were considering moving, so phoned an AE about a property on their books then decided against a viewing. The nearer branch then contacted us to ask if we'd like a valuation. I said no, we've decided against moving then thought sod it, why not. It was nice to have an update, having been here for over a decade.