mortgage valuation

[anchovies]

We are having a valuation done for our remortgage and have been generous with our estimate of house value to the mortgage provider. The house is nearly finished but we still need new floors in the kitchen and bathroom, one bedroom painting and the kitchen finishing off (some boxing in etc). Just wondering how important you think these jobs are to the house value, FIL said its not a problem but I'm worried that it will reflect badly and we should get them done sharpish. Anybody got any ideas?

We are having a valuation done for our remortgage and have been generous with our estimate of house value to the mortgage provider. The house is nearly finished but we still need new floors in the kitchen and bathroom, one bedroom painting and the kitchen finishing off (some boxing in etc). Just wondering how important you think these jobs are to the house value, FIL said its not a problem but I'm worried that it will reflect badly and we should get them done sharpish. Anybody got any ideas?

sorry crazy laptop!

By an estate agent or a surveyor?

I presume it will be a surveyor?

get a local agent or 2 to value it as surveyors often contact local estate agents as a guide especially if the bank use a surveyor who is not familiar with your area

Then they'll look at the state of the property (not decoration but structural, state of the windows etc), look at what similar properties in the area (same type of street, same number of bedrooms, bathrooms etc) have gone for and make a valuation based on that. Things like painting shouldn't make much difference, especially if you make it clear that these things are in process. However if you've overvalued it they may come in lower. It will only really be an issue if you're trying to borrow up to the full value - then the lender will not lend beyond the value their valuer has put on it. If you retain equity in the property then the lender is still safe.

That's good news, looks like I can have a relaxing easter weekend after all!

Will have at most only 80% loan to value so shouldn't matter too much then.

Thanks!

We've just had a remortgage anchovies and the valuation was what's called a 'drive-by'. They basically just drive by and check that the house is there and that its is of the description you've given, detached, semi whatever - its a bloody good job it was free I'd have given them hell if they wanted to charge for it.