How to get valuation on house I'm buying (survey already done).

[flashbac]

Hi
Stupid question but I'm starting to have doubts about the price I'm paying for a 3 bed house. Building survey has been done. Surveyor said price was 'fair' with big caveat about the stamp duty holiday and the pandemic distorting prices. He said he was unable to provide more info than that as there were no comparables nearby (house is pretty unique in that it is larger than the others and has a larger than average garden, a garage and a small yard at the back.l).
I would like to get a market value just to calm my nerves really. No mortgage involved. How can I get one that's reliable and without having to fork out £££ for another survey type report?

Frankly what you are paying is market value. You could ask a couple estate agents what they would market it at, but that has already been done.

We grabbed it as soon as it went onto market so now I'm a little worried we were too hasty.

It’s surveyors who do valuations… just valuations for mortgages are less detailed than a building or homebuyers.
Short of getting another surveyor out for a second opinion I’m not sure if there’s really another option.

There is no such thing as a precise market value, especially if no comparable one nearby.
How does the current price compare to its previous sold prices over the years? You can compare that to other houses in the area, in terns of proportion - is yours in line with the general inxrease for the area?

Pop the address into zoopla, it will give you an idea of the market value.
www.zoopla.co.uk/

As pp said if there is no mortgage then there isn’t really a market value. The market value is what someone (you) is prepared to pay for it.
If you are having doubts then it probably means you think you’ve paid too much.
Something like zoopla will give you a very crude estimate based on previous sold price and the local market but doesn’t take into account the individual property and any changes made to it.

Did you offer over asking? How did you get it under offer? I think a lot of people have got a bit whipped up recently…

As a cash buyer trying to buy in a very competitive market one estate agent gave me an excellent piece of advice. Your highest bid if it wins should give you the feeling everyday that the house was worth that to you. So location, layout, amenities etc.
If you don't feel the house is going to give you that feeling pull out. But if it is the right layout in the right location with the right amenities and you are going to live there for a fair few years it probably is worth what you are paying for your quality of life.

I got it for 5k under asking a week after it went on Rightmove, due to my position but also because it was apparent the sellers were getting stressed out with viewings (although there didn't appear to be that many considering what the market was doing in April). I was also lucky in that the estate agent emailed us before it came on Rightmove.
The free online valuations come in at 45k less but these are notoriously unreliable and, like I said, there are no comparables and there is no last sold data as the house was last sold in the 90s.
I cant work out of this is normal jitters - I like where I live now but need to move - or something else. I'm rubbish at decision making!
The property is also on a main road (but set back) which is not so bad from the bedrooms noisewise but the (big) front garden is noisy. It's something I've got to compromise on as there's just nothing available in the area with nice features AND a garage and garden.

Well you have your answer then don't you? You may be paying a scarcity premium but you have to pay the premium to get all the elements you want.

TBH if you like the house and can afford it and plan to stay there for a few years then I'd go for it.

How long do you plan to stay there and is it a fairly desirable location?

I’d agree with what others have said if it’s ticking most of your boxes, is unique and you can afford it then it’s worth it.

A house is only worth what someone is prepared to pay for it. We are due to exchange on a house next week. We know we are overpaying by about £50k but we had narrowed our search down to four very specific (small) villages in an area where things are selling without even going on the market. We had major jitters as we are basically taking on a huge renovation project with it…….. but the location is PERFECT so over time I have calmed down and now really looking forward to it. It’s a huge financial commitment- it wouldn’t be normal to take a step back and think head over heart.

@Cattitudes

How long do you plan to stay there and is it a fairly desirable location?

About ten years. Very close to town (hence road noise). I like the term 'scarcity premium'. That's actually quite an apt term and I think captures the situation quite well!