Private sale - how to value property

[Hopetomovesoon]

I may potentially have an opportunity to buy a very rundown bungalow privately, that is, not going through an estate agent. I won't be getting a mortgage. How would I get the property valued? I will be getting a survey, would that include a valuation guide? These kind of properties only come up rarely and there's a premium on them so it's a bit of a tricky one. Thanks for any insights!

Ask the estate agents to value the property and agree middle ground

That's the thing, there won't be any estate agents, it would be a private agreement between buyer and seller.

Get a basic valuation survey done ?

Most RICS surveyors will do a valuation in addition to a survey

@Hopetomovesoon

That's the thing, there won't be any estate agents, it would be a private agreement between buyer and seller.

You can ask estate agents to come and value the property, even if you're not selling with them.

Get your mortgage company to do a valuation. They’ll potentially charge you.

Ask surveyor to do valuation as well along with his/her building survey or home buyers report. Not all surveyors do this automatically.

Ah OK, thanks everyone, that's very helpful. I've always bought and sold through the usual channels and I suppose I'm a bit nervous about doing it this way, not wanting to lose the opportunity but also not wanting my heart to rule my head and end up vastly overpaying.

Look at what similar homes nearby have gone for in a similar condition. If the last sale was more than 2 years ago, I'd add 15%.

@Starseeking

Look at what similar homes nearby have gone for in a similar condition. If the last sale was more than 2 years ago, I'd add 15%.

It's really very run down and there are no comparables nearby. A RICS surveyor seems to be the way to go.

you can pay an estate agent or a surveyor to write a valuation report for you, just like they would do for a mortgage company.

Just get 3 estate agents to value it - you don’t need to tell them you won’t be selling/buying through an agent

It needs to be the seller that gets it valued.
No estate agent is going to waste their time getting a valuation for a buyer.
Or do a lot of research of house prices for similar properties in good condition.
Subtract the cost of the work
Eg roof £10 k
Heating 3k
Etc

Take off another 10%. Offer this price to the seller.