Is it possible to pay for a valuation when you're not really intending to sell?
We bought our house 2 years ago, it was in a bit of a state. The garden in particular was a borderline impassable no mans land (about 1/2 acre total)! So we've done a lot of renovations so to speak, new boiler and heating system, new electrics etc and revamped all the rooms and gotten the garden under control.
I'm curious as to what the house would be worth now compared to what we paid. We got quiet a good deal, mostly because of the state it was in.
Whats the best way to get a realistic value on it now?
Ring an estate agent. It's a waste of money unless you are planning on selling imo. A new valuation will reflect the increase from two years ago to today's value but the work you describe is unlikely to have had much of a difference to the value.
I know of people getting a better rate from the bank due to the increased value of the property.
Phone the local estate agent , ask for a valuation ,most will give you a free valuation.
Or look on propertyprice register ireland ,see what houses on your street , area sold for.
eg 3bed house with garden of the same age and type semi d,etc
Look on daft.ie your area , eg santry ,what are the prices listed for a similar house of similar age and size.
it,ll list houses sold 3 months ago approx in your area, town .
Yes I got that myself at one stage. The house would need to have doubled or trebled in value in the last two years for the bank to reduce the interest rate.
The LTV bands are generally 80% and 50%.
The loan to value thing is interesting. The house was valued at €175k and we had a 90% mortgage. It's hard to find prices for similar properties as it's a rural area and the properties are all fairly different. Of the few that have been sold in our area in the last couple of years, most of them have been for 200k or more. But again, the properties are all different.
It might be worth finding out if the 2 years of payments combined with (hopefully) an increase in the value of the house, might bring us down to 80%.
If they bought with a 10% deposit and they now had better than 80% LTV - not completely unheard of the current madness of the Irish market I'd imagine, I'd be expecting a rate change from the bank.
The work described by op will have very little effect on the valuation. An extention adds value. Converting the attic adds value because you have added an extra room. Rewire & heating etc will have little effect. I'd expect to see the average increase for the last two years and little more
Another poster suggested getting a free valuation. This is only suitable for selling. It's a guide price to set an asking price. The house might sell for more or less than this price.
To get a real valuation in writing that the bank will except op will have to pay for the valuation.
We had to get our house re-valued to move to a fixed rate. Had the house just over a year. It was valued 30k more than we paid & got us under 80% LTV.
The values commented on the work we'd done to the house as a reason for the higher value but I don't know how true that it.
I had to get a valuation on a new build for the bank, so there are estate agents out there that do valuations without putting the house on the market. It cost €150. My bank would only take valuations from "approved" valuers, so if you're doing it to hopefully bring your LTV down, you might as well get one of the bank's approved people to do it.
If I wanted to go down that route, would I be best to contact the mortgage provider or the broker we dealt with originally?
All estate agents will value the property without it going on sale. People need this service for inheritance tax, for the bank and many other reasons. You pay for this service
Usually when you are selling they will value your property for free. This valuation is only suitable for selling.
Contract your bank/ lending institution