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Property valuation

  • 28-03-2014 8:28pm
    #1
    random10
    Registered Users, Registered Users 2 Posts: 276 ✭✭


    We went sale agreed on a house. We had to get house valuation for bank, when I asked in estate agent what normally happens at valuation he said the valuation is normally given at purchase price. However she did say that our house might be different as it's very desirable and good quality. The house valuation was 25 k over what we paid for it, so obviously the house will be insured for that sum, what is normal for valuations is it normally purchase price or does it vary?


Comments

  • #2
    Bigcheeze
    Closed Accounts Posts: 2,858 ✭✭✭Bigcheeze


    The house is insured at rebuild cost, not purchase price as the land value doesn't need to be replaced.


  • #3
    random10
    Registered Users, Registered Users 2 Posts: 276 ✭✭random10


    Sorry just checked the valuation was for purchase price, the "reinstatement value" was 25k over what we will pay


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