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Valuation of House

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  • 18-04-2009 2:52pm
    #1
    Eurox
    Registered Users Posts: 55 ✭✭


    Anyone got an idea how much it costs to get a valuation of your house? just basic semi 3 bed?:cool:


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    #2
    Eglinton
    Closed Accounts Posts: 992 ✭✭✭Eglinton


    Are you thinking of selling or just getting the place valued for financial reasons? Haven't a clue how much it would cost you to get somewhere valued but given the current climate and the return of proper lending practice this is what I think based on a basic semi-d.

    National Average Industrial Wage = 35K approx.

    Normal lending criteria - 5 times single salary = 175K

    Dublin surplus: +20% = 210K for basic standard average area in Dublin

    Aspirational Area: +50%, 210K + 105K= 315K
    Desirable Area: +25%, 210K + 52K = 262K
    Less Desirable Area: -25%, 210 - 52K = 158K
    Undesirable Area: - 50%, 210 - 105K = 105K

    People will argue with the above figures but if Irish people were not so insane when it comes to property these figures would be reasonable. However you can't account for stupidity and speculation so asking prices in Dublin are a lot higher. Whether it remains this way or returns to the norms, we will have to wait and see. Your interpretation of where/what is a desirable area etc. may be different to mine too. The longer your house goes unsold, the more likely it is to drop in value.


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    #3
    Eurox
    Registered Users Posts: 55 ✭✭Eurox


    Just need to get it valued for for financial reasons, thanks


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Eurox wrote: »
    Just need to get it valued for for financial reasons, thanks

    It varies, but for an independent valuation by an approved valuer- the going rate is in the region of EUR200 +VAT.

    If the exercise is bank related- make sure the valuer is still acceptable to the bank- they did a massive cull of approved valuers recently (for obvious reasons).


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    #5
    EKRIUQ
    Registered Users Posts: 4,386 ✭✭✭EKRIUQ


    A valuation report costs between €100 and €150 if your paying any more your really getting ripped off.The most important thing is that they have professional indemnity insurance. A valuation for mortgage purposes should be the same as if it was for probate, legal aid, separations purposes or for a solicitor. If its for commercial lease purposes it could be alot more

    Also a property could have 5 different valuations and all correct so let your valuer know what the valuation is for so you won't have to come back to him/her in a couple of months.

    Some banks have valuation panels (AIB doesn't) but it's a closed shop for most Valuers but it doesn't matter who you get as long as their qualified, Auctioneer, Engineer, Architect.

    A valuation for revenue purposes only lasts 6 months


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