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How to value your house

Looking to find out how much your house is worth? Find out how to value your home if you’re looking to sell or insure it.

Amy Smith
Amy Smith
Updated 17 June 2021  | 2 min read

How much is my house worth?

You’ll need to know the value of your home if you’re thinking about selling it or getting house insurance.

If you bought your house recently, the market value will be the sale price.

But market value can change over time, so if you’ve owned your home for a while, the value has probably changed.

Property prices in April 2021 were 9% higher than the same month last year, according to the UK House Price Index - so it might be worth getting an up-to-date valuation.

Key points

  • Your home’s value isn’t the same as its rebuild cost
  • Do your research using property websites, sales trends and estate agent valuations
  • Your property’s value will change over time

What affects house value?

If you’ve lived in your home for a while, its value has probably changed.

Some things that affect market value are:

  • Location
  • Size and layout
  • Crime rates
  • Flood risk
  • Local amenities
  • History or future risk of subsidence
  • School catchment area
  • Good transport
  • Market changes
  • Air and noise pollution
 

Top tip:

Ask several estate agents for a valuation and choose a value in the middle of those given

 

What adds value to a home?

If you want to increase your home’s long-term value, you could add an extension.

Basement renovations and loft conversions are handy for increasing space and can add a lot of value, especially in sought-after cities like London.

Even updating your kitchen or bathroom, renovating the outside space and improving the energy efficiency of your home can add value.

Although they don't really affect the value enormously, there are some things you can do to help your house sell more quickly and easily, which could indirectly increase its value:

  • Routine maintenance like cleaning the exterior, fixing guttering, roof tiles and damaged fencing
  • Service the boiler and make sure plumbing and electrics are certified and safe
  • Redecorate in light, neutral colours
  • Fit new carpets and flooring
  • Replace your kitchen cabinet doors

Other ways to find out the market value of your home

  • Find out the asking price and sold prices for similar properties nearby. You can use online tools for this, like Zoopla
  • Get a home valuation from an estate agent or surveyor
  • Check housing market forecasts and track price trends
  • Use the Land Registry calculator to see what nearby houses have sold for

How to find out the rebuild cost

When you get home insurance quotes you’ll need to know the rebuild cost - and that isn’t the same as the market value.

The rebuild cost and market value are different because the rebuild amount doesn’t include the cost of the land your home is built on and doesn’t take into account things like the area you live in.

This means that the rebuilding cost is usually lower than the market value - but not always.

If the rebuild cost is higher than the market value it’s usually because it would be extremely expensive to rebuild, for example a listed building with period architectural features.

The rebuild cost only take into account your property age, its size, type, location, the land stability and the labour and materials needed if your home was to be built from scratch.

The Association of British Insurers (ABI) has a rebuild cost calculator you can use, or you can hire a Chartered Surveyor.

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[1] Based on independent research by Consumer Intelligence during 01 May to 31 May: 51% of consumers could achieve a saving of up to £107.99 with Gocompare.com buildings and contents insurance based on a comparison of 36 companies.

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