It’s a good idea to have your property valued every few years to make sure it’s insured for the right amount. Property values can go up and down, so it’s important to keep an eye on them.
If you have a mortgage, your lender will usually require you to have a valuation done when you first take out the loan.
They’ll also sometimes require one if you want to switch to a different mortgage product. If you’re not planning on selling or remortgaging, you might not need a formal valuation.
But it’s still a good idea to keep an eye on your property’s value, so you can make sure your insurance cover is up to date.
There are a few different ways to value a property. The most common is to get an estate agent to give you an estimate of what your property is worth.
You can also look at recent sale prices for similar properties in your area. If you’re thinking of selling, it’s a good idea to get a formal valuation from a surveyor.
This will give you a more accurate idea of your property’s value, and can be used as evidence if you’re negotiating with buyers.
Whatever method you use, it’s important to remember that property values can go up and down, so it’s a good idea to check them regularly.
