Valuers' Fees.

This week I had my house valued. I was charged 175 euro for the valuation. It took no more than ten minutes to carry out. I paid the money because the transaction that I am involved in depends on this evaluation.

However, the more I think about it now, the more outrageous the fee seems. I mean, 175 euro for so little time! Some peole complain about doctors etc. charging 60 euro or so for a consultation but 175 euro to a valuer!!!

Does the valuer have to submit a detailed report to the lender after conducting the valuation to justify his or her fee? I thought that that was more for a survey rather than for a valuation. I understood that a survey costed around 250 euro so how could a valuation cost 175?

To make matters worse, unlike the last time I had my house valued, the valuer wouln't even tell me what he thought the value of my house was, at the end - he said that he would have to inform the mortgage provider first. I felt ripped off!

What do people think?

Used to be standard €125 few years ago, trouble is if this was for bank valuation report then usually bank has agreed fee with valuer. He may gain on valuations close to his office and lose on ones where he has to travel a distance as time is money. I know I used to instruct a valuer who might have to travel an hour each way to the property and he only got the same rate as if it was 5 mins away.

jas376 said:

However, the more I think about it now, the more outrageous the fee seems. I mean, 175 euro for so little time! Some peole complain about doctors etc. charging 60 euro or so for a consultation but 175 euro to a valuer!!!

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Most doctors will charge a lot more than €60 for calling to your home to provide a service.

T McGibney said:

Most doctors will charge a lot more than €60 for calling to your home to provide a service.

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Fair point, but what doctor has ever charged 175 euro for a home visit?

wbbs said:

Used to be standard €125 few years ago, trouble is if this was for bank valuation report then usually bank has agreed fee with valuer. He may gain on valuations close to his office and lose on ones where he has to travel a distance as time is money. I know I used to instruct a valuer who might have to travel an hour each way to the property and he only got the same rate as if it was 5 mins away.

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In that case, they could charge a lower basic fee and then add on travel expenses as an extra cost.

In my case, the valuer came from the town in which I live so it cost him little to travel to my home. Why then should I have to pay extra to compensate him for any longer journeys that he might have to make?

I had to get a quick valuation done earlier this year. All but one estate agent that I approached quoted their standard fee of between €130 and €150 and would not negotiate. The one that I went with originally quoted €130 but eventually accepted €100. He didn't have to travel far (about a mile) and the visit took about 15 minutes. He gave me the valuation verbally and then in writing a few days later. There was no other party involved (e.g. a lender) for him to inform. Curiously (or not?) the estate agents seemed to have different valuation fees for different purposes (e.g. potential purchase or sale, probate, separation etc.).

ClubMan said:

I had to get a quick valuation done earlier this year. All but one estate agent that I approached quoted their standard fee of between €130 and €150 and would not negotiate. The one that I went with originally quoted €130 but eventually accepted €100. He didn't have to travel far (about a mile) and the visit took about 15 minutes. He gave me the valuation verbally and then in writing a few days later. There was no other party involved (e.g. a lender) for him to inform. Curiously (or not?) the estate agents seemed to have different valuation fees for different purposes (e.g. potential purchase or sale, probate, separation etc.).

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Well done! It seems that you are in a stronger position if the valuer is working directly for you. In my case, the valuer was working on behalf of a bank, even though I was paying, so I didn't matter to him in the slightest.

The differing rates may reflect differing levels of liability, but most estate agents and valuers seem to have disclaimers like law texts in print you'd need a microscope to read.

ONQ.

All advice on AAM is remote from the situation and cannot be relied upon as a defence or support - in and of itself - should legal action be taken.
Competent legal and building professionals should be asked to advise in Real Life with rights to inspect and issue reports on the matter at hand.

I need a valuation done on a relative's house for the Fair Deal Nursing Home scheme. Is it just a matter of getting an estate agent to do it or is a valuer different or one in the same?
Thanks.