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remortgage valuation too low! Need advise

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Hi everybody, 

iv recently finished Renovating a property in hull that i bought 6 months ago, it was bought for 50k cash. the property was in a bad state. the improvements i made where to       

  • add gas to the property as it didnt have a gas connection and add a boiler and central heating system
  • new kitchen 
  • new bathroom 
  • new flooring 
  • fix the damp problem
  • new roof 
  • add double glazed windows to all windows 
  • painted and decorated 

there was a property on the same road a few doors down that went for 70k in august 2017  which had no gas as none of the properties on the road do and by peeping through the window was in a bit of a sorry state inside .but i have just received my remortgage offer at 75k. i was expecting a valuation of 85-90k. i was not asked what work was done to the property as my broker said all you need to say is that work had been done. is that a mistake on behalf of my broker as iv spoken to another investor that said you have to show all receipts of work carried out on the property to prompt the surveyor. is the any way to change this valuation.

i would appreciate any advise

thanks Dennis   

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  • 11 months later...
  • 1 month later...

I think it can be difficult once they’ve made up their minds - I’ve seen people put valuation packs together with before and after pics, receipt copies, and at least 5 local comparable properties. Have to be careful you don’t overpower/upset the valuer but can help, some people insist on being there too. Not sure post event if you could try sending it ? Hopefully someone has had this experience and can advise you? 

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This is a bit of a tricky one, because it totally depends on the surveyor. I read an article once that even silly factors such as the surveyor being in a good or bad mood, the time of day, etc can have an impact on the valuation! :o 

I have been in this exact scenario and it didn't go positively for me.

I bought a property for 108k in cash last year, did 12k worth of refurb and expected to refinance 6 months later at 128k. Unfortunately, valuation came back at 120k. As I was in a bit of a rush to pull the money out, i simply accepted and continued with the refinance. However, if I had more time then maybe I could have 'appealed' via the broker, submit proof of work and receipts etc and maybe get it re-valued? Not sure!

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