Fairest way to value a house

M

malkmoose

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A house has been left to 10 of us (all cousins) and 3 of us (me and my 2 brothers) are planning to buy the house for family holidays etc.

We want to know the best way of getting the market value for the property so the result is impartial and fair to everybody. Any advice as to the best thing to do?
 
Get three valuations and go with the average. Also, get proper valuations rather than an indicative value from Estate Agent who is trying to bag a sale.
 
Chartered Surveyor / Professional valuer type people, rather than some guy in a clapped out Polo whose modus operandi is to create fictitious buyers to jack up prices.

I have seen Revenue use a firm called Costelloe Commercial in the past.
 
Thanks all for the info. I am reluctant to use estate agents as they may have reasons to massage the truth with valuations as mentioned above.

I'll go with Gordons suggestion for now
 
I wouldn't agree with getting 3 valuations and going with the average. Apart altogether from the unnecessary cost, you'll end up with a figure that no professional stands over.

And I don't care if my valuer drives a clapped out Polo or has no car at all. Their reputation and their willingness to stand over their work if or when it is queried or challenged by a third party incl Revenue at any stage in the future is more important than anything.
 
One way to do it is to put it up for sale and the 3 people who want it buy it, that way they have paid actual market value on the day of the sale
 
There are lots of independent valuers out there. The ones I am most familiar with are those that are on the various banks' panels, who carry out valuations for mortgage purposes. They usually charge between €130 and €150, and they definitely go into the properties and have a good look around. A standard part of their report is to list three comparable properties in the area that have sold recently. I would make sure that the valuer is local.
 
T McGibney said:
I wouldn't agree with getting 3 valuations and going with the average. Apart altogether from the unnecessary cost, you'll end up with a figure that no professional stands over.

And I don't care if my valuer drives a clapped out Polo or has no car at all. Their reputation and their willingness to stand over their work if or when it is queried or challenged by a third party incl Revenue at any stage in the future is more important than anything.
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The brief here is demonstrable fairness to everyone. The problem with just using one valuer is that you leave yourself open to allegations of cronyism, especially within families where family property is involved. The average or middle one of three valuations is very transparent. The tax/market value piece is something different.
 
Gordon Gekko said:
The brief here is demonstrable fairness to everyone. The problem with just using one valuer is that you leave yourself open to allegations of cronyism, especially within families where family property is involved. The average or middle one of three valuations is very transparent. The tax/market value piece is something different.
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Yeah, good point. It would take a serious level of messing & organisation to fix or influence 3 separate valuers, and using the middle or average should eliminate any perception of bias.
 
With ten people involved definitely needs clarity and visibility. Could use a few valuers or simply place house on market and let the three bid on it. Estate agent fees divided by ten would not amount to a lot per person. Some might view putting on the market as ott but really depends on what the other 7 want to do. It's really their call I would say.
 
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