· 1 min read
Buying a property is a stressful time and before you get to the exciting part of moving in, there's a lot to consider. From finding the perfect home to exchanging contracts and of course surveys, a lot goes into the sale and purchase of a property. People often confuse a home survey with a mortgage valuation, so let's explain them both.
Before the sale of a house is completed, it is wise for the buyer to enlist the help of a professional RICS surveyor to carry out thorough inspections of the property, its land and surrounding areas. Depending on the level of home survey chosen, this will include looking at the structure of the property, its condition, and any areas that may require extensive maintenance.
The aim of a home survey is to highlight any areas that could bring unexpected costs in the future. From damp and mould to materials deemed unsafe, a property survey supplies buyers with a detailed report they would be unable to obtain elsewhere.
Whilst a property or home survey isn't a legal or mandatory requirement, it is something we heavily advise. Without a survey, you simply don't know what you are buying or the condition the property may be in.
If you have just had an offer accepted on a property, the first step is a mortgage valuation. A mortgage valuation is an assessment carried out by a lender to determine the market value of a property. This helps the lender decide whether the property is worth the amount the buyer wishes to borrow. It is intended for the lender's benefit and focuses primarily on market value rather than condition.
A mortgage valuation is mandatory, and is something requested by banks and lenders when going through the property buying process. It ensures buyers aren't purchasing a house that isn't worth its estimated value. If you're buying a property and require the support of a certified RICS surveyor, get in touch today.