May, 2022
If you’re buying a home, you’ll want to know it’s worth what you’re paying for it. And if you’re taking out a mortgage, your lender will want to know it’s worth lending money against the house.
A property valuation is not the same as a property survey.
Many home buyers are not aware of the difference between a valuation and a survey because it is not made clear to them, and as a result, assume they are the same.
It is important to understand the differences between a property valuation and a property survey so that you know exactly what you are getting with each.
A valuation is only used by the lender to help them decide whether to offer you a mortgage, and to check that the property you’re buying is worth the amount you’re paying for it.
It is more for the lender's benefit, and it won’t point out any structural issues the property may have. These are the sort of things you’d really value knowing about before you exchange.
That’s why it’s recommended to get a survey as part of your property purchase.
A survey is effectively a health-check on the property. It gives you an independent account of its current condition and highlights potential problems that may arise in the future.
There are a wide range of surveys, available, covering various levels of detail, which you can find out more in our home survey guide. We know costs can add up, but surveys don’t have to be expensive and could help you save thousands of pounds in long run.
If the survey reveals any problems, you might be able to ask the seller to fix them before you purchase or renegotiate the asking price, taking into account the results of the survey.
HS Homes of Solihull is a small independent estate agent based in Shirley, Solihull. If you are interested to know what your home is worth, call us on 0121 430 4448. Alternatively, click here to book a free market appraisal.
