Property Valuation or Survey. Is a Home Valuation the same as a Home Survey?
Learn the main differences between a property survey and a valuation. Why is important to know the differences between these two services? Because understanding what each service brings will save you time and money. Thus, is vital to know when to choose a home valuation and when to choose a property survey.
The main mistake a home buyer can make is to assume that a survey is the same with a valuation. And in most cases, this mistake appears because it is not made clear to them what are the differences between a property valuation and a property survey. We, at Trusted Surveyors, are going to explain you why a property valuation is not the same as a property survey.
A property survey provides a in-depth and comprehensive report of the building and assesses the condition of it to determine how suitable it is to live in and to ensure that everything is in a good condition.
Depending on which survey you choose – HBR, Building Survey or Specific Defect Survey – the inspection will cover ceilings, roof space, walls, joinery, floors, woodwork, guttering, windows, heating, drainage, subsidence, rot, damp issues and more.
Your survey will have the purpose to highlight the condition of your future home, identify any potential defects or issues, uncover any hidden problems and to determine the extent of any repairs and the costs of those repairs. A chartered surveyor will guide you through this process and offer advice on what is urgent and how these defects can affect the property value.
A property survey it is important to ensure you have the full picture of a building condition before it will cost you in the long run or is too late. Thus, a property survey will take longer than a valuation and is the main piece of information which should be used to make an informed decision on whether to proceed with a sale or to negotiate a lower offer, based of course on what the survey revealed.
A home valuation determines the value of the building and ensures that the property you want to purchase is worth the same amount that you want to borrow to pay for it. Usually, a lender will charge you for this valuation through their offer package.
A property valuation does not reveal the condition of the property or any hidden issues and certainly would not focus on the property details. It does not highlight costly defects or potential faults with building structure or condition.
For these reasons, a valuation alone is limited and would not offer you sufficient details to help you in making an informed decision. We highly recommend a survey back in back with a valuation. Only a survey will provide you with a full, comprehensive and accurate report of the property.
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As we saw above, a property valuation and property survey are two different services, which in most cases are bought together by new home owners. A home valuation will determine the value of your desired property for the benefit of your mortgage provider to ensure their investment is worth before they approve your mortgage, while a home survey has the objective of getting you a detailed report of the condition of your desired property. Along with the report, a chartered surveyor will offer you guidance and will explain you any defects, cost of repairs and the consequences of those defects if no action is taken.
A valuation is not the same as a survey, and hence it is vital to get a property survey as well as a property valuation. For your peace of mind and to be able to take an informed decision, you should always take in consideration a survey costs when you establish your moving budget.