When buying a property, it is essential to have a clear understanding of its condition and value. To achieve this, many people opt for a mortgage valuation, which is a basic assessment conducted by a lender to determine the value of the property.
However, more than this assessment may be needed to provide a comprehensive understanding of the property, which is why a property survey is often recommended. In this article, we will explore whether you need a property survey on top of a mortgage valuation.
What is a Mortgage Valuation?
A mortgage valuation is an assessment of a property’s value carried out by a lender to determine whether the property is worth the amount being loaned.
This assessment is done to ensure that the lender is not lending more than the property is worth. A mortgage valuation is a basic assessment, which means that it does not provide a detailed report on the condition of the property.
What is a Property Survey?
A property survey is a detailed inspection of a property that provides a comprehensive report on the condition of the property. A surveyor will conduct a thorough inspection of the property, including the structure, roof, walls, plumbing, electrical systems, and more.
The surveyor will then provide a report that outlines any issues with the property and offers recommendations on how to address them.
Do You Need a Property Survey?
While a mortgage valuation is a requirement by lenders, a property survey is not. However, it is highly recommended that you have a property survey conducted before purchasing a property. A property survey can identify any issues with the property that may not be apparent during a mortgage valuation. These issues can include structural problems, damp, subsidence, and more.
A property survey can also provide you with peace of mind by giving you a clear understanding of the condition of the property you are purchasing. This understanding can help you negotiate a better price and ensure that you are not purchasing a property that will require significant repairs or renovations.
Types of Property Surveys
There are several types of property surveys available, and the type of survey you choose will depend on the age and condition of the property. The most common types of property surveys include:
1. Condition Report: This report is a basic assessment of the property’s condition and identifies any significant issues that may affect the value of the property.
2. HomeBuyer Report: This report is a more detailed assessment of the property’s condition and includes an evaluation of the property’s value, any significant issues with the property, and recommendations for repairs and maintenance.
3. Building Survey: This report is a comprehensive assessment of the property’s condition and includes an evaluation of the property’s structure, roof, walls, plumbing, electrical systems, and more. This report is recommended for older properties or properties that have undergone significant renovations.
Conclusion
While a mortgage valuation is a requirement by lenders, it is highly recommended that you have a property survey conducted before purchasing a property. A property survey can identify any issues with the property that may not be apparent during a mortgage valuation and provide you with peace of mind by giving you a clear understanding of the condition of the property you are purchasing.
If you are purchasing a property, you can trust Icon Surveyors to ensure it is in pristine condition. We are certified surveyors in Surrey that will eliminate any risks when it comes to the condition and value of your potential property. Get in touch with us today to learn how.
