Do I need a Home Survey if I already have a Valuation?

Do I need a Home Survey if I already have a Valuation?

When purchasing or selling your home, it is not uncommon to talk about surveys and valuations in the same sentence, and this can often lead to confusion when deciding which service to choose. In this article, we will explore the differences between a mortgage lending valuation and a property survey, so that you can decide which one is right for you. 

Firstly, it's important to note that a mortgage valuation is not the same as a home survey. While a mortgage valuation focuses solely on factors affecting the immediate value of a property, a property survey provides a far more detailed insight into any main issues with the building, which could effectively cost you financially years into the future. Unfortunately, the two are often confused, leading to buyers relying on a valuation alone when purchasing a property. As the purchase of a property is usually one of the most expensive purchases you will ever make, we would always recommend that you obtain a property survey first, which allows you to understand exactly what you are walking into. Think of it this way; you wouldn't buy a car without taking it for a test drive first; a survey will allow you to see any hidden issues, before you buy.

‍

‍What is the difference between an independent valuation and a mortgage valuation?

An independent valuation differs from a mortgage lender's valuation (undertaken by your mortgage lender during the mortgage application process to check if a property is worth the money a buyer is paying for it).

‍

What is a valuation, and when am I likely to need one?

A property valuation is carried out by one of our expert building surveyors. It will focus on the estimated worth but will also take into account key factors such as:

• Location and size of the property 
• Number of bedrooms and bathrooms
• Garden area 
• Potential for developments 
• Local area and the proximity to schools, shops and other amenities 
• Property characteristics

Buyers or sellers can request Property valuations under a range of circumstances, for example;

• You want to sell your property and would like an idea of how much the property is likely to sell for. 
• You are going through divorce proceedings with shared assets 
• You bought a property through a shared ownership scheme but want to buy a larger one. 
• You are the executioner of a will, including property assets 
• You bought your home through a help-to-buy scheme and wish to repay the loan or sell the property. 

When selling a property, some buyers like to receive several valuations from different providers, which will usually vary in price (an estate agent's valuation is often higher than a building surveyor's valuation). 

‍