Do you know what the difference is between a mortgage valuation and a building survey

Before you buy a property of any kind, you need to make sure that it is structurally sound, and that if flaws are found, your repair budget will be adequate. The state of the property you are purchasing is discussed through both mortgage valuations and building surveys.

What a mortgage valuation actually checks

A mortgage valuation or appraisal is a cursory check designed to convince your lender that the property you purchase is worth the price you pay for it before your mortgage is accepted. It’s not for your gain, and structural problems like dry rot or damp will not be highlighted.

Why a full survey goes further

A survey is a full-length health inspection of the property that will clarify the physical condition of the building and flag up any possible issues. Although one in five buyers relies on a valuation alone, it is worth investing for peace of mind in a comprehensive building survey and because it could deliver significant savings later on.Surveys are property visual inspections. To chat about what he discovers, you may accompany the surveyor. If issues are found, you may renegotiate the price or even decide to pull out entirely. Alternatively, more studies on defects such as timber deterioration, moisture or insect attacks may need to be commissioned.

Is a survey a legal requirement?

Although it is not necessary by law for you to have a survey done you may find that your mortgage lender asks for one as may your insurance company. It is always prudent to contact a Building Survey Birmingham company to have one completed on any property that you plan to purchase so you can be sure of the condition of the property you will own.

Summary

A mortgage valuation reassures a lender that a property is worth its price, but it won’t highlight problems like dry rot or damp. A building survey is a fuller inspection that clarifies the physical condition of a property and flags possible issues, and can deliver savings later even though many buyers rely on a valuation alone. A survey isn’t a legal requirement, but lenders or insurers may ask for one.

Questions this article raises

• What’s the difference between a full survey and a homebuyer’s report?
• How much does a building survey typically cost?
• What should a buyer do if a survey uncovers problems?