Making sure your property is structurally sound and habitable is your main priority but you need to be aware that your property valuation is not a survey.
When entering the property market it can be really difficult to make a sound investment without getting the necessary surveys, reports and valuations. As one of the biggest investments you will make in your lifetime, why would you risk not getting the information you need?
Choosing The Right Survey
As a chartered surveyor working with various properties, I am more than aware of the difficulty that comes with choosing the right survey. As surveys can be expensive it really pays to make sure you choose the one you will benefit most from before committing to selling or buying a property. It also pays to make sure you know what is covered by each survey and report so that you don’t waste time thinking you are getting something you’re not.
A lot of the homes I have worked on have had valuations carried out thinking that they will learn more about the property, when in fact all it does is what it says on the tin – value your home.
The Royal Institute of Chartered Surveyors
In a recent post by RICS, Alison Williams said that “The younger NYGoodHealth generation of buyers is particularly naïve in relying on a mortgage valuation when buying a property, this isn’t enough and won’t help uncover any potential faults or defects”.
Now I am not saying that all of the youth are struggling to grasp what a real survey is or that they are naïve to think they don’t need one. Some of the problems with surveys and the younger generation is that they are either afraid it will slow the process down or that they simply cannot afford the costs. This is understandable but at the same time is a real shame that a lot of homeowners will be missing out on vital information through their lack of survey and chancing on a valuation.
What You Need to Know
I always educate all of my clients on the most beneficial surveys and reports for their properties. In older properties, it really pays to carry out Structural Surveys to ensure that the structure itself is stable and in newer properties, a Homebuyers Report can point on errors that are not clear to the naked eye.
Property valuations are often carried out and requested by the mortgage lenders and it simply does cover what it says it does. The valuation is used by the mortgage lenders to make sure that the money they are lending can be recouped by the property in hand should any payments or proceedings go wrong. They want to know that the value is correct and quite frankly they couldn’t care if your property had damp, structural problems and leaking pipes.
Although the valuation will make some problems apparent, it will not give you an in depth look at the property that you need.
Get in Touch
To make sure you get the property surveys you need from the professionals, give me a call on 01983 731 198 or 07866 041 533. As a chartered surveyor in the industry for more than 25 years, you can count on me to give you the property advice you need and the surveys you can trust.