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A Mortgage Valuation is not a Survey.
A common mistake from house purchasers is to only have a mortgage valuation undertaken by their lender and assume that this is a survey.
A mortgage valuation is for the benefit of your lender, whist a survey is for the benefit of you. A mortgage valuation is unlikely to give you sufficient information in order to make an informed decision on your house purchase.
Benefits of a Survey.
There are many benefits to undertaking a survey on your proposed purchase. Not only for your own piece of mind that you know exactly what you are buying but also to indicate/provide: -
- Any surprises
- The present and likely future liabilities and repairs
- Likely budget required for repairs
- Local Knowledge
- Future Saleability
- Option to re-negotiate the purchase price
- Advice on suitability to purchase.
At JMO Surveyors Ltd we offer a number of different survey types to suit your needs. Please see our Choose Your Survey Page for further information or Contact Us today.
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Do You Need A Survey?
Purchasing a property is one of the biggest expenses a person will experience in their life. However some people will still undertake this without the aid of of a survey meaning that any potential pitfalls are not highlighted prior to purchase. A potentially costly mistake to make.
Recent ComRes research carried out on behalf of the RICS indicated that "On average, homebuyers spend £5,750.00 on repairs once moved into their new home".
"This is often down to not having a proper survey done".