When buying a property there are a number of different decisions to make but how many homebuyers really think about which type of mortgage valuation to go for.
The cheapest, is a ‘Mortgage Valuation’. This is for the benefit of the mortgage lender so it really only provides information that lenders require.
This includes confirmation that the property is worth the agreed price and if there are any major problems with the new home. Some lenders may even provide this for free but you will need to check this with your Mortgage Adviser.
But what if you suspect that the property may have other issues?
Well the next available report ‘The Homebuyer Report’ will give you more peace of mind.
This report not only provides a mortgage lender with what they require but it also gives you a more detailed report. This can identify further defects in the property and give further advice on repairs and ongoing maintenance.
The report will also potentially allow you negotiate a better deal with the seller if areas of concern are identified.
In general the report will help you make an informed decision on whether to buy the property and provide clarity on what actions may be required before you commit to buying it.
A ‘Structural Survey’ is also available and is usually suitable for more rundown properties, listed buildings or if you are planning major works.
This is more expensive than the other reports but it is a lot more detailed including confirming what the property is built from and even how these materials may perform in the future. You may also ask the surveyor to look at particular areas of concern so this may also help in negotiating on a purchase price.
So when buying a property make sure that you think about what report you really need or it may cost you a lot more in the future. Check out the Valuation Fee Scale here.