Difference Between A Valuation & A HomeBuyers Survey

Many people believe a valuation and survey are the same thing but they are very different.

Your mortgage lender will do a valuation on the property you are buying but this is ONLY for their purposes and is very brief. They will not send you a valuation report and they are just ensuring that the amount you are paying for the property is what they seem to be acceptable and that the property is lendable for them. Sometimes lenders will only do what is known as an AVM or Desktop valuation meaning they will not go to the property but will use an onlien system to produce a valuation. They sometimes also do Drive by valuations where they will drive by the property rather than physically going inside.

A Home Buyers survey is something additional you can pay to have done on the property you are buying and will go into a lot more detail. They are done by chartered surveyors and they will create a report of any issues they come across and take pictures throughout the home. You can also ask them to give a valuation figure at an additional cost. Depending on the outcome of the survey you can then approach the seller and re-negotate the price or pull out from the sale if preferred. We can provide you with quotes from a local company we recommend in the Nottinghamshire area.