KNOWLEDGE SERIES - MORTGAGES
Types of property valuations
When you are purchasing a property it is important to consider different types of property surveys because they provide
valuable information about the condition and characteristics of a property. These surveys can help buyers identify any potential issues or repairs, establish property value, assesses the energy efficiency of a property and provide insight into property condition. Below you can find a list of surveys you may wish to consider when purchasing your property:
Types of property valuations
When you are purchasing a property it is important to consider different types of property surveys because they provide
valuable information about the condition and characteristics of a property. These surveys can help buyers identify any potential issues or repairs, establish property value, assesses the energy efficiency of a property and provide insight into property condition. Below you can find a list of surveys you may wish to consider when purchasing your property:
- Valuation Survey: This is the most basic type of survey and is typically conducted by mortgage lenders to determine the value of the property. It is not a comprehensive survey and does not provide detailed information about the condition of the property.
- Homebuyer's Report: This is a more detailed survey than a valuation survey and is suitable for most conventional properties that are in reasonable condition. It provides information about the property's condition and highlights any significant issues that may need attention. It also includes a valuation. This type of survey is normally commissioned by a buyer outside the formal mortgage application process.
- Building Survey (formerly known as a Structural Survey): This is the most comprehensive type of survey and is recommended for older properties, those in poor condition, or if you're planning major renovations. It provides a thorough assessment of the property's structure and condition, including potential problems and necessary repairs.
- Energy Performance Certificate (EPC): An EPC assesses the energy efficiency of a property and provides a rating from A (most efficient) to G (least efficient). It's required when selling or renting a property.The choice of survey depends on the type and age of the property, as well as your specific concerns and requirements. It's important to select the most appropriate survey to ensure you have a clear understanding of the property's condition before making a purchase. Always consider seeking professional advice when deciding which survey is right for your situation.
