A Valuation Report is a basic inspection of a house that may determine its value. A house surveyor will look at the property?s location and condition.
It?s vital that you note that a valuation report is not a house survey. A valuation survey provides an impartial look at the property's true market value to understand if what you're spending money on it is accurate.
In this guide, Compare My Move explore the costs and timescale of a Valuation Report along with the different type of property valuations available.
What is a Property Valuation?
A property valuation will assist you to set the value of your home and is a thing that both buyers and sellers will require throughout the moving home process. Here we list the different types of property valuation:
Valuation Report
A Valuation Report is an inspection and report of a property that may determine its value, commonly known as a Valuation Inspection and Report. It?s vital that you note, this is simply not a survey and won?t inform you of any structural harm to the house. A valuation report gives a sign of the value of the property and so it really is widely put on all property types.
A Property Valuation Surveyor will look at the condition and location of your property to provide an estimated value. It?s completed by a RICS registered property surveyor and is designed to help you set the cost of your house for selling. It will be needed when selling or buying more shares of a Help Buy home.
Mortgage Valuation
A mortgage valuation will also determine the value of your home. If you?re thinking about using a mortgage to get a property, you then?ll need a mortgage valuation to determine the property?s true value also to prove to your mortgage company you can spend the money for mortgage.
It is for the advantage of the lender and there are certain things they will look for in a home loan valuation. This valuation doesn't benefit the buyer and it shouldn?t be mistaken for a property survey. A mortgage valuation shouldn?t be relied on and you must always get yourself a property survey when investing in a house.
Estate Agent Valuation
An estate agent?s valuation will also help you set the value of your home. They'll use their expert local knowledge of the house market to price your house, looking at similar properties in your community, too. It's worth noting that you will need to compare at the very least 3 auctions valuations in terms of selling your home.
What Does https://blogfreely.net/builder574/what-you-should-know-about-real-estate-valuation Look For?
A Valuation Report is not as detailed as the other survey types available, simply offering you an overall valuation of the property and any obvious defects that could affect the price. It will not highlight any hidden problems which explains why a Homebuyers Survey is frequently recommended. You may also require a valuation alongside the Homebuyers Report, ensuring you obtain more for your money.
The valuation depends on the surveyor's knowledge of comparable prices regarding the local area and other research. The surveyor will only note down any obvious defects or damage that may affect the house?s price. Unlike the other survey types, you will not be advised on any maintenance or repair work needed. The health of the property is observed and visible issues like damp, electrical problems and obvious structural damage are highlighted. As it isn't as thorough as other inspections, the report is usually only 2-3 pages long.
The main things the surveyor may look for includes:
whether the property is of traditional, or non-traditional construction
a brief inspection of the property's overall condition
obvious signs of damp, structural damage, faulty wiring, roof damage etc.
if the building has been modernised or refurbished
whether the amount of bedrooms declared is accurate
how it compares to other houses in the local area