Notes

What is a Valuation Report?
A Valuation Report is really a basic inspection of a house that may determine its value. A property surveyor will look at the property?s location and condition.

It?s vital that you remember that a valuation report is not a house survey. A valuation survey provides an impartial consider the property's true market value to learn if what you're paying for it is accurate.


In this guide, Compare My Move explore the expenses and timescale of a Valuation Report in addition to the different type of property valuations available.
Exactly what is a Property Valuation?
A property valuation will let you set the value of your house and is a thing that both buyers and sellers will need throughout the moving home process. Here we list the different types of property valuation:

Valuation Report
A Valuation Report can be an inspection and report of a property which will determine its value, commonly referred to as a Valuation Inspection and Report. It?s important to note, this is not a survey and won?t show you any structural damage to the property. A valuation report gives a sign of the value of the property and so it might be widely applied to all property types.

A Property Valuation Surveyor will look at the condition and location of your property to provide an estimated value. It?s carried out by way of a RICS registered property surveyor and is designed to help you set the price of your home for selling. It will also be needed when selling or buying more shares of a Help to Buy home.

Mortgage Valuation
A mortgage valuation will also determine the value of your house. If you?re thinking about using a mortgage to purchase a property, then you?ll require a mortgage valuation to look for the property?s true value and to prove to your mortgage company you can spend the money for mortgage.

It is for the benefit of the lender and there are specific things they will search for in a mortgage valuation. This valuation doesn't benefit the buyer also it shouldn?t be recognised incorrectly as a property survey. A mortgage valuation shouldn?t be relied on and you also must always get yourself a property survey when buying a house.

Estate Agent Valuation
An estate agent?s valuation will also help you set the worthiness of your home. They will use their expert local understanding of the property market to price your home, considering similar properties in your community, too. It's worth noting that you'll need to compare at the very least 3 estate agents valuations in terms of selling your home.
What Does a Valuation Surveyor Look For?
A Valuation Report is not as detailed as the other survey types available, simply offering you a standard valuation of the house and any obvious defects which could affect the price. It will not highlight any hidden problems which explains why a Homebuyers Survey is frequently recommended. You may also ask for a valuation alongside the Homebuyers Report, ensuring you get more for your money.

The valuation will be based on the surveyor's understanding of comparable prices concerning the local area along with other research. The surveyor will only note down any obvious defects or damage that may affect the property?s price. Unlike another survey types, you will not be advised on any maintenance or repair work needed. The condition of the house is observed and visible issues like damp, electrical problems and obvious structural damage are highlighted. As Great site 's not as thorough as other inspections, the report is usually only 2-3 pages long.

The primary things the surveyor may search for includes:

if 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 comes even close to other houses in the neighborhood area

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