Do NOT rely on the mortgage valuation survey
When buying a new home, it is vital that you get it looked at by a surveyor, do not rely on the mortgage survey!
If you are getting a mortgage, the lender will instruct a valuation survey, but this will only look at the value of the property, not advise on the structural condition of the property or highlight any problems.
There are four main types of survey:
- Condition Report
- Snagging Survey
- Homebuyers Report
- Full structural survey, also known as a building survey
Choosing the Right Survey
Choosing which survey to instruct can be confusing but there are some simple guidelines to help you decide.
Very modern homes in good condition. This is the most basic survey and doesn’t investigate possible future repairs.
Suitable for new builds only. A snagging survey pinpoints defects and unfinished bits, so you can push the developer to correct them before completion.
Standard construction homes that are less than 50 years old. This is a government standardised ‘traffic light indicator’ report that advises on the general condition of the property. It includes a detailed visual inspection of all aspects of the property inside and out.
Full structural survey, also known as a building survey
Older, non-standard construction, listed properties or properties that have undergone major changes. This report is also worth considering it you wish to make major changes, such as an extension.
This is not a standard report like the Home Buyers Report and provides a more in-depth analysis of the condition of the property.
If you are unsure, speak to a qualified RICS surveyor or contact Inca Home Moves, who will be able to help with your decision.