What kind of home survey do I need?
When you’re buying a home the list of formalities involved in the buying process seem endless. One of these formalities, home surveys, is vitally important. Read on to find out more about them!
Home surveys are a staple in the house buying process. This is for a number of reasons and they can play a large role in how you view your mortgage and remortgage valuation. In this article we’re going to show you what home surveys are, why you need them and which one you should go for. Read on to find out more!
What are mortgage valuations?
Whilst an estate agent can provide an estimated home valuation comparable to the house price, it’s a little different to a mortgage valuation. Mortgage and remortgage valuations are basically used as a means of working out how much a property is worth. This is to ensure that your property can offer a sufficient collateral for your mortgage. Therefore, as this is in the interest of the lender they will recommend you a company that they trust to evaluate your property. While this price varies, we estimate the average to be in excess of £300.
What is a home survey?
Home surveys are used to provide a more detailed assessment of a property’s condition. This will be vital when you’re getting a mortgage or remortgage valuation, as the surveyor will flag up any repairs that are needed to the property. This can range in importance from smaller reparations such as the type of glazing that is used within the property. In comparison with other issues such as whether there are any major problems with parts of the property and whether this will call for renovation.
So, what survey should you go for?
There are loads of different surveys you can go for. Let’s see what ones might suit you best:
- Home Buyers Surveys: These tend to be a slightly more conventional type of survey to go for and are usually priced in excess of £350. A home buyers survey will tell you all of the major problems with your property. However, the surveyor themselves will do this by not turning the property upside down. I.e. lifting up floorboards or sudden alterations to the property.
- Condition Reports: These are another great option for you if you are looking to supplement your remortgage valuation. This is to provide more relaxed indications as to whether the property is in need of repair. They do this by operating a ‘traffic light’ system. For example, if parts of the property are certified green then they are ok and if they are orange they should be looked at. Alternatively, if they are red then they will be a serious cause for concern. Condition reports can normally be priced at around £300.
- Building Surveys: These tend to be more expensive and are priced around the £500 mark. This is because they are far more extensive and will provide a highly detailed report once they have finished. This can include advice on repairs, what will happen if the repairs do not happen and a thorough check through of the whole property.
Mortgages Online has tonnes of info on everything to do with mortgages, including mortgage brokers, mortgage rates, first-time buyer’s guides, home insurance, life insurance and so much more. All of this, as well as our tailored mortgage search, for free! No credit card needed for our site. See what MO can do for you.