Buying a property is a stressful time and before you get to the exciting part of moving in, there’s a lot to consider.

From finding the perfect home (and at the right price) to waiting around, exchanging contracts and of course, surveys, a lot goes into the sale and purchase of a property - especially if you’re doing both!

With various survey options to choose from, it can be difficult to differentiate between them.

And, people often confuse a home survey with a mortgage valuation, so let’s explain them both.

What is a home survey?

Before the sale of a house is completed, it is wise for the buyer to enlist the help of a professional RICS property survey to carry out thorough inspections of the property, its land and surrounding areas.

Depending on the level of home survey chosen or advised by a RICS surveyor, this will include looking at the structure of the property, its condition, any areas that may require extensive maintenance as well as inspecting particular elements.

The aim of a home survey is to highlight any areas that could arise unexpected costs in the future. From damp and mould to materials that are deemed unsafe, a property survey supplies buyers with a detailed report, providing them with information that they would be unable to obtain elsewhere.

Do I need a RICS home survey?

Whilst a property or home survey isn’t a legal or mandatory requirement, it is something we heavily advise.

Without a survey, you simply don’t know what you are buying or the condition the property may be in.

The decision is entirely yours, however there are plentiful risks of purchasing a property without having a survey and inspection done to assess its condition - at the very least.

What is a mortgage valuation?

If you have just had an offer accepted on a property, then the housing buying process has really begun.

The first step after having an offer accepted, is a mortgage valuation.

A mortgage valuation is an assessment that is carried out by a lender to determine the market value of a property.

This valuation helps the lender decide whether the property is worth the amount the buyer wishes to borrow.

Entirely different from a full property survey, a mortgage valuation is intended for the lender’s benefit and focuses primarily on the market value of a property rather than its condition.

Do I need a mortgage valuation?

A mortgage valuation is mandatory, and is something that is requested by banks and lenders so it is something you must have when going through the property buying process.

This valuation is put into place to ensure that buyers aren’t purchasing a house that isn’t worth its estimated value and guide price.

If you’re buying a property or a home and require the support of a certified RICS surveyor based in the Midlands, then get in touch today!

For further information or to speak to a member of our team, please email hello@btbsurveyors.com.