A Valuation is not a Survey!

I recently had a conversation with a prospective client who was looking to commission me to carry out a survey on their potential new home. They’d decided to go for a survey on this occasion as their first house purchase was a difficult experience fraught with problems after moving in.

It would appear that they were of the impression that the mortgage valuation carried out by the bank's surveyor would protect them if anything was wrong!...sadly it will not. Sadly this is not the first time I've had this conversation either!

A survey should not be confused with a mortgage valuation report. The mortgage valuation will give your mortgage lender assurance for its loan. It will not give you an assessment of the condition of the property, or advice about repairs and maintenance.

Interesting fact.....According to a recent survey of home buyers, of the one in four who relied solely on a mortgage valuation report, 25% needed to undertake unplanned work in the first year, amounting to an average cost of over ￡1,100 (RICS/GfK NOP Business research)

What makes people chose not to have a survey I wonder?....cost?...lack of information?...Previous experiences?...Although cost, in my humble opinion, should never be an excuse not to commission a more detailed survey, as there are always plenty of options available, even if it's a first-time buyer on a shoe string budget!

Interestingly, we also very often receive positive feedback from clients, suggesting that the survey has facilitated a price correction to cover such potential future financial liabilities. The survey follow-up and de-brief are absolutely critical to this process. This for me, is the most enjoyable part of our job, as it feels like we're making a positive difference to someone's life...after all...it is usually their 'forever' home!

As always, would welcome others thoughts and shared clients experiences or success stories!....

Ian Bullock, MRICS Carpenter Surveyors