FAQs
Frequently Asked Questions & Answers
Why is it important to have a survey?
A home survey is a crucial document for any prospective homeowner.
It offers a detailed understanding of the property, including its current state, possible defects, areas for improvement and where required, an estimated costs of repairs.
A survey is an initial step towards making an informed decision about purchasing a property.
It’s also important to note that some lenders may require a recent survey before agreeing to a mortgage offer.
Choosing a RISC-qualified surveyor to complete your survey is advisable, as they qualified to formally assess the condition of a property, and assess properties based on objective rules and guidelines.
It offers a detailed understanding of the property, including its current state, possible defects, areas for improvement and where required, an estimated costs of repairs.
A survey is an initial step towards making an informed decision about purchasing a property.
It’s also important to note that some lenders may require a recent survey before agreeing to a mortgage offer.
Choosing a RISC-qualified surveyor to complete your survey is advisable, as they qualified to formally assess the condition of a property, and assess properties based on objective rules and guidelines.
Which survey should I choose?
Choosing the right property survey is an essential decision for any potential buyer. The type of survey required usually depends on factors such as a building’s age, it’s current condition, the materials used, and any renovation plans.
Please use our Helping you choose the right survey guide on our Services page for further support with selecting the right survey for you.
Please use our Helping you choose the right survey guide on our Services page for further support with selecting the right survey for you.
Can I ask questions after the report is complete?
We welcome any questions you may have. This may be before you book a survey with us, at the time of the survey, or after the survey and report is complete. Please contact us at any stage .
When are reports completed?
We aim to send you the completed report within 7 working days of completing the survey.
What are the costs involved in a Home Survey?
The cost of surveys vary depending on the property’s size and complexity.
The price of a survey can also be determined by the survey level selected, the property’s location and market value.
Please contact us for a personalised quote.
Why is a Residential Valuation important?
Whether you are buying, selling, or gifting a property, it is helpful to get an accurate assessment of its market value. The ‘market value’ is how much a buyer would be happy to pay and at the same time reflects the amount that a property seller would be willing to accept.
You may not be able to proceed with a mortgage for purchasing a property, or a sale of a shared ownership property, without a residential valuation from a valuation surveyor.
You may not be able to proceed with a mortgage for purchasing a property, or a sale of a shared ownership property, without a residential valuation from a valuation surveyor.
Why should I use a surveyor for a Residential Valuation?
Valuation surveyors and estate agents all use expert judgement to value houses. However, the methods and aims of the valuations can vary, and their valuations will often differ.
Surveyors provide residential valuations, whereas estate agents offer valuation appraisals.
RICS summarise the differences in their document ‘A Guide to Residential Property Valuations, (2019)
Valuations
- Valuation is designed to reflect a fair and accurate market value that a willing buyer and purchaser would both accept
- Surveyors are trained to spot serious defects in your home that may affect value
- Surveyors have access to large databases of local ‘under offer’ prices. The find similar properties to help them determine a home’s value
- Surveyors must look at a minimum of 3 comparable properties when valuing a property
- Surveyors are accountable for their valuation. If they are challenged and cannot provide evidence to support their valuation, they can be sued
- There is no risk of bias. If a surveyor has a conflict of interest, they are not allowed to value the property
- Valuation is designed to reflect a fair and accurate market value that a willing buyer and purchaser would both accept
Appraisals
- Valuation appraisal is designed to generate a sale. The agent may value high to maximise returns for both themselves and their client, or low to encourage a bidding war
- Estate agents focus on cosmetic aspects of a property that are likely to affect the chances of a sale
- Estate agents can look at sold prices or under offer prices from their own portfolio, but cannot access to the detailed databases available to surveyors
- Estate agents are under no obligation to consider the prices of other properties when making a valuation
- Estate agents cannot be held to account for the estimated value they provide
- Estate agents earn commission from listings and sales. A desire for a quick sale or high commission could bias their valuation. The value could be adjusted to persuade you to market with them instead of a competitor
