In today’s turbulent economy and housing market, getting your first mortgage can be a daunting prospect for potential buyers.
The turmoil of securing a mortgage is so strong that a report published in BuyAssociation suggests that 28% of millennials rate the mortgage process as one of the top three most stressful life experiences that they’ll face.
One of the things that can give buyers peace of mind is carrying out a mortgage valuation. This ultimately will highlight any existing or potential problems with the property that you’re interested in and give you an overall valuation of how much the property is worth.
What else do you need to know about surveys and valuations, and how can they help you in your search for your next home?
What is a mortgage valuation for?
The sole aim of a mortgage valuation is to provide the mortgage lender with assurance that a property is worth the amount that you are asking for. It’s important to note that a valuation is for the benefit of the lender rather than the buyer. Although the level of valuation can differ, you generally won’t be given in-depth information on the nature of any issues within the property. It’s usually the buyer who will need to pay for the valuation, and the price can vary depending on the size and nature of the property in question.
What is a survey?
A house survey differs because this is primarily for the benefit of the buyer and will highlight any major issues with the house before they commit to buying. For example, any potential structural issues that may cost them a hefty amount in a few years should be identified during a survey and may sway the buyer’s decision. If there are issues, it can give you an idea of future costs and whether or not you’ll be able to negotiate with the seller. A homebuyers report Kent suggests all buyers should consider a survey.
What types of surveys are there?
There are different levels of surveys, and a homebuyers report Kent may suggest different types depending on the age of the property.
Some will look only at major structural issues while others go into greater detail, examining outside factors such as large trees nearby, flooring standards, and window fittings.Tags: buyers