Myths Busted About Property Surveys

The Royal Institute of Chartered Surveyors (RICS) have, since 2016, offered two types of services for homebuyers – the RICS Survey and Valuation Survey – and since that date a homebuyer report without a valuation.

The difference between the two is clearly explained by the RICS at their website.
Getting a survey of a property you are thinking of purchasing is crucial, but there are some misconceptions that you need to be informed about.


Image Credit: https://www.homebuilding.co.uk/surveys-for-old-homes/

Valuation

Buyers often assume that because the property has been valued, they do not need a survey, but it is important to understand that a valuation is provided for the mortgage provider to ensure they are lending on a property which is worth the sum you are borrowing. This may not be the full amount you are paying for the property. A survey, meanwhile, will mean a thorough inspection of the building and …