Property Valuation Report
A property valuation report is designed for the home buyer to confirm the exact value of the property they are purchasing, before moving in. They are the most basic type of survey available and do not pick up on any faults or defects that will be identified in other kinds of surveys.
It is important to note that this kind of survey is different to a mortgage evaluation. The mortgage evaluation is carried out to reassure the lender that the buyer will be able to make the repayments successfully. The objective of a property valuation report is to provide the homebuyer with a similar sense of reassurance that they are paying a fair price for the property. Effectively, this type of report is there to prevent the purchaser from overpaying for their new home.
This type of report is carried out by a surveyor, who will carry out an independent assessment to determine the true value of the property. They will consider market trends and recent sale prices in the area as part of their valuation. This provides an impartial opinion from an expert, that in turn informs the buyer of whether the asking price is justified or not.
Although it may not seem like a necessary expense, a property valuation report will prevent the risk of a purchaser paying too much for their new home. For this reason, it is recommended to homebuyers that they carry out this kind of survey before signing any contracts.
A good online conveyancing service will offer a valuation report as part of their service. At Move Home Hub, we offer a range of surveys to deliver the ultimate online conveyancing experience to our customers throughout the United Kingdom, by facilitating a range of property surveys!
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