When you are going through the process of buying or selling a property, there are many steps you must take before completing the purchase. One of these is valuation.
Property valuation assesses how much your home or property is worth based on multiple factors. This shows you how much your home would be put on the market for if you were to sell it.
There are many kinds of property valuation, depending on the kind of building you wish to sell you may have to explore different avenues.
A basic valuation is usually given by your mortgage lender, which is done to ensure they are not lending you more than what your property is worth.
If an inspection concludes that the property is actually worth less than the mortgage applied for, they may withdraw lending offers or give conditions, such as carrying out specific work or improvements.
A condition report is a survey that gives an overview of the condition of the property you wish to buy or sell, including any potential risks. This kind of report does not include a valuation so would have to be taken out separately.
A homebuyer report is usually carried out by those wishing to buy rather than sell and gives the buyer an idea of the condition of the property they want to purchase, including an estimated cost of repairs and improvements.
These can also give buyers the information needed to open negotiations with the seller to lower the price of the property if they show that excess repair work will be necessary.
A building survey, or structural report, is a fully comprehensive, in-depth survey of a property and gives detailed information about any problems prior to finalising a purchase.
Looking for an independent mortgage broker in Liverpool? Contact Cassidy Mortgages today.