You’ve finally made a decision to purchase that dream property, and the bank valuation has come back, and they have said “Yes”.


However, wait. What does, that bank valuation mean?

Well, that’s how much the bank is willing to lend on your dream property, that’s all!

So, what are they not telling you, and what do you need to know?

Well, there are three things that the bank doesn’t inform you when they say, Yes we’ll lend you the money;

1. The valuation is not for your benefit. It’s for the bank.

2. The assessment will not highlight building faults or defects.

3. There are home surveys that can save you thousands on repairs and help you negotiate the price of the property if you wish to do so.

There’s a difference between a valuation and a RICS property survey, and many people are not aware of the difference.

The valuation aims to assess if a property is worth the agreed sale price before the lender approves your mortgage. The report may note obvious problems affecting the property’s value, but it won’t give you a full picture of its condition.

Your future home is likely to be the most expensive purchase you’ll ever make, so getting a survey done is essential to protect it. Depending on the type of property you buy, there are different types of home surveys available.

Different types of home surveys available

The condition report provides an independent assessment of the condition of the property but does not include a valuation. It follows a standard format and uses a simple traffic light system to flag up any issues that need urgent attention.

The Homebuyer Survey is suitable for homes that are of a traditional type and construction also in reasonable condition. With colour-coded condition ratings and comments on defects plus advice on repairs needed, the Homebuyer Report can give you an indication of what issues the property has and a valuation.

The Building survey includes the fabric and condition of the property as well as defects, repairs and maintenance advice. We recommend the Building Survey for properties that have been significantly altered, needs renovation or is of unusual construction.

Remember, the Property Valuation is there to provide property value information to your mortgage provider. Whereas the RICS Property Survey is there to provide specific property information, including legal issues, maintenance and items of disrepair; so that you can make an informed decision upon the purchase your desired property.

If you’re buying a property and need further advice or information, please visit our website shape surveyors to get an overview of what is the best survey for you.

Alternatively, call us on 0333 7729 516 to discuss the best service to protect your Investment