WHEN IS A VALUATION SURVEY REQUIRED?
Both buyers and sellers can benefit from getting a valuation survey carried out. It can allow sellers to set a realistic price for their home, helping it to sell faster, whilst buyers can learn if what they’re paying for it is accurate. Whether you’re buying or selling a home, understanding a valuation can be an important tool when you’re venturing into the property market.
You may also decide to get a valuation survey carried out if you want to remortgage. Although it’s not usually essential, it can be a good idea if property prices have risen. This is because rising prices tend to mean a better loan-to-value ratio (LTV). Loan to value is a measure used by lenders to determine how much you can borrow and what deals you could be eligible for. You may also consider getting a valuation survey if you’ve had renovation works carried out on your property, such as converting your loft or adding an extension. If you believe your home’s value has increased since it was last valued, it’s worth getting a professional valuation.