A valuation is not a home survey
Home buyers are often confused about their lender’s valuation. Many still believe their valuation is a survey and is being done for their benefit.
Increasingly, lenders take a risk-based approach and might well use an automated valuation model which can result in nobody physically visiting the property.
Independent research by the RICS found that on average homebuyers spent £5,750 on unforeseen repairs when they moved into their new home. The vast majority will have relied on the lender’s valuation only.
The short film below explains how an RICS Home Survey from an RICS-qualified professional will ensure you know as much about the condition of the property before you commit to buy it.