Difference between valuation and survey

December 15, 2020

 

As we have specified many times in the past, a valuation is NOT a survey. It is important to understand the differences between each as they are both:

A valuation involves a simple check, generally carried out on behalf of a mortgage lender or a cash buyer to ensure the property is worth the asking price. This doesn’t include a check of the condition of the property and should not be relied upon.

A house, home or property survey involves an inspection of a property which is undertaken by a qualified surveyor, who then converts the information gathered during their visit and inputs this into the survey. This is given to the customer to review the true condition of the property.