When buying a property the Consumers' Association says that having a full survey carried out by a Chartered Surveyor makes good sense and could save thousands in costly repair bills. Research shows that the average cost of unplanned repairs is £1,800.
However, there are some circumstances in which you may require a valuation report.
Valuations are necessary for matrimonial purposes, inheritance tax and probate or when buying or selling a property held under shared ownership etc. Graeme Potts can provide a valuation report which is similar in detail and scope to a mortgage valuation. This type of report only contains brief comments on the condition of a property and may recommend that a more detailed report is necessary.
The reinstatement value of a property is required to ensure that it is adequately insured. It is the cost of rebuilding the property from scratch following fire or some other disaster.
The reinstatement value is always provided within a valuation, Homebuyer Report, or Building Survey.