Do I need a property survey for my mortgage in Ireland?

Do I need a property survey for my mortgage in Ireland?

Answer:

A survey is usually not needed for the bank unless the property is old (100 years +).  The bank will, however, need a Valuation to make sure the property is worth the loan amount.   While your bank may not explicitly require a property survey for your mortgage, getting one is highly recommended. 

Here's what you need to know:

Valuation vs. Survey:

A property Valuation only assesses the market value and doesn’t identify structural issues or potential pitfalls. Lenders usually require a property valuation to ensure it is worth the loan amount.

A property Survey provides a detailed examination of the property’s condition, identifying defects such as dampness, structural weaknesses, boundary discrepancies or matters of planning/building regulation non-compliance.

Protect Your Investment: A survey ensures you are fully aware of any potential repair costs or any possible legal issues before completing the purchase.

Survey Types: Choose the appropriate survey type based on the property’s age and condition, such as a structural survey, snag list (for new builds), or condition report.

Although a survey may not be a formal requirement from the bank, it’s an essential step to safeguard your financial investment and avoid costly surprises after purchase.

If you have more questions about surveys or the home buying process, Beam can guide you through every step. letsbeam.ie