When buying a property you will probably think about having some kind of survey done. In most cases you will have to organise your own survey. Your mortgage company may complete a valuation. However you may wish to organise a survey as well for your own peace of mind.
So what is a survey?
According to RICS, the professional body that represents Surveyors, A Home Survey is an in-depth visual inspection of a property. At the end of inspection, the surveyor produces a report. This provides an expert account of the property’s condition and highlights any problems. If using a RICS Surveyor, the report communicates these in clear and easy to understand ‘traffic light’ ratings.
What are the options available?
There are 3 different options of home survey available, to allow you to choose which best suits your needs:
- A Home Condition Report: The simplest (and cheapest) of the options, this report describes the condition of the property. It identifies any risks and potential legal issues and highlights any urgent defects. It is most suitable for conventional or unmodified properties and new homes. These are less likely to have significant issues.
- A Home Buyers report (may include a valuation): This mid-range option is most suitable for conventional properties which are in reasonable condition. It gives more detailed information than a Home Condition Report about the current state of the property and any remedial works required or issues to be aware of. It can include a valuation for mortgage and insurance purposes (though be aware this may be done separately by your mortgage provider).
- A Building Survey: This is the most expensive option – but the most comprehensive. It is particularly useful for larger or older properties or if you are planning to do substantial work to a property. The survey provides an in-depth evaluation of the current property condition. It includes advice on any issues that need to be addressed or repairs that are required.
Why would I need one?
For most of us, property is the biggest investment we will ever make. Whether you plan to live in a property or rent it out, you still want to be aware of any potential issues before you part with your hard-earned money. A survey delivers expert advice on the condition of the property. This enables you to make an informed choice. It helps to ensure that your dream home does not become a disaster.
How can I find out more?
You can find out more about the importance of surveys and the different types available on the RICS website http://www.rics.org/uk/. Their online tool enables you to search for registered surveyors in your local area. You could also ask for recommendations from your estate agent or solicitor.
At Check 4 Houses we are passionate about supporting people through the sometimes stressful and emotional challenge of purchasing a property. We offer personal contact from start to finish. As local property experts we know the towns and cities of Fleet, Farnborough, Aldershot, Basingstoke, Camberley, Yateley and Farnham inside out. Our internet based approach means we can sell your home from just £599 or 0.5% +VAT – saving you thousands in agency fees. Please give us a call for a no obligation valuation of your home on 01252 819725 or email firstname.lastname@example.org.