PROPERTY SURVEYS
Buying a property to live or work in is the biggest financial commitment most people ever make. The right survey will almost certainly draw your attention to defects that you didn’t know existed, or the seriousness of which you may not have appreciated. It enables you to make an informed, objective and considered decision and, in many cases, to renegotiate your purchase price.
RICS research estimates that one in five buyers who did not commission a survey find they need to spend an average of £5,750 dealing with defects that they did not know about. Suddenly a modest investment which is usually between £350 and £1000 in a building survey or homebuyer report becomes money well spent in protecting your money and your biggest asset. Building surveys and homebuyer reports are designed to give you the information you need to make an informed and sensible offer on your future home.
Do not be confused by the valuation survey your bank or mortgage lender provides. This is an inspection carried out on behalf of your mortgage lender to determine the amount (value) and terms of a mortgage offer. A valuation is not a detailed survey and you should not rely on it. If you have a low loan to value, the surveyor may simply undertake a drive-by inspection and not even go inside the property.
What’s the difference between a building survey and a homebuyer report?
The two most common types of building survey are the Homebuyer Report (or, Home Condition Survey) and the building survey.
Homebuyer Report
The RICS Homebuyer Report, and SAVA Home Condition Survey, are level 2 surveys. They are most suitable for conventional properties built from about 1880 onwards and which are in reasonable condition. The report will describe the condition of the property, identify any risks and potential legal issues and highlight any urgent defects. It also includes advice on defects that may affect the value of the property with repairs. The inspection and report are detailed but less comprehensive and briefer than a building survey.
Building Survey
The Building Survey (previously known as a full structural survey) is a level 3 report and is recommended for larger or older properties, or if you are planning major renovation works.
This is the most comprehensive report, it includes the inspection as per a level 2 survey but adds an in-depth analysis of the property’s condition, including advice on defects, repairs and maintenance options.
You can get a Quote for a survey you need here or, give us a call on 01823 429823 and you can discuss the best option for your prospective home.
PROPERTY SURVEYS
Buying a property to live or work in is the biggest financial commitment most people ever make. The right survey will almost certainly draw your attention to defects that you didn’t know existed, or the seriousness of which you may not have appreciated. It enables you to make an informed, objective and considered decision and, in many cases, to renegotiate your purchase price.
RICS research estimates that one in five buyers who did not commission a survey find they need to spend an average of £5,750 dealing with defects that they did not know about. Suddenly a modest investment which is usually between £350 and £1000 in a building survey or homebuyer report becomes money well spent in protecting your money and your biggest asset. Building surveys and homebuyer reports are designed to give you the information you need to make an informed and sensible offer on your future home.
Do not be confused by the valuation survey your bank or mortgage lender provides. This is an inspection carried out on behalf of your mortgage lender to determine the amount (value) and terms of a mortgage offer. A valuation is not a detailed survey and you should not rely on it. If you have a low loan to value, the surveyor may simply undertake a drive-by inspection and not even go inside the property.
What’s the difference between a building survey and a homebuyer report?
The two most common types of building survey are the Homebuyer Report (or, Home Condition Survey) and the building survey.
Homebuyer Report
The RICS Homebuyer Report, and SAVA Home Condition Survey, are level 2 surveys. They are most suitable for conventional properties built from about 1880 onwards and which are in reasonable condition. The report will describe the condition of the property, identify any risks and potential legal issues and highlight any urgent defects. It also includes advice on defects that may affect the value of the property with repairs. The inspection and report are detailed but less comprehensive and briefer than a building survey.
Building Survey
The Building Survey (previously known as a full structural survey) is a level 3 report and is recommended for larger or older properties, or if you are planning major renovation works.
This is the most comprehensive report, it includes the inspection as per a level 2 survey but adds an in-depth analysis of the property’s condition, including advice on defects, repairs and maintenance options.
You can get a Quote for a survey you need here or, give us a call on 01823 429823 and you can discuss the best option for your prospective home.
