Home surveys are crucial, as buying a property is likely to be the biggest single purchase of your life. A survey is basically an inspection of the condition of a property. There are various different surveys available, but generally the more in depth it is, the more you will find out.
Home Buyers Report London
Also known as a HomeBuyer Survey, this report is ideal for a property that isn’t very old, appears to be in reasonable condition and hasn’t had any major reconstruction or alterations made. The surveyor will only report on areas that are visible and accessible. This report is useful for determining whether the asking price is reasonable. The report is set out with ratings of different elements of the property and highlights obvious and important issues that could affect the value of the property. For help with a HomeBuyers Report London
Building Survey
Otherwise known as a Structural Survey, this is a more detailed report following an inspection of the interior and exterior of a property including visible and non-visible structural aspects. This report is ideal for those looking at an older property, one that has had significant alterations or made from an unusual material, such as thatch. The survey checks for issues like rot, damp, wood worm and proximity of hazardous trees, for example. The report will also contain advice on repairs and future maintenance requirements.
Mortgage Valuation Survey
This is provided by your mortgage lender, for which a fee is payable. A valuation specialist looks at the property and determines whether it is worth what has been negotiated and any issues that might impact the loan. It will not normally contain a valuation unless you request one.
RICS Condition Report
This is a version of the HomeBuyer Report but doesn’t include a valuation element. It will detail the condition of a property and is designed to supplement a Mortgage Valuation Survey.
Worried about the cost?
You might see surveys as an additional cost at a time when your money is already being stretched. However, consider that the cost of surveys will be far less than the potential cost of repair work if you purchase a property with significant issues that you were not aware of.
The Mortgage Valuation Report cost will vary depending on the type of house, purchase price and number of bedrooms, for example.
The HomeBuyer Report cost also varies depending on property type but is generally between 400 and 1000 pounds.
Building Surveys are the most detailed of reports, and this is reflected in their price. You could pay anywhere between 500 and 1300 pounds, which seems like a lot of cash but when you consider the risks of investing in a property with countless hidden problems, it is a sensible decision to have one done.
