Why do I need my own Property Survey?
The best way to reach an informed decision on such an important investment as a home is to have a professional survey and valuation of the property which interests you. Before you decide to go ahead and commit yourself legally, you can minimize the risks by asking a qualified surveyor to answer these questions for you:
- Is the agreed price reasonable?
- Are there drawbacks I don’t know about?
- If so, what do I need to do about them?
Commissioning your own survey is the simple, economical way to avoid unpleasant – and perhaps costly – surprises after moving in. In some cases, the surveyor’s report may enable you to renegotiate the price.
What choice of surveys do I have?
RICS members also offer two forms of survey which are specifically designed to help homebuyers:
A Building Survey
(formerly called a structural survey)A Building Survey is suitable for all residential properties and provides a full picture of their construction and condition. It is likely to be needed if the property is, for example, of unusual construction, is dilapida
ted or has been extensively altered or where a major conversion or renovation is planned. It is usually tailored to the client’s individual requirements. The report includes extensive technical information on construction and materials as well as details of the whole range of defects, major to minor.
The Homebuyer Survey & Valuation
(usually called ‘The Homebuyer Service’)By contrast, The Homebuyer Service is in a standard format and is designed specifically as an economy service. It therefore differs materially from a Building Survey in two major respects.
It is intended only for particular types of home:
houses, flats and bungalows which are:
It focuses on essential: defects and problems which are urgent or significant and thus have an effect on the value of the property – although it also includes much other valuable information.
The Homebuyer, unlike a Building Survey, provides not only a survey but also a valuation as an integral part of the Service.
