Surveys
Buying a home is probably the largest investment you will ever make. It is important you know exactly what you are buying.
Before you commit to a purchase you should ask yourself:
- Does the property have any defects which may be costly to rectify?
- Do these defects affect the price you are paying?
You have two options available to help you get these answers:
- You can rely on the valuation commissioned by your lender (if you are getting a mortgage) OR
- You can arrange an independent survey
The Law Society recommends that you commission a survey
An independent survey is important as the valuation carried out by the lender is only for their benefit. This valuation will only tell the lender the information they need to decide if the property is worth the money they will be lending you. In many cases you will not even see a copy of the report.
You should commission a survey as soon as the seller has accepted your offer, as once contract are exchanged you are liable for remedying any defects later found.
There are three types of surveys to choose form:
RICS Homebuyer Survey and Valuation Report
This economy service devised by the Royal Institution of Chartered Surveyors focuses on the defects and problems that are significant, urgent and affect the value. It is only suitable for properties since 1900 and conventional in type and construction. Wiring, drainage and gas are not covered so you may require a specialist to check them for you. The report is written in a standard format and includes a valuation.
Accredited Surveyors Home Survey Report
This is the same as the RICS report but provides a condition rating for each part of the property so the relative ‘seriousness’ of defects can be easily assessed. This report is always delivered electronically.
Residential Building Survey
This is a far more comprehensive survey that examines the property from top to bottom. Gas, drainage and wiring will be inspected and the history and the structure of the building including potential future problems will be considered. A Building Survey is suitable for all types of properties and is particularly suited to properties of unusual constructions, built before 1900 or extensively altered/extended.
Whichever survey type you commission the benefits to you as the buyer are likely to far outweigh the costs.
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