Surveys, Home Buyers Report
Is it worth having a Survey?
There are many costs associated with buying and selling a home, so you may be wondering if paying for a survey is a necessary cost. Your new home is probably the most expensive purchase you have ever made, for such an expensive purchase, we know it is. A survey can give you peace of mind, if the property is in good condition you are reassured, if a few repairs are advised you are informed and if there are serious issues, you can avoid what could quickly change your dream home into a nightmare.
RICS Accredited
The Royal Institution of Chartered Surveyors (RICS) is a recognised governing body for surveyors. It offers and enforces consistent professional qualifications and industry leading standards. This means all members are held to the same standard. As a governing body, RICS traces its roots back to 1792 with the Surveyors Club.
RICS surveys are trusted inspections of the property, its services and grounds. The survey is usually undertaken after your offer of purchase has been accepted. A survey will give you an understanding of the condition of the building. It will give you peace of mind if the building is in sound condition or, alert you of required repairs and, forewarn of potential issues which can be prevented, by conducting repairs before the condition escalates, and results in expensive remedial works.
When is a Survey Instructed?
Surveys can be instructed at different times during the life of a property.
When buying a property and the seller has accepted your offer it is at this stage an instruction is submitted. Surveys which uncover extensive work or expensive findings may mean you reconsider or withdraw your offer. You may reduce your offer or be open to negotiate a fairer asking price in light of the survey’s findings.
Prior to putting your property on the market, a seller or landlord may instruct a survey to pre-empt and address any potential issues. This could increase the likelihood of getting the full asking price and a smoother selling process.
Peace of mind is also something a homeowner would like even when they are not selling. A survey will give a homeowner either confirmation their home is in good condition or will highlight areas which need to be attended to, some issues, if left can result in extensive works.
Types of Surveys
Building Survey/Level 3
Provides detailed information about the property’s structure and fabric including visual inspection of the roof space, ground floors and services, noting any potential problems, advising on suitable repair options and explains the consequences of not acting. Suitable for listed buildings.
Homebuyer Report/Level 2
Intended for conventional and residential properties that have not been subject to significant alterations since construction. Identifies urgent or serious problems, gives advice on steps needed to investigate, repair and resolve any defects identified.
A Basic Valuation
A professional report on a property’s current market value and also includes a reliable opinion on the cost of rebuilding for insurance purposes. This is the report most mortgage lenders will insist on. A Valuation is not a survey of the property and it will not give you a full understanding of the condition of the property.
Our consultants here at Financial Advice Hub will discuss your needs, the type of property you are purchasing, selling or currently own, and recommend then book the relevant RICS accredited survey on your behalf.