Which Type Of Building Survey Is Best
Building Survey… Whether you’re looking purchase for a residential or commercial property it obviously represents a major investment decision. Therefore by instructing your chartered surveyor to survey the property before committing yourself legally to a purchase, you are significantly reducing any risks. It will help you to make a considered and informed decision on whether or not to proceed with the purchase.
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Typical results from a survey would be whether:
- Agreed price is reasonable and not over-priced in the current market place
- There are no obvious or underlying problems with the property
- What would need to be done to correct any issues identified in the survey
- Price is a true reflection based on the condition of the property
- To continue with the purchase or perhaps even re-negotiate the sale price
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What if I already have a Mortgage Valuation though?
Even though you may already have paid for a Mortgage Valuation Report it is still advisable to arrange to have your own survey, produced by your choice of surveyor. Despite the fact you have paid for it, the Mortgage Valuation Report has been prepared for your lender.
It supplies them with answers regarding the security of the property for loan purposes. Often lenders do not provide you with a copy of this report. It will also not necessarily address any issues or concerns you may have regarding the condition of the property.
There are two main types of surveys offered by your local surveyors which are specifically designed to help homebuyers:-
#1=> Building Survey
These were formally referred to as ‘Full Structural Surveys’ and are essentially a more expensive yet extremely detailed report on the property. Typically recommended where properties are:
- Of an unusual construction
- Have undergone major alterations
- When the purchaser is planning their own renovations or conversions to the property
Surveyors will also closely examine the condition and structure of the building, recording both significant and minor defects in their report. These reports can be customized to your needs and contain detailed technical information on both construction and materials used.
#2=> RICS HomeBuyer Survey
Sometimes known as a ‘HomeBuyer Report’, this survey was designed by the Royal Institute of Chartered Surveyors (RICS) as a more economical way of reducing the risk to buyers when purchasing property. This report comes in a standard format and differs from a Building Survey in various aspects, namely:
- Appropriate for buildings such as flats, bungalows and houses that are of a conventional style and construction
- Where the property appears to be in reasonable condition
- The surveyor will highlight what they believe to be the most significant issues and how urgently they need attention
- Contains the surveyor’s view of the current open market value of the property and an estimated re-build figure for building insurance purposes
- Their opinion on any issues that if not dealt with could affect the value of the property
- The report also covers the inside and outside of the building as well as the services and the site itself
- Identifies any specific risks associated with the property including the location or local environment
- Includes advice on any actions or decisions needed before exchanging contracts