WHAT SURVEY DO I NEED WHEN BUYING A HOME?
Buying a home is one of the biggest purchases a person will make in their life, so you can see why a lot of people want to be as confident and as assured as they can be in this situation.
Some people say that this type of survey is unimportant and just another expense during a costly period of your life. However, if there are any issues with a property, it is always best to be aware of them as early in the process as possible. Information contained with a survey will often ensure people avoid making the costliest mistake of their life and for peace of mind, obtaining a survey makes perfect sense./p>
A property survey should be undertaken by a qualified professional, with the majority of qualified surveyors holding membership of the Royal Institute of Chartered Surveyors, or RICS. It is best to call on the services of a RICS qualified surveyor because they will hold professional indemnity insurance. It can also be a good idea to call on a professional who has experience of homes in the area you wish to buy or in the style of home you wish to buy./p>
There is no set cost of a valuation and you will find that costs can differ between firms, by your location and by the size of your property./p>
While surveys can provide great insight into the condition of a property or whether any additional work needs to be carried out, there are some situations where obtaining a survey is highly recommended, including:/p>
- Where the property holds a listed status
- If the property is old or has an unusual style
- When the property has a timber frame or has a thatched roof
- The buyer holding doubts about the true condition of the property
There are a number of surveys to choose from, so make sure you know what each survey entails before arranging one.
Mortgage valuation
You will often find that mortgage valuations are listed alongside surveys but they aren't technically surveys. A mortgage valuation is a basic review of a property to assess its value and highlight any issue that may impact on the value of a property.
You will often be required to obtain a mortgage valuation through the insistence of your financial lender. This means that although a mortgage valuation doesn't provide the buyer with any direct benefit, they will be required to arrange one in order to receive a mortgage.
Building Survey
A building survey is the most expensive style of survey but it does provide the most information regarding the property and can be a worthwhile investment if you are looking for complete assurance about the property. This style of survey provides guidance and tips on the repair work needing to be carried out and it also offers estimated costs and timings for the work that needs to be carried out.
Here are three surveys to choose from;
Level 1: Condition Report
What it is: A basic visual survey that identifies any urgent problems. It uses a "traffic light" system to report on the condition of different parts of the property.
What's included: A list of urgent defects and the overall condition.
What's not included: It does not provide a market valuation or an insurance rebuild cost, nor does it include advice on repairs or maintenance.
Level 2: HomeBuyer Report
What it is: A more detailed survey that provides a comprehensive overview of a property's condition.
What's included: A detailed visual inspection of the property's interior and exterior, including the roof, drainage, and services. It can also include an optional market valuation and insurance reinstatement cost.
What's not included: It does not have as much detail as a Level 3 survey.
Level 3: Building Survey
What it is: The most thorough and comprehensive type of survey, formerly known as a structural survey.
What's included: A detailed inspection of the entire property, including major and minor defects, causes, and potential costs for repair. It is more detailed than a Level 2, with more in-depth note-taking.
What's not included: It costs more than the other survey types.
If you are looking to buy a home and you want to make an informed decision, call on the experts for help.
At Austin Property Services, we are always on hand to ensure you make an informed decision, no matter what your next move in the property market is.
To get in contact for a quote, click here and select the drop down.
