Property surveys might cost you extra, but they provide valuable peace of mind and could end up saving you a packet further down the line. Peter Joseph has the lowdown
Buying a property is a big investment. If it the property in question is to be your new home, the significance is even greater because it becomes a symbol of your future.
This is why it is so important to conduct a property survey before committing to the purchase. Many idealistic homebuyers have waived them in favour of saving some money, only to move in and discover a problem they were not expecting.
Indeed, this is why property surveys exist. They help to paint the full picture of the condition of your potential home before you pick up the keys.
What are the different types of property surveys?
There are several different property surveys out there, but the main ones you will come across fall into three levels:
- Level 1 – Property Valuation Report
- Level 2 – HomeSurvey (Formally known as a RICS Homebuyer Report)
- Level 3 – Building Survey
What do property surveys cover?
Surveys are designed to provide a thorough inspection of many aspects of a property. Although there are different property surveys out there, you can use one or a combination, to make a full assessment.
Commonly requested by mortgage lenders, a Property Valuation Report can inform you of the true value of the property. Other surveys can provide you with more information on the condition of the property.
Potential risks such as subsidence or dampness can be flagged in a HomeSurvey. These can also include any estimated costs for repairs that can be negotiated with the vendor.
More detailed property surveys can provide structural assessments in the form of Building Surveys, listing any defects along with advice on repairs.
Who carries out property surveys?
Property surveys are carried out by surveyors. They are qualified to give expert advice and carry out accurate inspections.
It is important to ensure you get independent and impartial advice on the property you are looking to purchase. Members of the Royal Institution of Chartered Surveyors (RICS), ensure inspections are carried out to the highest standard. Their job is to reveal any potential flaws or risks that you may have to repair or maintain after buying the property.
About Home Legal Direct
At Home Legal Direct, we have a panel of RICS regulated property survey firms that we refer cases to. Our aim is to facilitate accurate and efficient surveys, to provide you with all the information you need before making your purchase.
We offer Property Valuations, HomeSurveys, and Building Surveys, to give you as much detail as you require. Get your free quote in just a few seconds and get your property survey underway.
Peter Joseph is CEO of Home Legal Direct
