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Why you should consider having a survey……

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Sun 12 Mar 2017

Why you should consider having a survey……

When buying a property, every penny counts and there is often the temptation to economise and rely on a mortgage valuation report instead of commissioning a more thorough inspection.  A mortgage valuation only provides a rough estimation of what a property is worth – it’s not a survey! The lender wants to know if the property is a safe security for the amount being borrowed.  From a homebuyer’s perspective, this report should be viewed as a guide only and it is advisable to consider having one of the following surveys….

Homebuyer Report & Valuation
A lengthy, but user-friendly report which includes a market valuation figure and an insurance reinstatement figure as well as a traffic light-coded system for the surveyor to rate the condition of the property:

Rating 1 – Where no repair is currently needed.
Rating 2 – Defects that need repairing or replacing but are not considered to be either serious or urgent.
Rating 3 – Defects that are serious and/or need to be repaired, replaced or investigated urgently.

The report also covers the outside grounds and potential legal issues, such as boundaries and rights of way.

Full Building Survey
The most comprehensive survey suitable for any building, especially those 75 years and older. Often, older properties have had alterations or extensions. With a full building survey, the surveyor will check the property thoroughly. He will examine the structure’s integrity, its general condition and all major faults.  Don’t necessarily be put off by defects – every house has issues and you are paying the surveyor to effectively warn you of “worst case scenarios”. The building survey does not include a valuation figure.
Getting a homebuyer report & valuation or a full building survey isn’t just about having as much information as possible about one of the biggest purchases you are ever likely to make. The report can also be used as a bargaining tool. While most properties are priced to take into account any defects, making your own enquiries could save you time, stress, and money.