You may be thinking, what is a survey? Well, a property survey is an inspection of a property’s condition to ensure a buyer is fully in the know about the property they are purchasing. However, there are different types of survey, each with their own benefits. House surveys should only be performed by a chartered surveyor and we recommended that a surveyor that is regulated by RICS (Royal Institute of Chartered Surveyors)
Your home is likely to be one of the most expensive and important purchases you will make, so it’s worth paying for a property survey to check that the building is sound or if there is any repair work may be needed immediately. Surveys are an essential part of buying a home so is useful to work them into your budget.
Mortgage Valuation
A mortgage valuation is normally required by a mortgage lender to ensure the property you wish to purchase is worth the price you are paying. A valuation is what it says on the tin – it does not find out if there are repairs or structural problems that you will have to pay to fix. A mortgage valuation is not extensive enough to take the place of a proper house survey, so we would always advise you instructing your own independent survey once you’ve had an offer accepted.
A Homebuyer Report
A homebuyer report is an in-depth survey that will help you find out if there are any hidden problems, such as subsidence or damp, as well as any other issues inside and outside. A homebuyer report is non-intrusive, and It will only be able to identify what they can see on ‘surface-level’ issues.
Suitable for: Most standard properties that are in a reasonable condition.
A Building Survey
A building survey is a detailed report which will provide you with an in-depth analysis of a property’s condition, it can highlight a range of repairs and maintenance options. A building survey is the most in-depth survey available and is suitable for all residential properties. We would recommend it for older homes that might need repairs. This is a ‘hands on’ survey and included checking the attic and looking under floorboards. You can also ask for the report to include projected costs and timings for any repair work. Its always good to know what you are taking on.
If you have any questions or are interested in having a chat with us about this, please visit any of our five branches or visit our website www.cgtsales.co.uk
James Askew – Head of Sales and Investments