The function of a home buyer’s survey is to provide a potential buyer a detailed report concerning the thorough inspection of a property’s condition. The job of a home surveyor is to inspect a property for the following;
A survey is a limited examination of a home’s condition. The procedure is rarely invasive and is mostly done on homes that are up for sale. The process is usually carried out by a home surveyor who has been trained and certified in this particular field. After the survey, the surveyor will prepare and present a formal report of findings to the party who requested for the survey. Upon receiving the survey report, the interested party can then use the information from the survey to make an informed decision concerning purchasing a piece of real property. The report made by a surveyor only states the current condition of the property and in no way guarantees that the condition will remain the same afterwards.
Most people seek only the services of a qualified surveyor to carry out a home buyer’s survey. A large number of qualified surveyors in the UK are certified members of the RICS (Royal Institute of Chartered Surveyors). The services of a RICS qualified surveyor are recommended because they usually come with professional indemnity insurance.
When buying a house that is unusual or one that has special uses, it is better to have a surveyor who has experience with that specific sort of building carry out the survey. The cost of a home buyer’s survey can vary depending on the circumstances of the property (such as size and distance), and the charges specific to each surveyor.
Surveys are very important in helping a buyer avoid purchasing a property that will lead to further expenses for repairs after purchase. It also provides a home buyer peace of mind that the property being bought is a sound one. Any individual who does not know much about buildings or has little experience in buying properties can benefit greatly from a home buyer’s survey.
The information provided by a home buyer’s survey can make the difference between a buyer paying more for a faulty building or being able to negotiate the price downwards due to structural defaults that will be costly to repair. Another option could be the buyer asking the seller to repair the perceived building faults as a condition to buying.
A well done survey will be able to inform a buyer of the following;
There are different sorts of surveys and they all have unique functions. The sort of survey a buyer will need is dependent on the perceived age and condition of the property, as well as what the survey is needed for.
Probable surveys a buyer can request for include; condition report, home buyers report, home condition survey, building survey, and mortgage valuation survey.
A condition report is the simplest and cheapest form of survey a buyer can get. The report at the conclusion of this survey doesn’t go into much detail concerning findings and provides only the highlights.
Most times, the condition report is gotten to simply complement the findings of a mortgage valuation. The report points out apparent flaws in certain parts of the property by using colour code. Red means serious repairs will be needed. Orange means some attention might be required. And green indicates all is well with the building. But the report doesn’t provide any valuation or advice.
The home buyers report occurs through a more detailed process that will show if a building has any major faults. It will also consist of an insurance reinstatement value and a valuation. The survey is carried out in a non-intrusive manner, thus, whatever the surveyor will report on will be about only what’s seen on the surface.
This sort of survey is offered by the RPSA (Residential Property Surveyors Association), not the RICS. The features of this survey are;
The building survey is a more costly process that involves an extensive survey which provides a more detailed report about everything important concerning a property.
Building surveys are most appropriate if the building in question is an old one, if it has an unusual structure, and if it is listed. Unlike previous surveys, this sort is invasive as the surveyor checks behind walls, inside ceilings, and between floorboards. The report at the end will contain probable advice a buyer can follow concerning repairs and consequences of not having said repairs done.
Unless asked for, the building survey report will probably not include a property valuation, or an insurance reinstatement value estimate.
The purpose of this survey is to provide a lender necessary information concerning if the property a borrower is looking to buy is worth the amount the borrower is seeking to loan. This report can be the basis on which a lender rejects or accepts a mortgage application.
The report won’t indicate needed repairs or structural faults on the property, just its value. The lender can either charge a borrower for the survey or do it for free. If charged, the cost will be based on the size and value of the property.
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