TYPES OF SURVEYS YOU CAN GET AS A BUYER OF A NEW PROPERTY?

TYPES OF SURVEYS YOU CAN GET AS A BUYER OF A NEW PROPERTY?

June, 2020

If you are in the process of looking to buy a new home, it won’t be long before you get a good hit. What follows next is viewing the property and accepting an offer. After that, it is time to turn your attention to getting a survey.

Many people believe they can do without a survey, but this is a mistake. A survey is your chance of learning about some problems, which may not be immediately evident when you view the property. The only thing you need to consider is what kind of survey to get. It all depends on how thorough you wish to be in uncovering potential problems before you buy the property. In this guide, you will find out more about the survey options and what a survey actually does for you.

What is a survey?
In essence, a survey is an inspection of the property. Generally speaking, you can refer to it as a health check of the place. The level of detail of the check largely depends on the kind of survey you choose. The person you contact for this job is a surveyor, typically a member of the Royal Institution of Chartered Surveyors (RCIS).

Are surveys the same as valuations?
Short answer is no. A valuation does not take the place of a survey, especially if you are buying a property with a mortgage. It may be the case that the lender will want to do a simple valuation, in order to ensure the property’s worth. This valuation does not in any way highlight any problems with the property. That is something a survey will do for you, so make sure to get one.

What are the types of surveys available from the RICS?
RICS condition report
This is the most basic kind of survey you can get. Most commonly, you’d want to get it for a bungalow, a flat or a house that appear of sound state. The surveyor will rate the condition of different areas of the building by using the traffic light system. It will outline problems in need of different degree of attention. Other than that, the survey features a summary of the risks to the condition of the building, along with advice.

RICS HomeBuyer report
This is a survey you can get for an old and new properties alike. There are a few objectives it strives to complete. First, it should help you make an informed decision on how to proceed with the purchase of the property. It will show you whether the price is right for what is on offer. The survey will also outline what repairs should be conducted before any contracts are exchanged. The surveyor will note the condition of the property, as well as major faults in the accessible parts of the building. They will also test for damp in the walls and inspect for timber damage.

RICS building survey
This is a comprehensive report, which you will want to get for an old property. The aim of it is to provide you with an in-depth analysis of the condition of the property and structural problems that may be present. You will also learn of the cost of pending repairs and recommendations on how to proceed.

While it is true that a survey will cost you some money, it is potentially better to invest them now, than to find out the place is in need of costly repairs later on. With problems identified early on, you can make a more informed decision whether property is worth your money.

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