Why Surveys Are Vital When Buying Property
Posted by siteadmin on Monday 1st of May 2017.
Having a survey carried out on a home before you commit to buying it makes good sense and can save you stress and money in repair bills. Surveys can throw up defects that could be very costly to put right, especially in older properties.
A survey provides reassurance and can help you decide whether to proceed with your purchase. If the surveyor reports problems that need to be remedied, you could still decide to go ahead, using the survey findings to negotiate on the purchase price.
A mortgage valuation isn’t the same as a structural survey. A mortgage valuation is undertaken by your lender to assess if the property is sufficient security for their loan. Whilst it will give you a rough idea as to whether the asking price is fair, it won’t tell you about the state of the property or show up any underlying faults.
Types of survey available
The Royal Institution of Chartered Surveyors (RICS) has devised three main types of survey:
Condition Report – the most basic form of survey, and is suitable for new-build and conventional homes in good condition
Home Buyer Report – the next level up, this will identify structural problems such as subsidence or damp and other common faults
Building Survey – this is the most comprehensive survey and provides a full inspection and gives professional advice on any repairs that may be required and the likely costs involved.
In Scotland, sellers are required to have a Home Report available for would-be purchasers. This must be carried out by a RICS-qualified surveyor. New-build, converted homes, or properties purchased under Right to Buy don’t have to have a Home Report. However, purchasers should still consider having a survey carried out.
Your home or property may be repossessed if you do not keep up repayments on your mortgage.