Different Kinds Of Home Surveys - What Should You Be Getting?

Property Surveyor

There are three main levels of survey you can get if you are buying a home, which will look into its market price, structure, construction and general condition. They range in price from about £300 to £1,000:

The Home Condition Survey
The RICS Homebuyer Report
The Building Survey Report

These are all separate to a mortgage lenders Mortgage Valuation report - see bottom of page.

Home Condition Survey:

A fairly basic report, and therefore the cheapest option, it will be carried out by a trained, accredited residential property surveyor and uses a ratings system, giving different aspects of the property's condition a rating of 1 to 3. A rating of 1 means no repairs are needed. A rating of 3 means there could be urgent repairs, or further investigation is required to determine if repairs are needed. The Home Condition Survey may be a good choice if the property you are buying is modern and in largely good condition

RICS Homebuyer Report:

This is a fairly detailed report, highlighting any problems. It is suitable for traditional houses of all ages, which may need some repair.

Building Survey Report:

A very detailed survey, and therefore on the upper end of the cost scale, best suited for older properties or those of non-standard construction.

Getting the Most Out Of Your Surveyor

Before your surveyor visits the property, you should talk to them about anything that you want information on in particular so they can tailor the report to your needs. A good surveyor will also be able to indicate in the report how much any repairs are likely to cost, and to distinguish between repairs which should be addressed now and those which are less urgent and could be left for a few years without any knock on effects.

Talk to your surveyor after they've given you the report as well, and ask them to go through it with you. Points that sound alarming on paper are rarely as bad as you think and are actually minor issues. This advice is invaluable, especially to first time buyers who may panic and think anything highlighted in the report will need fixing straightaway and cost a small fortune.

What is a Mortgage Valuation?

If you are using a mortgage to buy your property, the mortgage lender will require a Mortgage Valuation. This is essentially about ticking boxes to confirm the value of the property to make sure it is worth the amount you are asking to borrow, it is not a survey of the property.

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Published on 08 September 2015

Source Trinity Sales Wakefield

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