Why is a survey important?
For most people, buying their home is their largest single investment and most important purchase. Thus, it is vital to know of any pitfalls or problems likely to arise which could be expensive to remedy. You may get a copy of an inspection report carried out for your mortgage: don’t forget this is just a valuation for the loan, it is not a survey!
If the inspection carried out for my mortgage lender is only a valuation, what sort of survey do I need?
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In general terms, however, an RICS Building Survey is generally recommended for old, larger houses. The RICS HomeBuyer report is appropriate for most family homes and an RICS Condition Report is a brief overview on condition only and as it does not contain a valuation, it can be commissioned by sellers as well as vendors.
RICS Building Survey
The most detailed type of report available and is particulate suitable for individual properties including large, extended or older buildings. The report will include full details of all visible elements of the building, information regarding the method of construction and items of disrepair and defect with advice about key future repairs. The report is tailored to the needs of the client and ask, on request, may include a market valuation and a reinstatement cost for insurance purposes. A discussion with the surveyor at the time of instructing is recommended.
RICS HomeBuyer Report
The most popular type of report because it is a concise economy service and suitable for Victorian and modern homes.
It includes comment on all visible sections of the property including condition ratings to elements of the building using a traffic light system to flag if :
Advice is given in respect of the value of the property and the reinstatement cost for insurance purposes is also included.
RICS Condition Report
A new style of report designed for buyers or sellers seeking a brief overview of general condition. A traffic light system of flags indicate the condition of each element of the property but the service does not include a valuation or reinstatement figure for into or is purposes.
Other forms of survey
Chartered Surveyors are experienced professionals able to offer a variety of services tailored to the needs of the client and thus they are not restricted to the above “off-the-shelf” services. Please use our local Principal Surveyor locator service under the ‘Contact Us’ tab or telephone Client Services 0333 666 7777 to discuss your requirements in detail.