Buying a home is probably going to be the single largest purchase that you’ll ever make, so it’s important to know exactly where exactly you are investing your hard-earned money. Surveys can help highlight any problems that you may encounter at a later date and, more importantly, they’ll give you the option to rethink your purchase should they unearth anything unexpected. There is a firm available who organises a survey when buying a house on your behalf. Let us now have a look at the different types of surveys and their importance.
1. Condition Report
A Condition Report is the most basic of all the surveys offered. This survey will provide you with a basic overview of the property in question and will point out any significant issues that the surveyor may find, but it will not go into detail. The survey will show the different parts of the building and give a traffic light rating for each section of the property.
2. HomeBuyer’s Report
This mid-range survey is the most popular on the market today. Far more detailed than a Condition Report, the HomeBuyer’s Report is the perfect choice for anyone buying a property that is slightly older but in a good state of repair.
A HomeBuyer’s Report will make the buyer aware of any significant problems, including issues such as subsidence and damp and will provide the recipient with advice on what repairs may be necessary and give an overview of any ongoing maintenance required. The surveyor will also check for anything that doesn’t meet current building regulations and highlight these points for you.
3. Building Survey
While Building Surveys are considerably more expensive than the other two options, they can often provide property purchasers with the best value for money. the Building Survey is the most comprehensive type of survey available and it is the number one option should you be considering moving into a property that is older than normal. Other reasons to consider opting for a Building Survey can be if you plan to carry out extensive work when you complete it or if you have any particular concerns about the property.
4. Mortgage Valuation
This type of survey is done for valuation for lending purposes. A valuation for lending purposes is straightforward and less detailed than other surveys. It’s where a surveyor ensures there aren’t any significant problems with the property, ones that would make it unsellable or unlivable
A mortgage valuation is simply a way for the lender to make sure the property you want to buy is worth the minimum amount needed to justify how much you’ve asked to borrow and is suitable security for a mortgage.
Having a survey done for the property you are about to purchase makes sense in many instances. Failing to find out if a property has underlying issues can be a costly mistake and is something that every buyer should do their best to avoid. It is important to choose the correct type for the property you are looking to purchase. In many instances, spending a little extra and opting for the higher-end Building Survey can be a prudent move, but it is a decision that has to be made on a case-by-case basis. Doing your research and then going for one is the key.