No matter how much solitary research you put in, no matter how much advice you heed from friends and elderly relatives, or take into account their opinions on the property you are currently looking at, you won’t be able to identify everything wrong with a prospective property. Some defects are too well hidden, or don’t seem so urgent when you first look at them. If you decide to go ahead and purchase a property without a formal report form a professional surveyor, you are taking a major risk.
A brief report on the condition of the property conducted for the benefit of the lender. It is a report used solely to ensure that the property provides enough security for the bank to lend upon. It is a generic report that is often required when making a property purchase and does not go into any detail regarding any defects found within the property, or the condition of the property itself. A more in depth survey is often recommended alongside a mortgage valuation.
Building Condition Report
A thorough analysis conducted on a property that you might be considering making a purchase on. It is an incredibly in depth report and is recommended for properties older than 150 years, historic properties and properties of an altered or non-traditional construction. It takes a look at all visible and accessible areas of the property as well as its foundations, listing any major or hidden defects found. Advice will then be given as to how these defects can be repaired, allowing the buyer to make an informed decision on entering further property negotiations.
A HomeBuyers Report works in very much the same way as a Building Condition Report, although it is recommended for newer properties or properties that have been built within the past 100 years. It offers a detailed report on all visible and accessible elements of the property, providing advice on any major or immediate defects found. Depending on the surveyor you request the report from, you may also receive an estimate of the costs required to make repairs needed on defects found.
While you can get a basic estimate of the value of your property by looking at similar properties online, a Surveyor will be able to glean a far more accurate estimate based on previous knowledge of the local area. A professional surveyor will also have a working knowledge of supply and demand in your area, what sort of people would be looking at buying your home, its longevity and general condition and how its aesthetics will affect its value. For a good valuation range, you can always request the assistance of more than one surveyor, as then you will get an approximate valuation within about £5,000 that you can use when selling your home.
New builds and commercial projects require the assistance of a professional who is good at time keeping, ensuring that the project runs smoothly and making sure that everyone doesn’t overspend. A professional surveyor may also have project management skills where they can provide helpful advice for landlord and construction specialists to keep the project on track. For businesses and contract builds, a surveyor is an essential part of the project.
At the end of the day, while a detailed survey can be quite expensive – reports normally range in the hundreds of pounds price range – it is well worth the money. From hidden defects to valuations and more, surveyors offer a wide array of helpful and professional services that can assists in a selection of property related issues. They often offer services tailored to meet your specific needs, whether you are a new landlord, a first time buyer or a stressed tenant looking for assistance with Dilapidations and Schedules of condition. With expert advice on offer and extensive experience in property related issues, you can’t go wrong with a professional surveyor.
Article provided by Southdown Surveyors, a multi-disciplined Chartered Surveyor and Building Consultant based in East Sussex since 2006.