Should you have a survey?
Almost certainly the answer is YES!
Pring & Co are always happy to recommend an independent surveyor for all your residential or commercial property needs. The surveyor will be pleased to discuss the options open to you, together with fees and charges, as well as advise you on the best course of action to take.
For most people the purchase of a new home is the largest transaction they will make. Even the discovery of minor defects can be a costly addition to the purchase price and to purchase a property on the basis that everything appears in order can prove to be an expensive assumption!
Virtually all properties possess faults; even new properties can have problems which only an experienced eye can detect. Yet many appear unwilling to have their own qualified and experienced chartered surveyor inspect their new home before finalising the purchase.
Alternatively, if defects are discovered early, the potential cost can be used to renegotiate the price (if desired) or it may warn clients against an unsuitable property (potentially saving considerable expense, stress and inconvenience).
Is a Bank/ Building Society valuation report sufficient?
Many buyers believe a valuation for mortgage purposes will confirm the soundness of the property they are purchasing. However, this type of valuation report is merely to confirm to the lender that the property is adequate security for their loan.
Comments regarding the property are limited to those considered necessary to protect the lenders interest.
Alternatively, a Building Survey or RICS Homebuyer Survey and Valuation can provide a more comprehensive report, covering construction and condition on an item by item basis, externally and internally. It not only covers current expenditure but also possible areas of future financial outlay.
How much will it cost?
This depends on the age, size and type of property but is probably less than you may think. Many clients find the advice hugely cost effective and in most cases far more than the cost of the report will be saved by taking advice.
Private Valuation Report
The Basic Report, useful in establishing the correct value of the property you are interested in or have agreed to purchase. The Report provides a general inspection and an opinion of market value as well as an insurance figure if required.
The RICS Homebuyer Survey and Valuation Report
This is a concise report in a standard format: suitable for properties of conventional type and construction and apparently in reasonable condition.
It focuses on essentials; defects or problems which are urgent or significant and have an effect on value. It is a mid-priced report and the surveyor’s main objective in providing this service is to assist the prospective homebuyer to:
1. Make a reasoned and informed judgment on whether or not to proceed with the purchase.
2. Assess whether the property is a reasonable purchase at the agreed price.
3. Be clear what decisions and actions should be taken before contracts are exchanged….
The surveyor also provides a professional opinion regarding particular features of the property which affect its present value and may affect its future saleability.
The Building Survey (often referred to as a structural survey)
This is suitable for the majority of residential property and it is the most detailed and comprehensive of the reports, being tailor made to fit the client’s requirements where possible.
This report provides an assessment of the property’s construction, materials and condition, plus technical information (including advice when required) regarding problems, defects and suggested remedial works.
A Building Survey is individually prepared (not in the standard format) and is likely to be required where the property is older, of unusual construction and/or in poor condition. It is also advisable where significant alterations/conversions are planned or have been carried out.
This type of report includes details of major and relatively minor defects in addition to extensive technical information regarding construction and materials.
Please feel free to ask us to recommend an independent surveyor to you.