Purchasing a property is one of the most important things that most of us will ever do. Making mistakes can be stressful and expensive, so having plenty of information about the property you’re considering is essential. The home building survey plays a vital role in this.
What It Tells You
A quality survey will give you lots of information about a building, whether it has any issues and if it has any faults of which you need to be aware. Finding out that the flashing on the roof, for example, needs replacing could be a valuable tool for further negotiating the price.
If the building has significant issues, the survey should list these and an estimated cost for fixing them, which can be used to adjust the price. If all is well, then you can proceed with the transaction feeling fully confident.
Types of Survey
Different types are available, and the one you choose will be dependent on your needs and the type of building you are considering. Many buyers opt for a Homebuyers Report, which is endorsed by RICS (Royal Institution of Chartered Surveyors). This type of survey is usually chosen when the building is generally in good condition, but it should list problems that need to be addressed urgently. You might think a new-build provides a more robust option than a building which is a century old, but this is not always the case, according to this report in The Guardian.
If you want a survey that is more in depth, then the full building survey may be the option for you. This kind of survey is much more thorough and it will cost more, but it should reveal the kinds of problems that simply aren’t noticed during a casual viewing. If you are looking at a building which has had lots of extensions and alterations or is unusual, listed or extremely old, then the full survey is definitely recommended and could save a lot of heartache and expense further down the track. If you are looking for someone to carry out a building survey Watford surveyors are available to provide a professional service, including companies such as Sam Conveyancing.
Many buyers need to obtain a mortgage, and the lender will generally carry out an inspection to value the property. However, this does not replace the need to get your own home building survey. The survey can be carried out any time before contracts are exchanged, but earlier in the process is probably better. If you are looking at buying a property that has significant structural faults, then this is information you really need as soon as possible.