The Royal Institute of Chartered Surveyors (RICS) have, since 2016, offered two types of services for homebuyers – the RICS Survey and Valuation Survey – and since that date a homebuyer report without a valuation.
The difference between the two is clearly explained by the RICS at their website.
Getting a survey of a property you are thinking of purchasing is crucial, but there are some misconceptions that you need to be informed about.
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Valuation
Buyers often assume that because the property has been valued, they do not need a survey, but it is important to understand that a valuation is provided for the mortgage provider to ensure they are lending on a property which is worth the sum you are borrowing. This may not be the full amount you are paying for the property. A survey, meanwhile, will mean a thorough inspection of the building and land, reporting on its condition and any hidden costs which you may incur after moving in to make the home habitable.
Homebuyer’s Reports
These reports will highlight any urgent defects which might involve repairs or immediate maintenance. If you are looking for a property north of Greater London and need a homebuyers report Hertfordshire offers many options online at sites such as homebuyers report Hertfordshire.
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You may wish to consider a more detailed survey if you are planning major extension work or specific structural work is needed to the property.
Are Surveys Cost-Effective?
When buying a new property your finances may be stretched, but the one area you should not cut any corners is in your survey of the property. Whichever type of survey you opt for, it is not likely to be expensive given the problems it may uncover. Although you may have fallen in love with the property and are keen to proceed, getting a survey may reveal thousands of pounds worth of work which will be needed to make the property viable. It could potentially save you money in the long run.
Access to a survey also means that if problems are revealed you may be able to negotiate on the purchase price or request that restorative works are carried out at the cost of the vendor before you go ahead with the purchase.
A property purchase is a major investment, and a survey helps to protect your investment.
