Many will no doubt be aware of the term – professional property survey, during a potential purchase of a property. The reality is that many do not understand what elements are involved in the work of property surveyors and the implications. These types of survey can be requested by funding institutions or their intermediaries as part of the mortgage process whilst some will request a survey to be carried out for their own peace of mind if purchasing without addition lender support such as a cash purchase.
The type of survey you have done will depend on a variety of factors. Cost of the property, age and your own specific requirements. Typically most surveys will include information relevant to the general state of the property, issues and current market value.
For example one option is a homebuyers report, this type of report is ideal if the property is a standard type of property, in good condition and less than 30 years old.
This type of survey will include information such as
* The overall condition of the property
* It will highlight any major issues that can be accessed and which will inherently affect the value of the property
* The homebuyers survey will also highlight any urgent problems that need to be addressed prior to signing any form of legal binding contract
Additionally the survey will review and assess any potential damp problems and related elements such as the condition of the damp proofing, drainage and insulation.
The final elements of the survey will provide the estimated cost of rebuilding after a fire, which is specifically for the purpose of buildings insurance, and the value of the property on the current market which in many ways is the most important information on the report.
For those who are looking to purchase older properties, listed buildings, unusual construction properties or ones that have had major renovations or extensive alterations, then a full building survey may well be a better option.
In essence this type of survey is far more comprehensive in nature and will include a wealth of information relating to the property. This will be elements such as the type of construction, the materials used and a detailed breakdown of all major and minor structural problems associated with the property.
As the survey is more thorough the testing will also highlight in greater detail, damp issues, woodworm or rot. Further repairs, if required, will also be highlighted, as will the possible estimated costs of potential repairs.
Ultimately the choice of which type of survey to consider is a choice that needs to be made by the purchaser. The reality is that any property may well be the largest single investment that most people will make. Therefore ensuring that the condition of the property as well as any problems are known prior to entering into any form of legal agreement and ultimately purchase is extremely important, as it can, no doubt save time, money and unnecessary stress in the long run.