You should take out an Home buyer or full structural survey or you could be in a lot of trouble.
If you are in the process of buying a home I don’t need to tell you that it’s a costly business. However, the outlay could pale into insignificance if once the property is purchased there are unexpected essential repairs needed.
That is why we always recommend that if you are serious about buying a property you consideras this can pre-empt any trouble ahead and also allow you to haggle on the purchase price.
There are 3 types of Property Valuation and they are explained in detail below. The Lender’sis required on all mortgage cases. However, if you want to find out more about the property we would highly recommend that you consider either a Homebuyer’s Report or a Building Survey.
This is a brief report which includes our assessment of the value of the property. It highlights any major defects or legal issues that might affect the property’s value – but it is not a survey of the property.
It is designed for the Lender’s purposes.
If you are purchasing a previously occupied property or a new build property, it is our recommendation that you seriously consider a product that provides an assessment of both the property’s condition and value.
Homebuyer’s Report / Property Check
This is an intermediate level of report. As well as providing assessment of the value of the property the valuer will carry out a survey on the property and report on its condition. The report provides an outline of the condition of the property on the day of inspection and also highlights the urgency of repairs.
A Homebuyer’s Report is ideal when you’re buying a previously occupied property or a new build property as the surveyor carries out an internal and external inspection, giving you more information on the condition of the property. This helps you gauge whether the purchase price is fair and also gives you an insight into what works will need to be carried out and the property’s re-saleability.
Building Survey / Full Structural Survey
The surveyor will make a thorough internal inspection of the property.
The exterior inspection includes a visual check of accessible parts of roofs and drains on the property. It will identify any structural movement and evidence of major problems.
Among the key advantages of a Building Survey is that it gives you a detailed analysis of a property’s construction. It also gives you an assessment of essential repairs including the likely repair cost and a recommendation on how the repair should be carried out.
If you’re about to buy a large home or have specific concerns about the property, then this type of survey would be appropriate.
A different scale applies for Scotland.
To find out more aboutor a Full Structural Survey, please call us on 020 7993 2044 or alternatively complete the simple enquiry form on the top right hand side of this page