There are four kinds for services that you can have Chartered Surveyors carry out on a property. They are:
1 Mortgage Valuation
2 RICS Condition Report
3 RICS Homebuyers Report
4 RICS Building Survey
To be completely clear and up front, a Mortgage Valuation is not a survey. It is something that you, as a house buyer will pay for but it only becomes available for you to get if your mortgage lenders requests you to do so. They expect you to get a Mortgage Valuation to ensure a property is safe and viable to lend on so making sure a home is as neat and tidy as it can be to effect the overall valuation is a must. This makes unsuitable as a survey option. On the other end of that spectrum is the RICS Building Survey, which is very specialist and only require for properties meeting a specific requirements. As such, it’s not a necessity for the majority of house buyers.
The most widely carried out surveys and ones that you’re likely to commission on your property are the RICS Condition Report and HomeBuyers Report. The price of these reports will differ depending on the purchase price of the property. You should expect to pay more for the HomeBuyers as it is the most in depth of the two reports and it also has elements that a home condition report will not have.
The extra cost of getting a Homebuyers Report will give you more detailed advice from your surveyor as well as the reinstatement costs that will be required should you make any insurance claims due to unforeseen circumstances. The report’s main selling point over the home condition report is the inclusion of a market valuation figure.
How does a survey benefit you when buying a house?
A purpose of a survey is to give you a better understanding of a property and give you insight into the parts of the building that aren’t in plain sight. This is with the ultimate aim of saving you money. The Royal Institute of Chartered Surveyors carried out research last year that found 20% of people who opted to not get a survey later found faults with an average repair bill of £5,750 and a fifth of those had to pay over £12,000 to bring their property into a live-able state.
How does a survey benefit you when selling a house?
The benefits of getting a survey as a seller would be if you were looking to find a buyer for your property yourself. Estate agents may offer free valuations or charge you a small fee for a more official valuation but it’s accuracy and integrity will not compare to having the valuation carried out by the most knowledgeable property professionals, and the ones who have carried out an in depth inspection of your home. Not only would you get a reliable figure on the value of a property but you’ll also get any possible areas of concern highlighted which might affect the value and price negotiations during the selling process. It can offer you a level of protection against crafty buyers.