Property surveys: Why are they so important?
Published 15th August 2021
Buying a property is a big investment. If it will be your new home, the significance is even greater as it becomes a symbol of your future. That is why it is so important to conduct the relevant property surveys before committing to the purchase. Many idealistic homebuyers have waived them in favour of saving some money, only to move into something they were not expecting. That is why property surveys exist. They help to paint the full picture of the condition of the property before you pick up the keys.
What are the different types of property surveys?
There are several different property surveys out there, but
the main ones you will come across fall into three levels:
- Level 1 – Property Valuation Report
- Level 2 – HomeSurvey (Formally known as a RICS
Homebuyer Report) - Level 3 – Building Survey
What do property surveys cover?
Surveys are designed to provide a thorough inspection of
many aspects of a property. Although there are different property surveys out
there, you can use one or a combination, to make a full assessment. Commonly
requested by mortgage lenders, a Property Valuation Report can inform you of
the true value of the property. Other surveys can provide you with more
information on the condition of the property. Potential risks such as
subsidence or dampness can be flagged in a HomeSurvey. These can also include
any estimated costs for repairs that can be negotiated with the vendor. More
detailed property surveys can provide structural assessments in the form of
Building Surveys, listing any defects along with advice on repairs.
Who are property surveys carried out by?
Property surveys are carried out by surveyors. They are
qualified to give expert advice and carry out accurate inspections. It is
important to ensure that you get independent and impartial advice on the
property you are looking to purchase. Members of RICS, the Royal Institution of
Chartered Surveyors, ensure inspections are carried out to the highest
standard. Their job is to reveal any potential flaws or risks that you may have
to repair or maintain after buying the property.
About Home Legal Direct:
At Home Legal Direct, we have a panel of RICS regulated property survey firms that we refer cases to. Our aim is to facilitate accurate and efficient surveys, to provide you with all the information you need before making your purchase. We offer Property Valuations, HomeSurveys, and Building Surveys, to give you as much detail as you require. Get your free quote in just a few seconds and get your property survey underway!