This is a guest blog by Zak Arden, surveybooker.com
Buyer beware!
When you purchase a property in the UK, you do so under the principle of caveat emptor – Latin for “Let the buyer beware”. As the buyer, it is solely your responsibility to complete any required due diligence on the property and surrounding area. Once you have completed on your purchase, you will be financially responsible for any hidden defects uncovered in the property or any environmental issues that may affect it.
Therefore, it is incredibly important that you obtain as much information as possible before completing on your purchase. There are 3 types of survey which surveybooker.com offer to help you make a good, informed decision about a property. These are: the RICS Valuation, the RICS HomeBuyer Report and the most comprehensive option, the RICS Building Survey.
What the surveys cover
When you are purchasing a property, the type of survey you require will depend on the information you are looking for and the nature of the property. If you are only interested in determining the property’s value, then you the type of survey you require is the RICS Valuation, which will give a more substantiated market value. The inspection is longer than a mortgage valuation and the report is more detailed. The valuation survey is suitable for all property types and ages.
There are three levels of RICS home survey that report on a property’s condition, these are: RICS Condition Report, RICS HomeBuyer Report and RICS Building Survey. Which level of survey you commission will depend on the age and tenure of the property you are buying. Both the Condition Report and HomeBuyer Report are concise reports and suitable for standard construction properties, built no earlier than 1900. Large, dilapidated or unusual properties require the Building Survey, which is the most in-depth report, completed by a Chartered Surveyor.
Why choose a survey?
The average homebuyer who bought a property in 2014 without an independent survey faced repairs bills of £5,750. If you are unfortunate enough to uncover Japanese knotweed, the cost can far exceed this. In 2014, 17% of buyers without a survey faced repair bills of £12,000. An independent RICS Surveyor can help ensure you don’t uncover costly hidden defects when you purchase.
Get a free quote today
Surveybooker.com is a brokerage for RICS Chartered Surveyors. You can get free, fixed quotes from local RICS Chartered Surveyors by either visiting surverybooker.com or calling 0333 011 6683.
