A house survey is needed when you are making the decision to purchase a house or flat. In the discussions, we will clarify what is a property survey and why it is better to hire professional RICS Surveyors before buying a property.
What are the Types of a True House Survey?
A house survey is often used as a title for a study of a property. It is also a phrase used to describe the evaluation of a constructive plan.
- A home inspector is considered a must-have for a property in real estate. The target of the survey is to examine the property and find any structural problems, potential risks and so on. This gives you confidence to challenge on pricing, or to demand that repairs be carried out before the property is bought.
- Another approach to this might be a house survey that designates the legal boundaries of the property so you can verify that the land you’ve bought contains all that you’ve been told.
There are different kinds of surveys that can be conducted depending on the type of property and the client’s requirements. Generally, the criterion of the matter is age, scale, specificity and time of usage of the house being surveyed. A member of RICS can offer you advice on the best type according to your needs.
The types of different levels of property survey are mentioned below:
- L1 Personal Survey
- L2 Home Survey
- L3 Comfort Home Rating
Level 1 Home Survey
RICS Level 1 is a survey where, as a result, the house is inspected, and all the findings are written down, telling about those problems that must be urgently fixed. Such as that, it emphasises all of the legal and also other questions that are likely to come up during the ownership process.
Level 2 Home Survey
A level 2 survey is recommended for most properties that are in good condition. It constitutes all things that might affect the perceived net value of the property, such as the defects and their recommended repairs. With the extra attention paid to the compliance of everything with the newest building codes as well as to issues like subsidence and moisture, the report will be comprehensive in its evaluation.
However, the survey won’t be an invasive one, the specialist will only be able to inspect the visible elements of the house and will not poke behind the couch or under the floorboard in order to assess the space.
Level 3 Home Survey
This type of survey is the most thorough home survey that provides a profound perspective of the state of the property. Surveyors offer their special skills that include fixing errors, maintenance, and repair. Go with a Level 3 Home Survey if you’re planning extensive renovations, think of the size/age/condition of your house, or have the impression that the house is unique/ altered/ partially renovated/ not typical.
How Much Does a Property Survey Cost?
The surveyor you choose will determine the cost of the survey; the more extensive the survey, the higher the cost will be. The cost will also be determined by the size and value of the property; the larger or more expensive the property, the more costly the survey will be.
The price of a survey must be weighed against the possible expenses of maintaining any problems it may reveal. Defects may cause you to lower your offer price. Thus, in the long run, a survey might end up saving you more money.
Average Expenses of Survey
- Condition reports: £300
- Homebuyer reports: £400
- Building surveys: £600+
What Kind of Property Survey do I need to use?
The type and age of the property determine the sort of survey that is required. Larger, older, or architecturally unique homes require more in-depth studies due to potential complications and maintenance needs. In contrast, newer buildings usually only need simple surveys for urgent issues.
Condition Report: A basic assessment appropriate for newly constructed homes or structures in good condition that highlights urgent hazards or deficiencies.
Homebuyer Report: Contains information not found in a condition report but is more thorough in identifying problems that impact value and future upkeep. It also may offer a valuation alternative to help you with negotiations.
Building Survey: Building surveys are expensive but important for a complete understanding of the property’s state and related expenditures. They give a detailed list of flaws and necessary repairs and are suitable for older, listed, or completely renovated houses.
What are the Benefits of House Surveys?
- Identifying Structural Issues: A house survey can uncover any hidden structural issues such as cracks, dampness, or subsidence, allowing for necessary repairs before they escalate into major problems.
- Safety Assessment: Surveys pinpoint safety hazards like faulty wiring and inadequate ventilation, ensuring occupants’ safety.
- Property Value Insight: Surveys reveal the property’s true worth, aiding informed negotiations in buying or selling.
- Maintenance Planning: Surveys highlight areas needing attention, aiding homeowners in planning and budgeting for upkeep.
- Legal Protection: Surveys document property conditions, protecting buyers from disputes over undisclosed defects.
- Peace of Mind: Comprehensive surveys offer transparency, ensuring confidence in property transactions.
Conclusion
In order to sum up, house surveys give the house buyer or seller the ability to be informed about the state of a property. This evaluation process goes beyond just assessing the state of the house. It is also about legal protection and making sure you do not violate any laws while buying and selling real estate property.
You don’t want to make the mistake of paying for a house that is not worth it in the long run. Therefore, it is recommended to get a professional evaluation and a survey created precisely for this purpose.