Whether you’re a first time buyer or someone who has purchased property in the past, buying a home can be a daunting prospect and is likely to be one of the largest purchases of your life. Commissioning a home survey to tell you the condition of the property makes good sense.
And not only do these reports give you an idea of the general condition of the property, a survey can indicate any serious defects, provide you with details of future expenditure and advise you on whether a property is worth the money that is being paid.
If you are buying a property with a mortgage, your lender will arrange for a valuation to be carried out. This valuation survey indicates what the property is worth but it will not necessarily describe its condition. The valuer carrying out the valuation doesn’t necessarily have to tell you of any defects. Remember, a property with a large structural crack still has a value.
Faults in buildings are common. Some are serious and can get worse, such as settlement or structural movement, and will devalue the property. Some may lead to future problems such as rising damp causing timber rot, while others may be serious but easy to repair, such as a missing roof tile. In some buildings, defects are only detectable through specialist tests and your surveyor will be able to advise with regard to these.
RICS publish helpful home survey report guides for those thinking of buying a property. Other guides in the series offer advice on buying a home, boundaries and Party Walls.
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