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SURVEYS |
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Only one in five people commission a survey before they buy a property. Some mistakenly think that a mortgage valuation is a survey, and many begrudge paying out for an independant survey on top of all the other purchasing costs The Royal Institution of Chartered Surveyors maintains that this is a very short-termist view and this is supported by Phil Spencer from Channel 4's hugely popular Location, Location, Location and Relocation programmes. "More than ever before, property means big money, so it pays to seek the best advice possible from experts who really know what they are talking about", he says. There are three types of home surveys:-
Generally costing up to £200, it is a check on the property that your mortgage lender carries out to ensure it is worth the money they are lending you. Serious defects will be pointed out and the lender usually asks for these to be sorted out before releasing you the money. They may provide you with a copy of the evaluation, but it is unlikely to cover items of detail like faulty wiring or a roof which may need replacing in a couple of years, which would be picked up in a survey. A homebuyer's survey costing between £250 and £450 is a nine page standard survey drawn up by the RICS and the Incorporated Society of Valuers and Auctioneers. While it may be suitable for conventional properties built within the last 150 years and in reasonable condition, it does not detail every aspect of the property. Focusing only on visible areas urgently needing attention, it is not suitable for properties in need of renovation or if you are planning major alterations. However, it will recommend areas where further tests or investigations should be carried out. A building or structural survey is far more detailed. Costing between £300 and £600, it is a comprehensive inspection of a property. It is particularly useful for older properties and listed buildings, as well as any property you are planning to renovate or alter in any way. It examines all accessible parts of the building, and you can ask for specific areas such as drains or electrics to be included. Present defects as well as future potential problems will be highlighted. To help buyers understand the value of a survey, the RICS has produced a guide full of information on the types available. The RICS guide on understanding property surveys is available by calling 0870 3331600 |