When you are buying your new home, nothing compares to the excitement of starting your next chapter. With so much to look forward to, it can be difficult to get your head around the process. There is a lot of information out there, all recommending different things, which can make it hard to choose. Property surveys are one of those products. Some consider them an unnecessary expense in an already expensive process. Others rely on them to prevent them from making any mistakes when it comes to purchasing their new home.
What are property surveys?
Although there are many kinds of property surveys out there, they all essentially have the same goal. They are designed to provide the buyer with a thorough assessment of the property to prevent any unnecessary surprises. They inspect the condition of the property to identify any risks or potential repairs before the buyer completes the purchase. Imagine buying the home of your dreams only to find out there is a nasty subsidence issue after you have moved in. That is why property surveys are so important.
What are the different types of surveys?
There are several types of property surveys available, but the most common ones that you will come across fall into three categories:
- Property Valuation Report (Level one)
This survey is one of the more basic ones. It does not assess the condition of the property or any potential risks. It focuses on establishing the exact value of the property, which is essential to prevent buyers from overpaying. The results can open the door to renegotiation of the asking price with the vendor.
- HomeSurvey – Previously knowns as a RICS HomeBuyer Report (Level two)
HomeSurveys provide more details on the property. They are designed to identify and assess any potential risks that are easily visible. This includes factors such as dampness or subsidence, which can be costly to maintain after moving in. The report also details estimate costs for repair works.
- Building Survey (Level three)
This is one of the most in-depth property surveys. A building survey goes under walls and beneath floorboards to give you a picture of the structural integrity of the property. It is often recommended for older properties or when little is known about it from the vendor. It also identifies risks and provides estimate costs for repairs or maintenance.
Who performs property surveys?
Property surveys are carried out by a surveyor. A RICS, Royal Institution of Chartered Surveyors, surveyor has a strict code of conduct to follow when carrying out an inspection. This ensures you receive an inspection and report of the highest standard, to give you peace of mind.
About Move Home Hub:
Move Home Hub is an exemplary online conveyancing and survey network. Our portal connects you to an expert surveyor for your transaction. Our in-house customer support team is also here to guide and support you throughout your journey. Start the process by generating your free online conveyancing or survey quote now and discover how online solutions power the conveyancing process!