Buy A Foreclosure Home

Before you initiate the buying process for a new property, you should get a Building surveyor London to survey it. The survey will bring to your attention several factors that an untrained eye would find difficult or impossible to detect. If there is any work that needs to be completed, this will be evident.

Although a building survey or property survey as they are also known as are not required by law, the very fact you are about to invest thousands of pounds into a property means that it would be highly advisable to have a survey done.

One of the biggest benefits of having a survey completed before purchase of a property is the money that it can save you by identifying what are sometimes very costly defects within the building structure. Repairs too structural defects can cost a lot due to the difficulty in accessing them.

When someone sells a property, they sometimes get a Home Condition Report prepared. This is often part of the Home Information Pack that the seller is obligated to get done when he or she is selling the property. The Home Condition Report will offer at least some guidance on the property condition, but it is nothing like getting your own survey completed.

On the buyer’s side of the deal, there are three surveys that can be selected. They are the Valuation Survey, the Home Buyers Report and the Building Survey.

The Valuation Survey is conducted on behalf of the institution that is fronting the money for the property. This is a survey conducted only to establish market value for the property and should not be confused with a proper building survey. The bank or building society wants to be sure that the building is worth the asking price. This way they can be more certain of the mortgage viability.

The Home Buyer Survey on the other hand is carried out by the surveyor London you commission and is a basic level survey. This type of survey is often ordered for buildings that are very regular in their design and construction and are under 25 years old. The Home Buyer Survey will inform about the building condition, defects and value of the property for insurance purposes. This valuation is not the same as a market valuation.

The Building Survey costs more than the Home Buyer Survey but in this, the surveyor London will look in much greater detail and will not only report on structural defects but will also inform about the cost of repairs. The surveyor London will also see of there is any work that would be needed within the following 6 months of the survey.