Why is a survey important?
For most people, buying their home is their largest single investment and most important purchase. It is vital to know of any pitfalls or problems that are likely to arise which could be expensive to remedy. Often purchasers get a copy of an inspection report that has been carried out for the mortgage company: but it is important to note that this is a valuation supporting the loan – it is not a survey!
If the inspection carried out for the mortgage lender is only a valuation, what sort of survey do I need?
In short, The RICS HomeBuyer Survey is appropriate for most family homes and includes a valuation and reinstatement cost for insurance purposes. The RICS Condition Report provides a brief overview on the condition of the property. As this report does not contain a valuation, it can be commissioned by sellers as well as purchasers. A Building Survey provides a more detailed account about the structure of the building and is advisable if you are purchasing an older property or if you are planning to undertake major structural repairs / renovations / extensions.