If you are buying your first home, the process can feel a little overwhelming. It is also extremely exciting but as someone that is new to the process, it can be hard to get your head around. When you understand what conveyancing means, it can help you feel more confident. Although, often when it starts, other terms start to get mentioned, such as property surveys, searches, and more.
What are property surveys?
Essentially, property surveys are thorough inspections of the property you are looking to buy. They are designed to give you the full picture of its condition before you make any legal commitments. There are different types of surveys available that look at different aspects of the property. Some focus on identifying the true value of the property. Others look at aesthetic elements that can be seen by the eye, while others go deeper than that. These property surveys inspect what you cannot see, such as under floorboards and behind walls.
What are the different types of surveys?
There are several types of property surveys, but the most common ones that the majority of buyers will come across are:
- Property Valuation Report (Level 1)
This survey is one of the more basic ones. It does not look at the condition of the property to determine any risks. It simply focuses on establishing the true value of the property. This can help you know if you are paying too much for the property and open the door to negotiating the price with the seller.
- HomeSurvey – Formally RICS HomeBuyer Report (Level 2)
The HomeSurvey provides more details. This survey will inspect any potential risks that can easily be seen by the surveyor. These can include anything that you might have to maintain or repair after moving in. Risks such as subsidence or dampness are often shown in a HomeSurvey, along with estimated costs for repairs.
- Building Survey (Level 3)
A Building Survey is the most detailed out of the three. In this survey, the surveyor will look behind walls and under floorboards. If you are buying an older property, this survey might be recommended. It assesses the structural integrity of the building and provides a thorough report on its condition.
Who carries out property surveys?
Surveyors conduct property surveys. They are qualified to inspect properties accurately and thoroughly, and also provide a detailed report of their findings. Expert independent advice can be integral to letting you know exactly what you are buying before it’s too late. A RICS (Royal Institution of Chartered Surveyors) surveyor has a strict code of conduct to follow and will ensure the inspection is carried out to the highest standard. It is their responsibility to give you the full picture before you commit to the purchase.
About Home Move Hub:
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