Moving Home
When buying a new home there are many factors to consider, not least of all the condition of the property and to have a survey undertaken is a good idea and could save you money. The two types of survey appropriate when purchasing a property are the RICS Homebuyer Report & Valuation or the Building Survey (also known as a structural survey).
Homebuyer Report & Valuation
The RICS Homebuyer Report & Valuation is suitable for flats and houses built since around 1900 that are in reasonable condition. The report is prepared in a format provided to us by the Royal Institution of Chartered Surveyors. It is a very concise report highlighting urgent and significant matters. For example, it’s not going to tell you about a dripping tap that is going to cost pennies to repair, but it is going to tell you about a damp problem that could potentially cost hundreds of pounds to repair.
This report also provides you with a market valuation of the property, together with an insurance reinstatement value, this being the figure the property should be insured for.
This report is popular and one we generally recommend to our clients unless, of course, the property is very old, run down or has been extensively altered and extended, in which case we recommend the Building Survey.
Building Survey
The Building Survey (also known as a structural survey) is suitable for houses built pre-1900 and houses that are run down, dilapidated or have been extensively extended and altered.
It is a much fuller report describing in more detail any evident structural defects or other factors which may materially affect the value or saleability of the property. This report is usually tailored to the client’s individual requirements and includes technical information on problems and remedial works.
Building Survey does not include a valuation of the property or an insurance reinstatement value, but these figures can be provided for an additional fee.
