In the current market for property, getting the report of a survey isn’t only an excellent idea, it’s an absolute requirement. Before you make commitments to years of mortgage payments that could be worth millions of dollars it is essential to understand the terms you’re signing on for. This means you shouldn’t be relying on the mortgage appraisal of a lender only.
Most people depend on a mortgage lender’s appraisal to determine if the price for a home is reasonable. However, you must keep in mind that lenders are a fan of lending money. Their appraisal may not be reliable or objective. There’s a possibility that you won’t get much details on the defects in the mortgage valuation of a lender.
Do truly want purchase an investment property that will take thousands for repairs?
In this context, we need to note that the majority of homes, no matter how old they do conceal defects. Even the simplest new construction may have a myriad of issues that range from poor construction to structural problems.
In addition, as you’ll discover in the next paragraph in this article, not getting an appraisal of your property can cost you quite a bit. In reality the typical property seeker who fails to obtain an appraisal report will end up having a repair cost of more than $6,000.
Therefore, it is evident that property surveys are – and times are extremely worthwhile investment, especially when they can cost as low at a handful of hundred bucks. But they are also useful in more ways than simply identifying hidden flaws.
We’ll soon be able to tell you the reasons why you should have the services of a property survey in the present market. For now, here’s a brief overview of the types of surveys available.
Visit Harding Surveyors when in need of a RICS valuation.
A quick guide to UK property surveys in the UK.
In the UK in the UK, the Royal Institute of Chartered Surveyors (RICS) is the body that governs and determines the rules that which all RICS Chartered Surveyors must follow to prepare an annual report. The most frequent surveys include:
Level 1 Survey – Condition Report
It’s the most basic survey for property, as recommended by RICS It’s only appropriate for properties that are in good in good condition. But, since there are always issues lurking in areas that are difficult to access or inaccessible it is recommended to invest in the Level 2 Survey as a minimum (ours begin at £400).
Level 2 Survey – HomeBuyer Report
HomeBuyer Report HomeBuyer Report goes into more depth that The Condition Report, using a traffic-light system to classify deficiencies based on the severity. It’s useful for newly constructed houses that have had no or little changes.
If you’re considering an investment property that requires serious work, we’d suggest the level 2 inspection. But, since we believe that the HomeBuyer Report doesn’t include key details that are relevant to today’s property buyer, we’ve developed our own HomeLevel report, which goes one step higher, even though it’s similar in price. It’s a short, economical and expertly-written survey report that is ideal for flats as well as modern homes, such as houses built after 1990 in decent condition, and valued under £1,000,000. The report is presented in a simple traffic light-rated format that will assist you in understanding the most pressing issues affecting the potential home you want to build.
Level 3 Survey Full Building Survey
A thorough Building survey will be the most comprehensive providing estimates for the cost of any repairs required and details about boundary lines, possible legal concerns and other issues. Additionally, it offers an objective appraisal.
The reason you require a survey of your home
The majority of property professionals advise conducting a property inspection prior to purchasing or selling a house. However just 20% of home buyers receive a report prior to buying an apartment. What benefits do the majority of property buyers missing out on?
Spend less money on repair expenses
Surveys of property reveal defects that may not be apparent to an untrained eye. But homes and flats often are able to conceal problems like roofing problems, structural damage and wet decay. If left untreated, these issues can be extremely costly to correct (not to mention hazardous).
On average, people who don’t get an appraisal end up with repairs costing up to the sum of £5,750. The figure is much higher for newly-purchased homeowners with a hefty 17% who must pay more than £12,000 for a home that is habitable. Employ an RICS Chartered Surveyor to find the issues lurking in your property, and you don’t need to worry about nasty unexpected costs.
Reduce the asking price of a home
There are many properties that have defects, but they do not must be avoided. Since there are always issues inevitable at one time or another. If you’re aware what the issues are and have an idea of the amount they’ll cost to correct then you may be able to cut a substantial amount off the asking price of a home.
The best part is that the majority of RICS Chartered Surveyors can handle certain aspects of negotiation for you. Instead of letting small issues deter you from buying an investment, you can use these for your benefit.
Get in touch with an independent property expert
If you’re applying for a loan, lenders employ an Surveyor to present a valuation that usually does not include specific information about the problems. Therefore the value of a mortgage by a lender could be inflated to the max. Would you rather trust the bank’s decision-making authority or let an impartial RICS Surveyor work on your behalf, while focusing on your interests?
Get your report quickly
A home purchase is a long and stressful experience, which could be the reason why most homeowners don’t bother with home inspections. Our custom Level 2 Home Level Report is digitally created for maximum efficiency. Also, by making use of mobile technology, we can check and create a precise report in just a few days.
Be aware of legal issues that could arise.
It’s possible that you’ve found your dream house and you’re confident that the condition is perfect. All you have to do is install some fencing, modify the walls around it and freshen the area a bit. But is it legal to do this? What can you do to find out?
If asked, many RICS Surveyors can define your legal boundaries, allowing you to decide the best location to construct this fence, and also what is your land’s ownership. They also can provide guidance regarding party wall issues that range from explaining your rights to assisting you obtain permission.