When buying a property it’s important to know exactly what you are getting. There may a number of issues which aren’t apparent from a simple visual inspection so, before committing to buying your dream home, we strongly recommend that you request a survey.
It will help you to:
- Make an informed decision on whether to go ahead with buying the property
- Decide what is a reasonable price to pay for the property
- Take account of any repairs or replacements the property needs
- Consider if you need any further advice before exchanging contracts
At John German Estate Agents we have RICS qualified surveyors who can carry out the following RICS surveys for you:
RICS Condition Report
Choose this report if you are buying a conventional house, flat or bungalow from common building materials and in a reasonable condition. It focuses purely on the condition of the property and sets out 'traffic light' ratings of the condition of various parts of the building, services, garage and outbuildings showing problems that require varying degrees of attention. It also sets out a summary of the risks to the condition of the building and other matters including guarantees, planning and building control issues for your legal advisers.
A Condition Report does not include a valuation.
RICS Homebuyer Report
If you would like more extensive information on a conventional house, flat or bungalow then you should choose a Home Buyer Report.
This includes all of the features in the Condition Report along with:
- A more extensive inspection
- The surveyors professional opinion on the ‘Market Value’ of the property
- An insurance reinstatement figure
- A list of problems that the surveyor considers may affect the value of the property
- Advice on ongoing repairs and maintenance
- Issues that need to be investigated to prevent serious damage or dangerous conditions
- Legal issues that need to be addressed before completing the purchase
- Information on location, local environment and the recorded energy efficiency (where available)
Private valuations of property can be commissioned for a variety of reasons, including the following:
- Property Purchase, where a more extensive report is not required
- Capital Gains and Inheritance Tax
- Building Plots / Development Sites
- Matrimonial / Litigation
- Portfolio Appraisals
RICS - The Importance of Getting a Survey
Home buyers are often confused about their lender's valuation. Many still believe their valuation is a survey and is being done for their benefit.
Increasingly, lenders take a risk-based approach and might well use an automated valuation model which can result in nobody physically visiting the property.
Independent research found that on average homebuyers spent £5,750 on unforeseen repairs when they moved into their new home. The vast majority will have relied on the lender's valuation only.
RICS - Choosing the right survey
If you require further assistance on deciding which type of survey or valuation is most suitable for your needs please enter your details in the contact box or call any of our offices and they will be pleased to help.
"A professional team, who understood the realities of the market, gave excellent advice and helped us achieve the best value for our property, more than we expected. They updated us regularly, asked all the right questions and supported us through the whole process."