|
|
| |
There are two main types of house survey. The 'Home buyer's Survey and Valuation'
(HSV/HBSV/Homebuyer's
report) and the 'Building Survey'.
|
|
|
|
The se
two types of house survey cover different levels of building inspection and are suitable for different types of property.
A home survey should be undertaken and the results taken into consideration before you enter into any kind of contractual agreement. This way, if the
home survey highlights defects or problems with the
property, then as a home buyer, you are in a position to negotiate the asking price.
You can then take into consideration any repairs which may have to be made before
you are bound to the sale. In fact, your lender may insist on repairs being
completed before release of full mortgage
funds.
A homebuyer report is a type of survey designed for particular types of homes, defined by the
R.I.C.S (Royal Institution of Chartered Surveyors) as "conventional in type and construction"
and "apparently in reasonable condition". This type of survey is less expensive than a building survey (although more expensive than a valuation) and provides a report which highlights any immediate problems or defects
which will have an effect on the value of the property.
According to the R.I.C.S, the main objectives of the Homebuyer's Report are to:
Make a reasoned and informed judgment on whether or not to proceed with the purchase
Assess whether or not the property is a reasonable purchase at the agreed price
Be clear what decisions and actions should be taken before contracts are exchanged.
|
|
|
This type of survey is suitable for all residential properties and provides a detailed report on the construction and condition of the property. Because the level of detail is higher than the
Homebuyer's Report, a building survey is more expensive.
There are several reasons that would suggest that you need a building survey:
If the property is of an unusual construction
If it is an old property
If the property is dilapidated or in need of serious structural repair
If the property has had extensive alterations
If you are planning to convert or renovate the building in a major way
|
|
|
The full building survey provides detailed information about the state of the property. This includes extensive technical information on the construction of the house, details about materials
used in construction and a report listing all major and minor defects. The full building survey does not provide a
valuation although this can be arranged as an extra report, on agreement with the surveyor.
For more information about home reports, homebuyers reports, building
surveys, house surveys and surveyors, contact the Royal Institution of Chartered Surveyors
(R.I.C.S).
|
Other
popular articles
Conveyancing
Solicitors
EPC
costs
Selling
property fast
Home
survey
|
|
|
|
Share this
article
|
 |
|
|
|
| |
| Comment
on this article |
|
|
|
Note: Comments
above are via social media facebook and are vetted in the usual
way. If you have any complaints or wish to make a comment to
HouseWow about the validity of information in this article or
any comments via facebook participants please contact HouseWow
directly here.
We respect your privacy and never send spam. Thank you. |
| |
| Note:
The information on this website may be provided by third parties
and links may be to external websites. Please see website
terms for more details. |
|
|
|
|
