I am a first-time buyer with a limited budget. My lender is carrying out a mortgage valuation, will this suffice?
Certainly not. A valuation inspection is not to be confused with a survey. There may be problems in the property that would cost a huge amount to put right, and they won't appear in the valuation report. As a first-time buyer, purchasing a property is probably one of the most important decisions of your life.
Having a RICS Home Survey is an inexpensive way of giving you peace of mind during your property buying process, and could end up even saving you money. According to a recent survey, 1 in 4 buyers rely solely on a mortgage valuation report. Of these, 25% end up with unplanned work in the first year, amounting to an average cost of over £1100.
Building Survey (former Structural Survey)
A building survey is a customised service suitable for all residential properties. It will provide details of their construction and condition, as well as technical advice on any problems, work needed to rectify any defects, and details of projected future maintenance.
A building survey differs from the HomeBuyer report in that it can be used on property of any age, style or type. You are likely to require this type of survey if, for example, the property is of an unusual construction, a period or listed building, run-down, has been significantly altered, or if you are planning a major conversion or renovation.
Building surveys are generally tailored to your needs. The report is slightly more technical than the HomeBuyer Report and will include comprehensive information on materials and construction, as well as details of the whole range of defects. It will incorporate comment on defects which would not necessarily be considered sufficiently serious or important to be reported in the HomeBuyer format.
The report can incorporate a market valuation or fire insurance reinstatement figure if required.
The format of the report is unique to each surveyor. Please find a sample report here.
Please contact us by either telephone, email or through the enquiry form on this website in order to obtain an individual quotation.