subject: Getting The Proper House Survey For Your Property [print this page] If you are planning to buy a house or flat then you will want to make an informed decision. Such an expensive investment can have benefits or consequences that will affect you for the rest of your life. One way to know what you are getting yourself into is to obtain a professional home buyers survey. A house survey can minimise your risks by answering these three important questions:
* Will I be paying a reasonable price for this property?
* Are there any problems with the property, or obstacles regarding the purchase?
* If so, what will I need to do about them?
By obtaining a house survey, and answering these questions, you will avoid any costly surprises. And if the findings affect the value of the property, then you may want to renegotiate the price.
First, the basic valuation
The first survey that will have to be done is the Basic Valuation. This is just a quick look that your mortgage lender will take to confirm the value of your purchase. Basically, the lender will make sure that the property is worth the money that you will borrow. This survey is based on a comparison with similar properties in the area. Next, the property will have to be inspected by a home buyers survey expert.
What types of house survey are available?
There are two types of house surveys which are meant to help homebuyers. The first is a Building Survey, which provides a full report on the construction and condition of a residential property. This will tell you whether a house has been altered, what materials were used, and any defects that should affect your buying price.
The second type of home buyers survey is a homebuyer survey and valuation. This differs from a Building Survey in two ways. Firstly, it is intended only for houses, flats and bungalows which are "conventional in type and construction, and apparently in reasonable condition". Secondly, it concentrates on problems or flaws that will have a significant effect on the overall value of the property.
Generally a surveyor will give their opinion on the current value of the property, and whether its current condition will affect its resale in the future. Therefore, the Homebuyer Survey is meant to act as an economic device. It not only provides important information about the home you want to buy, but it also includes a professional valuation, so that you can make an educated decision. With the information provided, you can decide whether or not to buy that home at the price that has been asked.
A surveyor may also be able to provide some additional services, such as contacting contractors who can help fix a problem, or to arrange for testing by more specialised professionals.
A Homebuyer Survey is an often less expensive type of house survey than a Building Survey. To have either of these done you can contact a local survey expert and request a professional quote. There are various websites that can give you an instant house survey quote online.
