subject: Reasons to Require a Survey for Homes Buyers [print this page] Reasons to Require a Survey for Homes Buyers
There are many different reasons for homes buyers requiring a survey. Many mortgage companies require a mortgage valuation survey to be carried out, however mortgage valution is only a simple type of inspection that is designed to establish if the value of the property is enough to cover the amount of lending. In a lot of instances this very limited kind of survey does not establish any damp or structural problems, which can have a significant effect on the property. As this is more likely to be the most single expensive purchase one is likely to undertake in their lifetime, it is highly recommended that an independant survey of the property be undertaken before exchanging contracts.
Building surveys for home buyers should be comprehensive and suitable for many different types of properties, regardless of how old the building is, and what type of building and construction it is.
Buying a house is very often stressful and it is not always in the seller's interest to openly admit to any minor defects or major faults in the property. A surveyor will inspect the outside and inside of the main building, but will not open up or force open the fabric of the property. They will inspect only the parts of the gas, electricity, water, drainage and heating systems that can be seen. They will not test them. Surveyors carry out only a visual inspection. they survey the outside of the building from ground level and sometimes from a nearby public property with the aid of binoculars.
A typical survey of this type should always include an assessment and detailed description of the following:
Considerations for future maintenance : Materials and construction method used : Visual inspection services : Important local issues and location : Costs for repair of major defects : The cause of major and minor defects and their implications.
Home buyers surveys should cover all aspects of of the building including such details as the condition of internal and external features such as :
Other details should also be noted such as services:
Central heating : Drains : Gas installation : Electric installation : Water supply.
When the property has been surveyed, the market value of the property is then confirmed and a reinstatement value is presented which is the figure the property should be insured for.
The best way to reach an informed decision on such an important investment as buying a home is to have a professional survey and valuation of the property. There are two main types of survey which are specifically designed to help homebuyers, and these are a building survey and a home buyer report and valuation survey.
Many people who own their own homes have never had a survey, and have relied entirely on the mortgage evaluation report. The mortgage valuation is quite limted in scope and also inspection, and therefore limited in advice.
