Should I Obtain a Surveyor’s Report?

If there are issues with the property you intend to purchase, these will usually be visible on a property survey. Obtaining a survey is an important process in buying a home and there are many pitfalls  associated with failing to do so. Buying or selling a property is considered a very important if not the most important investment a person will make in their lifetime. It is only logical to protect this investment by consulting the advice of an expert who is accredited in this field. By spending a relatively small amount on an inspection by a qualified surveyor, it will ease any worries you may have during your period of ownership.

A survey provides independent and impartial advice from a qualified professional with a level experience within their field. They are usually  RICS (Royal Institution of Chartered Surveyors) accredited and their expertise will help to identify any potential issues with the property and thereby swaying your decision to proceed with the purchase.

The advice of a local property expert can be very helpful - by requesting a surveyor that operates within your local authority. A local surveyor will be able to use their extensive knowledge of the region to provide supplementary evidence concerning the possibilities of any environmental risks, such as subsidence or flooding.

It is important to make a firm distinction  between a mortgage valuation and a property survey. On first instance you they both seem to be similar. A mortgage valuation is for the sole benefit of the lender and allows them to determine whether their investment in the property is safe. By comparison, when you request a private survey the surveyor is working irrespective of the lender. This ensures that you are fully aware of any potential defects or structural concerns before you proceed with the purchase.

Without a surveyor’s report it is difficult to identify any potential issues and quantify the extent of the repairs needed. In the unfortunate event your survey does identify several issues with the condition of a property, a report can be used to broker a price reduction with the seller. An inspection is worth considering as it will supply a record of any issues identified. Each issue will be rated by one of three different ratings highlighting the severity of the issue.

If issues are highlighted during the inspections, the report will be supportive in any renegotiations on price. Possessing an expert report completed by a RICS accredited surveyor will incline the buyer to either reduce the sale price by deducting the price of estimated repairs or have the works completed prior to exchange of contracts.

Once you are in receipt of the completed report, you should have a better understanding of what the surveyor has identified during the home inspection. This includes defects that would usually go unnoticed by the purchaser or even vendor.

Obtaining the opinion from a qualified expert is a smart move as it will alert you to any serious issues that may not be immediately obvious.

When certain issues are not treated, they can worsen over time and pose a serious hazard to any occupations. They may also be costly to deal with further down the line. It is in your best interests to obtain an expert a report to ensure that you will have no future issues with the property.

As mentioned, buying or selling a home is one of the biggest decisions a person will make. When you obtain a property survey, you can be assured that the independent report will allow you to make an informed decision to purchase the property based on an expert’s advice.

If you need any help with your purchase, please contact us for more.