What exactly is a building survey report?
By lucmin on 5th October 2016
The building survey report tends to cause a lot of confusion and uncertainty with our purchasers. People often don’t know what exactly it is, how much it costs or who it should be conducted by.
A building survey, which used to be known as a ‘structural survey’, is a comprehensive inspection of all accessible elements of your property.
The report also provides a detailed evaluation of the condition of your property and will suggest which parts of the property might be a problem.
In addition, the report will point out areas of concern that could need further investigation.
What the report doesn’t do, though, is provide a valuation of the property.
Building surveys are conducted by chartered surveyors who should be regulated by the Royal Institute of Chartered Surveyors (RICS).
Building surveys should not be confused with a HomeBuyer’s report. A HomeBuyer’s report is similar to a mortgage valuation, and it may be required by any company you are using for finance for the property. The Building Survey is not required by mortgage companies, but it is an optional choice by the purchaser of a property.
What are the costs involved? Well, this varies depending on the type of property.
For a small flat, a building survey report is likely to cost upwards of around £600, while it will be between £1,000 and £2,000 for a large house.
If you don’t know who to use to carry out the report you are very welcome to call one of our team, we work closely with many surveyors.
There is also some confusion among buyers about what the main purpose of the building survey report is.
Some think its main purpose is to find reasons to further negotiate on the price of the property. Remember, your offer is based on the property in the condition in which it’s seen. So if it’s clear to see that a wall is falling down, and the window frames are rotten, there’s no point going back with a Report that itemises these issues. If issues arise that were not obvious then it may be worth asking for the vendor to offer a small discount.
Buyers need to be realistic – all houses have issues and the need for ongoing maintenance, but the report will help you to get handle on your main priorities.
Do take a look at more of our property blogs; http://move.uk.net/blog/