What is in this article?
Buying a property is likely to be the one of the biggest, most important purchase you will ever make, so it is worth paying for a surveyor to check that the building does not have any hidden surprises.
But every property purchase is different so you may want a little help choosing the correct report for your situation. So what are your choices?
A simple report about a property that provides basic information about a property with a Market Value.
- Pros - A simple low-cost report.
- Cons - Not a Survey, does not include any information on the structure of the property.
An entry-level report that provides a 'traffic light' rating of the condition of a property and includes planning and building control issues for your legal advisers.
- Pros - Perfect for modern conventional houses.
- Cons - Lacks the depth of the more extensive reports.
An in-depth report into the condition of a property that provides professional advice that allow you to make an informed decision on if a property is worth buying.
- Pros - Cost effective standardised report into the condition of a property and includes a valuation.
- Cons - Does not provide the flexibility and depth needed for some properties.
Provides a detailed evaluation of the condition of each element of a property with suggestions on which elements are of concern and would need further investigation.
- Pros - Appropriate for all properties, fully customisable and thorough.
- Cons - Can provide more information than the property warrants.
We have produced an at-a-glance table that may help you understand the differences between the different Reports and help you decide the best option for you:
|Property Valuation||Condition Report||HomeBuyer Report||Building Survey|
|Appropriate for conventional properties|
|Appropriate for unconventional more complex properties|
|Includes an independent valuation||(Optional)||(Optional)|
|Estimated cost of re-build
(for insurance purpose)
|Can help you negotiate a better price|
|Can identify any potential problems|
|Show traffic light condition ratings|
|Highlights urgent issues|
|Background information on the property and location.|
|Ongoing maintenance and repair recommendations|
|Damp-proofing, woodworm, rot, drainage and insulation assessment|
|Roof space and underground drainage inspection|
|In-depth survey on construction, materials used, defects and issues|
|Describes visible defects and exposes potential problems from hidden defects|
|Outline and timeline of repair options|
|Get a Quote||Get a Quote||Get a Quote||Get a Quote|
You might find the following RICS video "Choosing the right survey" helpful to help you make your desion:
- Youtube - Choosing the right survey