What is a survey report?
This is an important stage of purchasing a home or business. When you have had an offer accepted it is wise to have a survey commissioned. This is where an assessor visits the premises and carries out an inspection on the property and creates a detailed report with their findings, giving you the opportunity to make an informed decision on whether to go ahead or find out what repair costs may be.
The assessor should be a member of either RICS (Royal Institution of Chartered Surveys) or RPSA (Residential Property Surveys Association).
There are 3 levels to RICS surveys
Level 1 is the most basic, this works on a traffic light system and doesn’t go into great depth, although it does cover the basic and most obvious aspects of a property.
This is best on a modern property that is newer and which looks overall in good condition.
Level 2 looks deeper into the properties state of repair, checking for damp and subsidence, this is the standard check for surveys and is a good option for finding out if there is anything that would affect the properties value or has an impact on the structure of the property.
Level 3 is a more intrusive survey, where the property is thoroughly inspected, under floorboards, in the attic etc. This is best done for older houses, more run down properties or homes that are more unusual. If the property you are purchasing is in need of work then this survey can identify any structural issues, ongoing problems and the assessor can advise on any maintenance and repairs.
Why have a house survey?
Having a survey commissioned can be a smart move, especially if it uncovers some damages that will be costly to repair. Say your surveyor finds there is a problem that will cost £15,000 to repair then you could choose to negotiate a reduction of said amount to cover those costs. As these repairs can de value the property it Is a sensible choice to have a surveyor come to the property.
Always do your research on the assessor you choose, like suggested above, always check they are RICS/RPSA registered.
What if we are putting an offer on a new property? Surely that won’t have issues?
Even new builds can have issues, but this tends to be the more simple and usually cosmetic problems such as wonky tiles, baths not sealed correctly etc there is usually less issues on the construction front as these are consistently monitored whilst the homes are being built.
You can get a snagging survey done and this can point out any imperfections such as uneven plastering, incorrect tile placement etc. A snagging survey is much cheaper than a level 1 survey and doesn’t often include any serious or in-depth problems within the report.
Time it takes to receive reports
Your assessor will inform you with an estimated time that you will receive the report but usually it is between 5 and 10 days depending on the level of survey you have chosen for your property.
If you like to know more on why surveys can be important and would like some recommendations then contact Merryweathers today on 01709 311190.