Is It a Must To Share a Home Survey With Your Estate Agent?
Don’t you check to think twice before buying anything? Yes, you do! Then don’t you think the same applies to the property? At times people usually consider this as an extra expenditure. But hold on, that’s not the true thing. These property surveys can save up a lot for you.
Trusted estate agents in Buckingham explain that these surveys are just an assurance test of the property you are buying. Of course, you don’t want some surprise expenditures after buying the property. Surveys Properties are something unavoidable when you buy a new property. Are you unaware of the property surveys, their types, and their benefits? Then this is the right blog to gather knowledge about property surveys.
What are property surveys?
In simple terms, house surveys are like medical reports of the house. These surveys analyse the house completely before you purchase them. Conducting a house survey is usually the responsibility of the buyer.
The house survey reports tell the buyers a lot many things. These include any financial risks, structural risks, or any other problems associated with the property. These things reveal all the hidden expenditures that will occur after you buy the property. These can include repairs, renovations, etc.
Types of Property Survey:
There are a variety of property surveys available in the market. Till now you have got to know all about a property survey. Now it’s time for you to choose the right survey. You can choose any survey that matches your needs and budget.
While some surveys only give basic reports others might include suggestions on how to further maintain the property. Below listed are a few property surveys that you can opt for.
- Condition Report (RICS Level-1):
That’s the simplest form of a property survey. It can cost you around £300 to £400. This survey report will help you analyse all the major issues with the house. Also, it will help you with some information on the general condition of the house. However, if you need an assessment on how to repair the property then this survey is not helpful.
- Home Buyer Report (RICS Level-2):
Is the property you are buying less than 50 years old? Then this survey is the right choice for you. This survey is divided into two parts. The Level 2 survey and the Level 2 survey along with valuation report. The expected cost is around £500 to £800. However, if you need Level 2+ valuation it will cost you an extra £100. This survey will not only provide you with the property reports but will also guide you on how to maintain the property further. In case, you have surveyed with valuation, then it will also guide you about the true value of the property. This can help you analyze whether or not the price you are paying to the owner is worth it.
- Home Condition Survey (RPSA Level-2):
This survey is usually provided by a different regulatory body. This survey includes the surveyor validating the assessment report done by surveyor 1. Also, the report includes some pictures. These will help you easily understand the repairs you need to perform. This survey will cost you around £600 to £900. Though the price tag is a bit high, so are the benefits of the survey.
- The Building Survey (RICS/RPSA):
Buying a property that is 50 years old or has more unusual problems? Then investing £700 to £1200 in this survey is all you need to do. This report includes an assessment of almost everything from the underneath floorboards to the roof of the building. However, the price of the survey can vary depending on the condition of the property.
These were some of the property surveys available in the UK. If you are buying a new property in the UK you can take help from these surveys. They will not only provide you with the condition report of the house but will also guide you on repairs. Along with that these surveys can help you negotiate better with the seller by getting the evaluation done.
Do you need to share the house survey report with your estate agent?
Are you aware of all the real estate terms? No, right? There are many things specified in a property survey that you need to analyse. If you don’t do this right, then there is no benefit to getting the survey done. So you need to share the report with the estate agent so that they can guide you properly.
Investing in property can’t be a hurried decision. You need to take note of several things to save yourself from a wrong investment. A property survey is an essential thing that you need to do before buying a property. So do not make any compromise on this and contact the estate agents now for proper guidance about it.