First time, young property buyers are most vulnerable to wrong home choices. This is sad news because young people stretch their financial limits just to climb the ladder to estate ownership, and yet they are not given what it due to their hard work and the proof of feat they deserve. For many young home owners, the negotiation is centred on the monetary value of the property they are about to purchase, and there seems to be a market-like haggle when all they really need first is a comprehensive property valuation.
In the light of property surveyors, there is a common misconception that the service will act as a negotiator between the seller and purchaser. This is not the case, and many property owners are missing the point of surveying. It is important to point out that buyers are free to choose their own surveying company, and the service need not become an add-on to the price of the property. Every buyer has the right to determine who should inspect the property and when; not the other way around.
The Mortgage Lenders and Valuation Report
Many home and commercial property owners are confused about the difference between surveying and valuation report. On the same note, mortgage lenders tend to make it look like they really are just the same. But the truth is, valuation report is just part of the big picture. What’s worse is that they charge the service to the client and make it appear like it’s a “part of the package.”
Surveying need not to be that way. Thus, it is important to know your right as a client and which kind of property assessment you want.
What Kind of Survey Do I Need?
We encounter this question a lot. But first, let’s examine of you really need it. Most property surveyors are hired to assess properties aged at least 10 years. So if the property you are looking into is newly built or just a few years old, you may chose not to hire any surveyor. In this case, a simple valuation report may be enough to let you decide if you should go for the property you have. However, even newly built homes have flaws that need to be reconstructed or aided immediately. Thus, we still strongly recommend a Chartered Surveying Company.
Types of Reports You May Require
Condition Report
From the term itself, the condition report will tell you if there are any major concerns that the property has. This will give you a general overview of what is the current condition of the property without the need to highlight and explain details. This may suffice for buyers whose properties are still in a very good condition.
Because it won’t require too much detail, condition reports are the cheapest kind of survey you’ll get.
Homebuyer Report
This may be more structured and require attention to specific areas of concern and may include a valuation report. On the other hand, valuation reports are charged upon the client. This type of report is most important and suitable for properties following the latest standard in engineering and architecture, or a standard building in a good condition.
Building Survey
This is the most famous type of survey known in the industry since several commercial properties avail to this one. Building surveys are the flagship of many surveying companies and may be the most expensive type, considering the size of the property and the information it requires. It’s safe to say that this is just similar to a house survey, only that the process is performed for a larger building and would not include a valuation property.
First time buyers need to be vigilant in seeking the correct information just before finally purchasing any kind of property. A practical way to do this is to hire a reliable surveyor.
