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The cost of
making a wrong decision when buying a home can be high. By comparison
the cost of knowing what you are buying is relatively small. Before
you make your purchase make sure you get the right survey.
1). The RICS
Homebuyer Report
This detailed
report provides a clear view of the condition of the property. It
primarily deals with essential matters affecting each part of the
property, from the chimney stack down to the damp proof course level.
Major problems will be highlighted and the report will provide
general advice on repaired items, which should be noted prior to
exchange of contracts.
2). The
Building Survey (full structural)
This report
again covers all aspects of the property, dealing with construction
in greater detail. It not only identifies essential works and
defects, but also provides commentary as to their probable cause and
steps required to rectify them. We would recommend this type of
report for older properties and larger/individual properties. These
reports are much longer than a Homebuyer Survey and represent a more
technical examination of the property.
3). Mortgage Valuation
Your bank or
building society may carry out a mortgage valuation. This is a
general inspection of the property to ensure it is a suitable
security for lending purposes. It is not a survey and is not designed
to give you a detailed analysis of condition prior to purchase. There
may well be problems which would only be found through a more
detailed inspection.
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