The Need for Property Surveys
To assess the actual structural condition of a property for sale, it is important to subject it to a survey. This survey is done so that a specific sales price can be assigned to the property. It is important that the surveys be performed before making any contracts between the prospective buyer and the current property owner.
Two types of surveys have been recognized by authorized bodies. The homebuyer’s survey and valuation and the building survey are the two types of surveys. The first is also called the homebuyer’s report.
Professional surveyors who are conducting the homebuyer’s survey and valuation are required by law to follow the exact format prescribed by those in authority. What this format includes is a 9 page report with relevant information about the major sector of the property.
In this report, the exact physical condition of the property and the specific areas that need further investigation are shown. Only the overall current state is included in the report and not the little details. Wiring, gas, and drainage information are not included in this report.
If the property is in good condition, not older than 150 years, and with an area of less than 2000 square feet, then this type of survey is good for these properties. The homebuyer’s survey and valuation is relatively cheaper that the building survey. This relatively cheaper price is what make homeowners prefer it over the other. This type of survey is also used by people who do house renovation even without the intent of selling it.
The second type of survey, the building survey, is more expensive than the first type. This is because building surveys are more thorough and comprehensive and it includes every detail about the property, even the smallest ones.
It takes a long time to complete this survey. It is still worth waiting since every tiny detail about the property will be exposed in this building survey. This gives the owners or the prospective buyer the right insights as to what the real condition of the property really is. It can be performed on all types of properties regardless of size and age.
Valuation of the property is not included in the report. Property valuation can actually be requested from the surveyors by the person or agency that consigned the services to them. You can get your property valuation for free from some surveyors, but others charge an additional fee for this.
The purpose of this survey is to produce a substantive report that shows the exact physical condition of the property. It also focused on the little details about the property and its overall current state. If you visit specific websites that offer survey quotes you can get all the information you need if you want to survey your property.
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