Buying a property, whether to make your new home or as an investment is one of the most expensive purchases you will likely go through in your life. This is why it can be particularly surprising to know that a property purchase is commonly committed to purely by having a 20 to 30 minute look around the property. It is also important to know that a mortgage valuation is NOT a survey. This is undertaken for the mortgage provider (if you have one) only and you will not receive a copy of this report. This report only confirms whether the property is acceptable for lending purposes so will not pick up on all possible money pits in the property.
Regardless of the age, condition or how you are purchasing a property, whether it be by cash or mortgage it is very important to have a RICS Surveyor inspect it for you. This is because any construction, whether modern or older risks falling foul to poor workmanship, structural movement, defects caused by weather fluctuations, and many others that could cause you a lot of headaches and money to rectify once you have purchased the property.
Property surveys are there to ensure you are proceeding with all of the facts and can confidently know that you are purchasing the property for the right price. Such surveys include a RICS Condition Survey and RICS Homebuyer Survey with or without a valuation.
The RICS Condition Survey describes the condition of the property, identifies any risks and potential legal issues and highlights any urgent defects. It uses simple ‘traffic light’ ratings to clearly identify the condition of the key elements of the property. Typically, this is aimed at conventional properties and newer homes.
The RICS Homebuyer Survey is designed for conventional properties that are in a reasonable condition. This is in a similar level of detail to that of the RICS Condition Survey, plus the report includes a market valuation (if required) and insurance rebuild costs. It also includes advice on defects that may affect the value of the property with repairs, and ongoing maintenance advice.
We have found within our time in the property industry that however great the survey report is, it can be difficult for the purchaser who’s report it is to accurately convey any issues that may have arisen. This could be to renegotiate the purchase price to accommodate for required repairs or to request further specialist reports or information. Because of this, property sales can become frustrating and break down with either party then pulling out, which wastes a great deal of time and money for both property owner and purchaser. This is the reason we have introduced our Post Survey Care service for any survey or valuation that we undertake as a firm throughout the whole of Cornwall.
Our Post Survey Care service allows our clients to sit down face to face in our Truro office or over a telephone call or Zoom call for as long as our clients need to go through the report and discuss (with the surveyor’s undivided attention) any issues that have come up. After this we can communicate with estate agents, solicitors or any other third party regarding the report if required. For more information on this service please visit our Post Survey Care page.