What are the best types of survey for your Leeds property?
by on 23rd April 2018
We are looking this week in our latest blog at surveys – not the ones used on “Family Fortunes” (if you’re old enough to remember that phrase) but the ones you need for house purchases.
You can find further advice on surveyors on the RICS and RSPA websites but we thought, at Hogan’s, we’d give you a concise summary for whether you’re buying or investing in a property.
You should choose one based on the actual property you’re buying – you wouldn’t have a simple valuation report on a derelict unit you plan to convert or a full building survey on a new build.
- Home Condition Report. This is a simpler, more affordable report which is suitable for new homes and those in good condition. It uses a simple traffic light system to report back to the buyer or investor.
- Home Buyer Report (Survey). This adds some meat to the bones of number 1, including defect advice and comments about ongoing maintenance costs.
- Home Buyer Report (Survey and Valuation). This report adds a valuation figure to a property – vital if you’re planning to finance the home with a mortgage and are concerned that a property has been overpriced.
- Building Survey. According to RICS: this is “essential for larger or older properties, or if you’re planning major works.” The most comprehensive report provides you with an in-depth analysis of the property’s condition and includes advice on defects, repairs and maintenance options.
There are other reports available too: your mortgage company may insist on a Valuation Surveyfor lending purposes (your lender often includes these as free) and less common: a new build snagging survey. The new build one is optional but for a smallish amount of cash, this report will spot issues that the developer has to fix before moving in.
If you need any more advice about surveys, property selling or buying, contactone of our team at Hogan’s today.