Homebuyers warned not to skimp on a survey

By The Beresfords Marketing Team - 18 July 2011

According to the latest research from RICS (Royal Institution of Chartered Surveyors) a quarter of all homebuyers who fail to have a survey are forced to make unplanned building works to their property after purchase.

The average bill for these works, such as damp proofing or repairing a roof, is over £1800 – but the cost can be much higher.

A common misconception is that a mortgage lender’s valuation represents a survey. In fact it is merely a valuation carried out on the mortgage lender’s behalf and is not designed to highlight any potential problems with the property.

Beresfords provide surveys for all types of residential and commercial properties. We can carry out both Homebuyer Reports and Building Surveys for residential buyers.

A Homebuyer Report gives a clear and concise assessment of the property’s condition. It is based on a pro-forma report produced jointly by RICS and the Incorporated Society of Valuers and Auctioneers (ISVA).

A Building Survey, formerly known as a Structural Survey, provides a more thorough report based on detailed investigation of the construction and visual inspection of the services to identify the overall condition of the property.

A Building Survey will highlight any defects and provide an estimated budget for remedial work. In this report, the Surveyor will consider all the requirements of the current building regulations, fire precautions and other relevant legislation.

For further information contact Beresfords Survey Division