A real estate transaction is a very important business. No matter what you may be buying or selling, your home, a business office or a residential, there is much money riding on the success of the transaction. To carry out a successful transaction you will need to ensure that the valuation is correct. You will thus have to carry out a complete household survey of the property.
A Chartered Surveyor is needed to finalise the survey in a timely manner. If done correctly the survey could save you much money in term of repairs, and this could help you to renegotiate the terms of your offer.
An RCIS surveyor could come in handy and help you in the survey process, he/she will help you with the issue you with a survey report. You will also be able to discuss the results of the study with the independent surveyor.
Types of House Survey
There are various types of house surveys depending on a variety of factors. At this point, there are only two types that really matter to a buyer or a seller. These are a HomeBuyer Report and a Building Survey.
The HomeBuyer Report replaced the HomeBuyer Survey and Valuation (HSV) report in March 2010, many people do still call it the Homebuyers Survey. It is the most suitable survey for modern and conventional buildings that are in reasonably good condition. If an older property is involved, then they have to be in a reasonable state. This survey will rate the conditions of all the permanent structures found on the piece of property.
It will highlight all the problems relating to the property that could affect its value and also includes insurance rebuild and valuation costs. The surveyor will also continue giving advice pertaining to the maintenance of the property.
Another important household survey, this is also known as a Full Structural Survey and is the most detailed of the two. It is more thorough and is adapted to suit your specific needs. This survey also does not have a particular format as each surveyor has his/her own way of presentation. This survey can be applied to even the oldest types of properties that are dilapidated properties that need many repairs. It can be very useful for those looking to convert or renovate a piece of property as you will be able to get a clear picture of the money needed to make alterations to the piece of property.
The lender will also have to carry out their own survey to determine if the property is worth financing. Once you have made a request for a mortgage the surveyor will be sent to the property to determine the amount to be negotiated.
Surveying is an important part of a transaction. If done well a proper survey can help you save a lot of money.