Then most important comparison you need to make between building surveys and bank surveys.
Building surveys are not solely for peace of mind, you know. They help you to avoid problems – so you can focus on turning your home into your castle.
However, recent research showed less than half of buyers arranged a building survey when purchasing their property. (And if you read our last article – A beginner’s guide to building surveys and listed buildings – you’ll understand how vulnerable you make yourself, if you buy without a building survey). There’s more:
A quarter of those who had purchased property in the past five years found faults after moving in
The research, conducted by the Royal Institution of Chartered Surveyors (RICS), found that 58 % of respondents wrongly believed that a valuation report covered the building’s condition, including potential problems such as damp and risk of subsidence. Jonathan Cornes, Partner at Jonathan Cornes Associates, Chartered Building Surveyors, said:
“Clearly, many buyers are unaware of how little they’re getting from a mortgage valuation report. When buying a property, it’s imperative to get either a homebuyer’s report (which covers condition of the property) or a building survey (which gives a more detailed report on the structure).
“If you’ve everwatched any of the TV property programmes like, Help, My House is Falling Down, you’ll have seen how few of the buyers had detailed building surveys. They show extreme cases of course, but problems with damp or structural issues are all too common. In my opinion, building surveys should be mandatory on all properties – this way, people won’t be caught out simply because they weren’t aware that a building survey would be so helpful.”
Plus, there’s a big difference between mortgage valuations and building surveys
Property often one of the biggest investments a person will make and because their mortgage comes from the bank, they often assume all other advice is comprehensive. That the bank will ‘protect them’. However, the mortgage valuation report required by mortgage lenders protects them, not you. And to be fair, nobody is claiming that a mortgage valuation survey does the job of a building survey. Here’s what you need to know:
This report doesn’t tell you about any potential problems with the building, nor any possible costs in future. The mortgage valuation is simply confirmation for your lender that it will get its money back on the property if you can’t pay. (Also to prove the property exists – and indeed, sometimes they haven’t!)
This is a thorough, qualified inspection of the condition of the building. The surveyor compiles a detailed report and our surveyors include estimated costs for any potential repairs in future. This report allows you to make an informed decision, armed with full information about the condition of the property you plan to buy.
On top of that, building surveys can actually be tailored to your specific requirements. This means that although detail is important, we don’t include information you don’t need.
If you’re buying a property, a professional survey should be one of the first things you organise. Whether this is your first home, family home or a nest egg for the future, we can arm you with an independent report on the property, so you’re fully aware of any potential problems further down the line. Few properties are perfect but with all the details, you can make an informed decision about your investment.
For more information callour team or book your survey online – it’s quick and easy.