We understand that property processes can be challenging to understand. But at BB&J Commercial, we are here to explain the property jargon that may leave you feeling confused. Today, we are covering the basics of property surveys, and answering the all-important question, why do they matter?
A property survey examines the condition of the property that you are intending to buy. The surveyor will inspect the property, making note of any structural issues or needs for repair. The property survey will also make note of the features of the property, such as what type of window glazing is used throughout.
Property surveys are recommended for all property buyers. They are strongly recommended for properties which are listed, old, or in poor condition.
Property surveys are important for many reasons. Arguably, the most important reason is that property surveys can save you a lot of money. A property survey can uncover structural problems in a property which could be too costly to fix. In this case, a property survey would save you from buying a property which is not in your budget to fix. Sometimes, though, if a property survey finds these issues, the buyer can request that the seller reduces the price of the property to cover the cost of the required work.
There are different types of property surveys. The most common type of property survey is a Homebuyers Report. This is a detailed report which highlights structural issues such as damp as well as any other issues to the interior and exterior. The report doesn’t look under the floorboards or behind walls. A RICS Building Survey, however, is more in depth. This survey is most appropriate for bigger properties as it checks behind walls, inspects between floors and above ceilings, as well as checking loft space.
Do you need a property survey completing in the Derbyshire area? Get in contact with us today.