Residential Surveyor in London – Cost and Valuation


Why a Residential Survey is an Investment Worth Making

Residential Surveyor London – You have found your perfect property, the seller has accepted the offer you’ve put in, and you’re all ready to get started with the purchasing process. However, no matter what type of house you are buying or how experienced you are with home buying, it’s always worth having a residential survey carried out on the property before you part with your money and transfer the ownership of the property over to your name.

Having a residential property survey carried out before purchasing a home might set you back a few hundred pounds, but it’s definitely worth spending the money. A survey will be able to identify any issues with the property that you may not have picked up on so far, with the potential to save you thousands of pounds in future repair costs. In addition, if something is wrong with the property it will be reflected in the valuation provided on the report; information that you could use to negotiate a lower asking price with the buyer to help you cover the cost of future repairs.

 

Why Invest in a Residential Surveyor London?

Residential Surveyor – Cost and Valuation: If you are in the process of purchasing a property in London, there are many reasons to consider investing in the services of a residential surveyor. Firstly, it’s important to bear in mind that any valuation survey carried out by your bank or mortgage provider is not usually sufficient enough to class as a residential survey and will not typically alert you to problems with the property that require immediate attention.

 

What Does a Residential Surveyor Do, and Do I Really Need One?

When you’re spending a lot of money purchasing a property, having a building survey conducted by a residential surveyor might seem like an unnecessary expense if you have not noticed any issues with the property, or the home is fairly modern. However, it is certainly worth investing in the services of a residential surveyor before buying. It’s always better to be informed about any potential problems with the property before making the purchase or get peace of mind that there are no significant issues that need attending to. A residential surveyor will inspect the following:

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  • Major indoor and outdoor property features
  • Heating and electrical systems
  • Walls and property structure
  • Signs of subsidence or wet/dry rot

You will be provided with a report that not only outlines the current value of the property based on the findings but also provides you with further information on any issues that will need immediate attention, issues that are likely to worsen over time and problems that could be a potential hazard to you and your family once you have purchased the property and moved in. If underlying issues with the property are found, you may benefit by being able to use this information to renegotiate a lower asking price with the seller to help you with covering the cost of the repairs.

 

What are the Options for RICS Surveys of Residential Property?

There are three different residential building survey options available that are suitable for different types of properties. These are:

 

RICS Condition Report (Level One):

This survey is the most basic option and is ideal for homes that are relatively modern and in good condition. It provides a general overview of the property’s condition and more information on any significant issues that will need your immediate attention once you have made the purchase. This is usually the best type of survey to opt for if you have no major concerns about the property and simply want some reassurance before buying. Different parts of the property will be rated based on their condition using a traffic light system to alert you to any areas of the home that could potentially be problematic.

 

RICS Homebuyer Report (Level Two):

This residential survey is the most popular option and is usually the ideal choice for anybody who wants to purchase a home that is in reasonable condition. It looks at everything that is covered in a Level One survey before going into more depth while inspecting the home. It typically takes between two and four hours to complete and provides you with a list of issues that have come up that could potentially affect the property’s value. You’ll get information on any serious issues like damp, subsidence, or wet and dry rot that will require your attention to repair.

You will also be informed of any part of the building that does not meet current building regulations, along with recommended repairs and adjustments to make and information on ongoing property maintenance afterwards. You’ll also find out how much it would cost to completely rebuild the property and the report will include the property’s value.

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Sava Home Condition Survey (Level Two):

While the RICS is commonly used for residential surveys, you can also get a SAVA Home Condition Survey, which is very similar to the RICS Homebuyer Report aside from the fact that it does not offer a market valuation. This report will provide you with photographs that look at any issues that you may need to follow up on after purchasing the home. You’ll also be provided with further information on any legal issues that will need to be brought up with your conveyancer before you transfer ownership of the property to yourself.

 

RICS Building Survey (Level Three):

This survey is a full structural survey, and it is the most detailed and thorough option available. It is recommended for anybody buying a home that is older, has obvious issues, or is unusually laid out. This type of survey is also recommended before purchasing any property that you plan to carry out any major renovation work on. It is typically carried out on houses rather than flats and will provide you with a full and comprehensive analysis of the structure and condition of the property.

Your residential surveyor will inspect every area of the home including under floorboards and in the attic to get a thorough insight into any problems and potential issues that might arise. You’ll be provided with a report that lists any defects and problems that need immediate attention, plus advice on future repair and maintenance work that might be necessary.

 

How Much Does a Residential Building Survey Cost?

The cost of your residential building survey will depend on a number of factors, including whether you require a level one, two, or three surveys It will also depend on the property size, type, and location where the survey will be carried out. On average, costings are as follows:

  • RICS Condition Report – around £250
  • RICS Homebuyer Report – around £400
  • RICS Building Survey – around £500

 

What are the Benefits of Getting a Residential Property Surveyor?

Working with a residential property surveyor before purchasing a home can be very beneficial, and is definitely worth investing in. Regardless of whether you are purchasing a newer and more modern home or an older home that you plan to renovate, a residential survey can potentially help you save a lot of money in the future. On average, homebuyers who have a residential survey carried out can save up to £5,000 in future repair costs.

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Working with a residential property surveyor can provide you with more financial security when buying a property. It will make you aware of any issues in the home that you will need to pay immediate attention to, giving you the chance to make a more informed decision regarding whether or not the property is right for you. Getting a residential survey can not only save you money in the future by making you aware of problems that will get worse if left unchecked, but it could also mean that you end up purchasing a different property instead to avoid repair costs. You can also use the results found in the property survey to renegotiate a lower asking price with the seller in order to save money on the purchase that can be put towards future repairs rather than being left out of pocket.

A residential property surveyor will also help by providing you with peace of mind regarding the property that you are planning to buy. Nobody wants to move into a property that has the potential to be dangerous or damaging to the health and safety of themselves and their families. A residential building survey will highlight any potentially unsafe areas of the building and provide you with further information on repairs and maintenance.

 

What to Expect From a Residential Valuation Survey:

Finally, your residential property survey can be used to provide you with an up-to-date valuation of the property based on its current condition. Bear in mind that this survey is not the same as any that may have been carried out by your bank or mortgage provider. The surveyor will look at the structure and condition of the property to provide you with a figure that they deem it to be worth; you can then use this information in negotiations with the seller.

No matter what type of property you are buying, it’s important to get as much information as you can to make an informed decision. That’s why a residential property survey is certainly worth investing in.

Residential Surveyor in London