|
Other Costs - Survey
Even though your lender may only require a valuation of the property, it is wise to arrange for an expert to carry out a survey. You will want the survey to satisfy yourself on the following:
- The price the seller is asking for is realistic
- The property does not have any defects that will cause future problems
- The property is re-saleable
- The value the property for insurance purposes
There are different levels of surveys for residential properties.
Basic valuation
This is a quick valuation and is the minimum requirement for mortgage lenders. A surveyor looks at the property and gives a valuation based on its general condition and his knowledge of the housing market in the area. It does not involve a detailed examination. This report will normally be sufficient for new houses covered under the Homebond scheme.
Homebuyer's report
In addition to the basic valuation this report also gives an assessment of the condition of the property and points out any significant defects. You will be informed of any repairs that need to be undertaken. If further investigation is required the report may recommend additional specialist surveys. This report is advisable for all houses that are not newly built.
Full structural survey
This is a more detailed report and involves a thorough inspection of the property for any defects and structural faults. This survey is normally undertaken for older, dilapidated or altered buildings. You should request a valuation to accompany your structural survey.
|
|
 | Property Listings |  |
 | Services | |
 | News | |
For the latest property news and information please
click here
|
 | Contact Us | |
For any questions or comments you may have please
click here
|
|
