Article Author Mark

What is a Property Survey?

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When you are looking to buy a property, it is very important to have it checked over by a professional surveyor before purchase. This will ensure that you are fully aware of any faults and issues with the property, so that you can make an informed decision on whether to buy, not to buy or to renegotiate your price.

There are three main types of reports you can chose from:

  • Valuation Report.

This is the cheapest and most basic report; it is generally used by a mortgage company to ensure the property value meets the value of the loan. It is not intended to identify defects or problems with the property.

  • HomeSurvey Report.

This is much more thorough than a valuation report. Often referred to as a Level 2 or Middle Report, this type of survey comments on all the main aspects of the property both internally and externally. It highlights matters to be checked by your solicitor, together with a valuation and insurance figure. It is laid out in simple format and ideal for most residential properties.

  • Full Building Survey.

This is the most comprehensive option; it provides a thorough analysis of the structure and condition of the property, assessing it for potential or present problems. This type of survey can be upgraded to include additional reports such as electrical or drainage. Whilst suitable for any building, this type of survey is particularly recommended for older properties.

 

Benefits of a property survey

If the survey arises any serious problems with the property, you can often re-negotiate its sale price to reflect the cost of necessary repairs – or you may even decide you don’t want to buy it at all.

It is far better to be aware of any issues before you buy a house, so that you can make an informed decision about how much you’re willing to pay for it and, if necessary, budget for any repair work that will need doing.

Purchasing a property with structural issues can be expensive to you in the long term; so a property survey can seriously save you from making a very costly mistake. Focus on the long-term expenses rather than the one-off short term expense of the survey, and make sure you get it done before you purchase!

Jason Williams, Senior Partner at Mallard says “It is our experience that more often than not, a survey will save a buyer several times more than the cost of the survey, plus it gives purchasers peace of mind.”

At Mallard’s we are experienced property professionals. Our chartered surveyor services include a variety of property reports, so visit one of our local offices in Ammanford, Llanelli or Mumbles, visit  www.mallard-properties.co.uk or phone us for more information. Let us help you have peace of mind over your upcoming purchase!

Article Author Mark

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