The Need for Property Surveys
To assess the actual structural condition of a property for sale, it is important to subject it to a survey. This survey is done so that a specific sales price can be assigned to the property. So, before contracts are signed between the property owner and the prospective buyers, it is important that the survey be performed first.
Two types of surveys have been recognized by authorized bodies. The homebuyer’s survey and valuation and the building survey are the two types of surveys. The homebuyer’s survey and valuation is also sometimes called the homebuyer’s report.
Professional surveyors are required by law to follow the exact format prescribed by those in authority when doing the homebuyer’s survey and valuation. This format includes a 9 page report with pertinent information about one major sector of the property.
This survey produces a substantive report on the exact physical condition of the property and the specific areas that need further investigation. Only the overall current state is included in the report and not the little details. Wiring, gas, and drainage information are not included in this report.
If the property is in good condition, not older than 150 years, and with an area of less than 2000 square feet, then this type of survey is good for these properties. The homebuyer’s survey and valuation is relatively cheaper that the building survey. And this is precisely the reason why a lot of homeowners would prefer this survey over the other. This type of survey is also used by people who do house renovation even without the intent of selling it.
When it comes to cost, a building survey is more expensive than the homebuyer’s report. The building surveys are expensive because they are more thorough and comprehensive, including every detail about the property to the smallest details.
It takes a long time to complete this survey. It is still worth waiting since every tiny detail about the property will be exposed in this building survey. The benefit of this survey is that both property owners and prospective buyer will get the right insights as to the real condition of the property. Regardless of size and age, this type of survey can be performed on all types of property.
In this building survey report there is not property valuation included. But the person or agency who consigned the services of the surveyor can request for this detail. Property value is provided by free by some surveyors but others collect an extra fee for this.
The building survey is done to give a substantive report that shows the exact physical condition of the property. What you have in the building survey report are the little details about the property and its overall current state. If you are selling your property and you need property valuation you can visit survey websites where you can get all the information that you need.
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