Why a Building Survey is so essential

Homebuyers are facing bills for thousands of pounds by failing to have an appropriate survey of their property according to the Royal Institute of Chartered Surveyors.
25% of homebuyers rely solely on a valuation survey and not on an in-depth building survey as recommended by the RICS. This resulted in unplanned expenditure that amounted to an average expenditure of approximately £1800 although; the figure could be much more.
Building surveys enable prospective purchasers to make informed decisions when purchasing a dwelling and if carried out at an appropriate time can save a great deal of money in legal fees.
It is wrongly assumed by many purchasers that a mortgage valuation report is a building survey report. This could not be further from the truth. It is solely an indication of a property’s value for loan purposes only. It is prepared by the lender and not the purchaser. The significant matter is that it will not uncover any potential problems.
Research carried out by the RICS indicates that 58 per cent of respondents wrongly believed a valuation report included the building’s condition, including searching for damp and structural movement. A further 31 per cent mistakenly believed that it contained legal advice that falls within the domain of a solicitor.
The RICS recommend that you appoint your own surveyor to carry out a building survey even if you are paying for a valuation survey for the lender. A building survey is of particular use if the building is historic, in a bad state of repair or where there have been major alterations or a change of use. It is recommended that you provide a brief to your surveyor outlining your own concerns and include any proposals for future alterations or extensions.
A survey will help you to appreciate the value of the property and enable you to prepare costs for future maintenance and repair. The surveyor will alert you to significant costs and you will be able to use this information to renegotiate the final price of the property.
if you want further information on the type of surveys available or need to talk to a surveyor then contact Oculus. You can also visit the RICS website at the following address. http://www.rics.org/