Property Surveys: What are They?
The purpose of a survey of a property for sale is to assess its actual structural condition. This survey is done so that a specific sales price can be assigned to the property. Surveys need to be performed first before the property owner and the prospective buyer makes any contract between them.
Authorized bodies have recognized two types of surveys. These two are the homebuyer’s survey and valuation and the building survey. The first is also called the homebuyer’s report.
When doing the homebuyers survey and valuation, professional surveyors are required by law to follow the exact format prescribed by regulating bodies. In a 9 page report with relevant information about a major sector of the property, professional surveyors show the actual condition 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. There is nothing in the report that mentions small details but only its overall current state. Specific details like wiring, gas, and drainage information are not included.
The homebuyer’s survey and valuation is good for properties in good condition, less than 150 years and less than 2000 square feet. The homebuyer’s survey and valuation is relatively cheaper that the building survey. This is why most homeowners prefer this survey over the other. This type of survey is also helpful for those doing house renovation without any actual intent of selling the house.
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. Both property owner and prospective buyer will see the real condition of the property. It can be performed on all types of properties regardless of size and age.
Surveyors do not include property valuation in their report. However, these details may be requested by the person or agency who consigned the services to them. You can get your property valuation for free from some surveyors, but others charge an additional fee for this.
The exact physical condition of the property is reported in a building survey. The little details and its overall current state are also given in this building survey report. 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.