My First Property

How To Interpret A Survey

When buying a property one of the most important factors is the survey. The survey will determine what the lender will offer you regarding the loan you need, and this will let you know whether you will be able to go ahead and proceed with buying the property and the price it will be.

There are three types of survey:

Inspection report and valuation

Most people will opt for this as it is the cheapest of all three surveys. The report will say what the property is worth and any basic issues that the surveyor has with it. The surveyor will not look at inaccessible parts of the property like the roof and drains unless there is a serious defect.

Homebuyer survey and valuation

This is carried out by a member of the Royal Institution of Chartered Surveyors. This report is concise and gives a general opinion of the quality and condition of the property. This is a useful report for when time is short or money is tight. The valuer will discuss whether the purchase price is realistic and will give opinion on market of the property.

Building survey

This is based on a detailed technical examination and viewing of the property and will include tests on services. It will look at concealed areas and inaccessible areas of the property. The report will give advice on repairs that need doing. Normally people do these surveys on older properties and it is strongly recommended on properties over 100 years old.

More first-time house buying articles:

  1. What To Do if You Are Interested in a Property
  2. Deciding on Your Property 'Must Haves'
  3. Buying a New Build Home: The Complete Guide
  4. The Complete First Time Buyers Guide
  5. Why People Sell Property via Auctions

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