Property surveys
A clear, impartial guide to...
Property surveys
"Buying, selling or extending a home is one of the most exciting things you'll ever do - its also one of the biggest financial commitments you'll make. More than ever before, property means big money - YOUR money. It will pay for you to seek the best advice possible from professional experts who really know what they are talking about. It's my opinion that you can do no better than accept 'a helping hand' from RICS."
Phil Spencer
How can an RICS surveyor help?
When you buy a home, take advantage of professional expertise and independent advice by using estate agents and surveyors who are RICS members.
Your home is likely to be one of the most expensive purchases you ever make - you need to know as much as you can about the property before you buy it, so having a survey makes good sense - and could save you thousands of pounds in costly repair bills.
Which? and The Council of Mortgage Lenders advise you to get a survey before you buy, and not just to rely on a valuation. A valuation is not a survey. Using the services of an RICS surveyor offers confidence because:
- They give you clear, impartial and expert advice
- They act in your interest
- They are tightly regulated and have to follow strict rules of conduct - including having in place insurance to protect you
- RICS members have to update their skills and knowledge throughout their careers, so you can rely on their expertise
- You are protected by a complaints procedure.
Look out for firms that are 'Regulated by RICS'. Estate agents and surveying firms that are regulated by RICS will be easier to spot as they will be using 'Regulated by RICS' on their stationery and advertising material.
What you can expect from a survey
Surveys are a kind of 'health check' for buildings. If you're buying a property, you should have a survey done before you enter into a contract - or before making an offer, if you live in Scotland.
A survey can actually save you money. If there are serious problems, you can often re-negotiate the sale price of the property to reflect the cost of necessary repairs - or you may even decide you don't want to buy it at all.
Your surveyor will report on all the parts of the property they can easily reach. They don't inspect under carpets or furniture, and they don't test the water supply or wiring - though they'll comment on their condition.
There are two main types of survey, an RICS Homebuyer Survey and Valuation (HSV) and a Building Survey.
If you're about to buy a property, you may have specific worries about the building you're going to buy. Talk them through with an RICS member - they'll be happy to discuss your particular concerns in more detail and help you decide which type of survey is right for you.
If you're interested in making structural changes to a property, or you think there may be a damp or dry rot problem, an RICS member will be able to advise you about this too.
Their report is designed to help you make a more informed decision. Costs vary according to which type of survey you have, but both Homebuyer's Survey and Valuation Reports (HSV) and Building Surveys can offer reassurance.