Notes

Two Types of Property Survey

Properties which are for sale are often put through a survey in order to assess its actual structural condition. The result from the survey is often the prime determinant in the property's sale price. For this reason, it really is imperative that such surveys be performed before making any contracts relating to the prospect buyer and the current owner of the property.

Types of Property Survey

The Royal Institute of Chartered Surveyors (RICS) only has recognized two kinds of surveys so far, they are: the "Homebuyers Survey and Valuation" (HSV) along with the "Building Survey". The first one is also referred to as the "Homebuyer's Report".

1. The Homebuyers Survey and Valuation (HSV)

All professional surveyors are needed for legal reasons to follow along with the complete format prescribed through the RICS when you are performing such a survey. The format carries a 9-page report, each page containing all pertinent details about one major sector with the property.

The goal on this survey is always to create a substantive report that reveals the exact physical condition in the property, plus the specific areas that need further investigation. In Read Full Report , this survey will not focus on the little details about the home but instead, its overall current state. Thus, wiring, gas and drainage information usually are not within the report.

This sort of survey is great for properties which can be apparently in a very good condition, not over the age of 150 a few years by having an area lower than 2000 sq . ft .. Compared to the different of survey, this is relatively cheaper. This is the reason why many homeowners prefer this survey on the other. Even those who usually are not particularly planning to sell their properties, utilize such surveys when renovating their houses.

2. Building Survey

Like what has been mentioned earlier, this survey is more expensive than HSV. The main reason with this price disparity is the fact that a Building Survey is very thorough and comprehensive -- it includes every piece of information about the exact property, even smallest ones.

Because of their requirements, this survey normally takes a very long time to perform. But the waiting is sure to be worth the cost since a Building Survey's report will handle everything about the house. This gives the owner or the prospect buyer in the property the best insights about what the real condition of the property actually is. This type of survey can be practiced in every varieties of properties, regardless in the properties size and age.

By default, valuation in the property is not included in the report. However, the individual or agency that consigned the services of the surveyor can request for this detail. Some surveyors provide you with the value in the property at no cost but a majority of would require an addition fee.

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