RICS Home Surveys
HomeBuyers Reports and Valuations
Your home is likely to be one of the most expensive purchases you ever make – it needs to be a well informed decision. Having a residential survey makes good sense and it could save you thousands of pounds in costly repairs.
Serious faults such as structural defects, rot and subsidence are often difficult to identify and costly to repair. By not being aware of them, buyers are risking a potential home-buying time bomb. This can cause extreme stress and financial strain on home owners who are often stuck with a property that they cannot afford to repair or may no longer want but cannot sell.
Why do you need a survey?
Choosing to buy a new home is one of the biggest decisions most people will ever make and yet many buyers are doing so blind. Research by the Royal Institution of Chartered Surveyors (RICS) has shown that
“only one in five home buyers has a survey of their new property and that many buyers are unknowingly setting themselves up for an average of £5,750 in repair bills on their purchases”.
Is a mortgage valuation and a survey the same thing?
No. A mortgage valuation is only a brief inspection undertaken on behalf of the mortgage lender and is no substitute for a RICS HomeBuyers Report or a RICS Building Survey.
Although a valuation may flag up any serious issues that are likely to affect the value of the property, it will not give the buyer a real picture of a property’s condition. Buyers who rely on the limited information provided by a mortgage valuation when committing themselves to large investments, are taking unnecessary risks. If a buyer appoints their own surveyor, this surveyor will act wholly on their behalf and provide the crucial service of impartial advice that will help them make informed decisions about whether to buy a particular property, and how much they are willing to pay for it.
Common defects found by RICS surveyors include
- poor roof ventilation
- blocked gutters or rainwater pipes
- unsafe electrics and gas installations
- inexpert and unsafe chimney-breast removals
- presence of asbestos or cement water tanks
- timber decay and other harder to spot nasties
Anyone buying a property can commission a chartered surveyor to carry out a RICS HomeBuyers Report or RICS Building Survey - the choice of which depends on the property type and condition.
RICS HomeBuyers Reports provide professional advice and information on the most urgent or serious issues on the condition of the property and ideal for more modern properties.
A RICS Building Survey, formally called a structural survey, is designed for older, large or run-down properties, or buildings that are unusual or altered. It costs more than a HomeBuyers Report because it gives a longer more detailed inspection and report.
You can commission a Fenn Wright chartered surveyor to undertake RICS HomeBuyer Report Surveys, Survey & Valuations, Valuations only or Building Surveys for any property you are considering buying, when Fenn Wright isn’t the selling agent.
Ask us for a competitive survey quote
Get in touch with one of our Chartered Surveyors, specialising in residential property, to discuss your specific circumstances. Or request a quote online.