House Survey Cost and its Types

Surveying the house is rewarding in the long run, so, while buying a home, it is essential to carry out a house survey. There are three types of house survey, i.e. basic house survey for mortgage valuation (it is standard if you have a mortgage), homebuyers survey and a building survey (also called a "structural survey"). The house survey report will help you in deciding whether you should buy the property.


Basic house survey (mortgage evaluation)   

 

When you apply for a mortgage, the lender will command their surveyor to conduct a basic house survey for mortgage valuation. You will be charged a valuation fee for this; the amount of the fee depends on the size and value of the property.

 

The purpose of this survey is to ensure that the property is worth the value you are paying, emphasising whether or not the borrower can recoup the money they are lending to you if they have to sell the property if you failed to pay the loan.

 

Homebuyers' survey

 

The homebuyers' survey is done according to the format given by the Royal Institute of Chartered Surveyors. The homebuyers' report will cover all the sections of your property and give you the details of all the visible parts of the building.

The homebuyers' survey usually gives more details about the property condition than the basic mortgage valuation survey. The house survey cost for homebuyers survey is more than the basic house survey. The report will depict the property's overall condition and identify the areas that require further investigation.

 

The limitation of the homebuyers' survey is that it only covers the property's visible parts, and the surveyor will not examine beyond this.

The survey is suitable for buildings that are nearly 100 years old or more.

 

The homebuyers' survey includes:

  • Looking at the general condition of the building.
  • Inspect minor and major faults and highlight areas that require further investigation.
  • Check for any damping and insulation
  • Give an idea about any drainage from the property.
  • Estimation about repairs and their urgency to be done immediately or at a later stage.
  • Provide the client with an estimate about the property according to local market value

Building survey

 

Also called "structural survey" and the house survey cost for building survey is highest among all the surveys. The building survey is the most lengthy and detailed among all house surveys, and it usually takes a greater time as it provides the details of all the major and minor flaws and suggests their repair and maintenance costs. If you require a valuation in the building survey, then you have to request it specifically.

 

The building survey includes:

  • All major and minor faults within the building
  • The cost of repairs on these flaws.
  • Give you the details of materials used and technical information about the building.
  • Provide you with the information about the property's location.
  • Give you the details of any further inspection needed and any subsequent work required on the property.

 

Surveying people are professional house surveyors in London. We carry out all kinds of building surveys, and our team of technical professionals will give you the survey report in five working days. Check out our website to know more about our services.

https://surveyingpeople.com/

 

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