The purchase of property is likely to be one of the biggest investments you make in your lifetime. As such, it is important to ensure that you have a complete understanding of the condition of the property before buying. This is where property surveys come in. Property surveys are a vital tool for understanding the condition of a property and identifying any issues that may require attention.
However, navigating the world of property surveys can be a complex and confusing process. With so many different types of surveys on offer, it can be difficult to know what you need and what you are paying for. In this blog post, we will guide you through the different types of surveys available and provide advice on how to choose the right survey for your needs.
The most common types of residential property surveys are:
1. Valuation Report
A Valuation Report is designed to identify a property’s true monetary value. This type of report involves a visit from a Valuation Surveyor, alongside office-based research, to result in a professionally prepared report. Valuation reports will often be required for a specific reason or purpose, such as to assist with a matrimonial settlement or as part of probate. We are also increasingly being instructed to provide insurance reinstatement valuations.
2. Level 2 Report (formerly known as RICS Homebuyer Report)
This type of property survey involves a detailed inspection of the property and a subsequent report that follows an easy-to-follow format that has been approved by the RICS. Homebuyer Reports will identify visible defects, potential problems, and any areas of concern. It’s ideal for properties that are in good condition, where no major issues are expected.
3. Level 3 Report (formerly known as Building Survey Report)
A Building Survey Report is a more in-depth report on a property’s condition, providing detailed information and recommendations on a property’s condition and the steps needed to rectify any issues. As the most comprehensive type of inspection and condition survey report that you can get, a Building Survey will comment on the condition of all walls, floors and roofs throughout the property, both inside and outside of the main building and all permanent outbuildings.
Further to the above detailed reports, there are a number of specialist reports available. These include specific defect surveys, which take a closer look at a particular issue that has been identified, and Snagging Inspection Reports, which are designed specifically to assist with the purchase of new-build properties.
As a property owner, it’s important to understand the different types of property surveys available to you. Property surveys can help you identify potential defects, issues, and hazards with your property, which can save you money and headaches down the road.
To discover which survey is the most suitable for your needs, please contact us. The team here at Matthew Parkinson Surveyors will be happy to provide advice and a quotation.
