Investing in the services of a chartered surveyor in London
A full structural building survey is necessary for those investing in older, neglected or listed property. A Chartered Surveyor will provide you with a very detailed report. Here, they will cover all of the issues and structural issues and risks your property may pose. After all, for many, buying a property will be a massive investment and in cases, a risk. This is very much the case too you may be speculating against the market. This is also the case if you may be looking to develop the property to then put it back on the market.
It is key in any survey to be able to report back any defects and structural shortcomings. A good survey should also be able to report also on the costs. This is of any repairs you may also need to have done too. It should also report just how urgent the repairs may be also. It will be able to go into as much detail as necessary. This is to ensure you can have your property more future proofed. This is really important to remember.
Typical services offered
Party Wall Matters, Schedule of Conditions/Dilapidations, Defect Analysis and Specifications for Repair and Maintenance. These are all areas a good surveyor will be able to report on and assist on. Dispute Resolution should be an area of help too. In this area they should be able to offer advice on management disputes including landlord and tenant matter and can advise on other property disputes at County Court and Leasehold Valuation Tribunal (LVT). Overall the list is endless in terms of how a chartered surveyor should be able to help and assist you along the way.
Why have a survey in the first place?
Having a residential property survey carried out before purchasing a home might set you back a few hundred pounds, but it’s definitely worth spending the money. A survey will be able to identify any issues with the property that you may not have picked up on so far, with the potential to save you thousands of pounds in future repair costs. If something is wrong with the property it will be reflected in the valuation provided on the report. You could use this to negotiate a lower asking price with the buyer. This can be done in hand too to help you cover the cost of future repairs.
Cost and Valuation: If you are in the process of purchasing a property in London, there are many reasons to consider investing in the services of a residential surveyor. Firstly, it’s important to bear in mind that any valuation survey carried out by your bank or mortgage provider is not usually sufficient enough to class as a residential survey and will not typically alert you to problems with the property that require immediate attention.
Having a RICS Condition Report
This survey is the most basic option and is ideal for homes that are relatively modern and in good condition. It provides a general overview of the property’s condition. Also it will offer more information on any significant issues that will need your immediate attention. This is once you have made the purchase. This is usually the best type of survey to opt for if you have no major concerns about the property. It can also very much offer some reassurance before buying. Different parts of the property will be rated based on their condition using a traffic light system. This is done to alert you to any areas of the home that could potentially be problematic.
The added value of getting a residential survey
Working with a residential property surveyor before purchasing a home can be very beneficial, and is definitely worth investing in. Regardless of whether you are purchasing a newer and more modern home or an older home that you plan to renovate, a residential survey can potentially help you save a lot of money in the future. On average, homebuyers who have a residential survey carried out can save up to £5,000 in future repair costs. This can for sure hurt the pocket if you don’t tackle this in the best and correct way overall. It helps if you look at this service as something of an investment. Also as a service that will be able to safeguard yourself as you go forwards.
Working with a residential property surveyor can provide you with more financial security when buying a property. It will make you aware of any issues in the home. These will be issues for you to pay immediate attention to, giving you the chance to make a more informed decision regarding whether or not the property is right for you. You should think about this in line of what you wanted and required from your property in the first place in the time of when you moved into it. As said before, this is such a big investment so it is important to really remember this.
Getting a residential survey can not only save you money. It will really make you aware of problems that will get worse if left unchecked, but it could also mean that you end up purchasing a different property instead to avoid repair costs. You can also use the results found in the property survey to renegotiate a lower asking price with the seller in order to save money on the purchase that can be put towards future repairs rather than being left out of pocket.
Conclusion / finally..
Finally, your residential property survey can be used to provide you with an up-to-date valuation. This will be based on its current condition. This survey is not the same as any carried out by your bank or mortgage provider. The surveyor will look at the structure and condition of the property. This is done to provide you with a figure that they deem it to be worth. You can then use this information in negotiations with the seller. No matter what type of property you are buying, it’s important to get as much information as you can. That’s why a residential property survey is certainly worth investing in.
