property survey

 

Do I need a property survey?

This article details some of the surveys available to you when purchasing a property.

 

Basic Valuation

This is a very basic inspection of the property to see whether the property is worth at least the amount you are securing a mortgage for (in case they need to sell it to recover debt).

You will find that basic observations will be in the report, but it is not comprehensive – they won’t go poking around to inspect the roof timbers. Unless there is a special offer on the mortgage deal, you will be charged for the basic valuation, and it will be included in your documents from the lender.

 

Homebuyer’s report

This is a basic report that is geared to providing the buyer (you) with information on the property as opposed to the bank. This includes poking around accessible areas to inspect the property and making recommendations for further investigation where there are concerns.

 

Builder’s inspection

This is the full works, revealing most of the hidden secrets that might be lurking in the property – it is comprehensive and includes the structure as well as recommendations on work required.

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