A building survey report often causes confusion and uncertainty. Some people don’t know what it is, its purpose, and when it is necessary. Additional questions raised regarding building surveys include what you can do with the report. This article aims to answer these questions and address all the confusion surrounding building surveys.
What is a building survey?
are regulated by the Royal Institute of Chartered Surveyors.
A building survey is different from a Homebuyers Report, and these should not be interchanged. While a Homebuyers Report is often needed if you are looking to get financing for a home, a building survey is not something mortgage companies require, but it is helpful for personal reference if you intend to buy a particular property.
When is a building survey not needed?
There are specific circumstances when a building survey is no longer necessary before you buy a property, and these are:
- When you intend to demolish the entire property to build from scratch
- If you are planning an extensive renovation
- You are purchasing a brand-new home
Information found in a building survey is beneficial for a home buyer. It helps draw attention to unexpected issues which you missed when you first viewed the property. Having a building survey will guide your decision on whether or not to buy a home or negotiate the price of the property before you buy.
How much does a building survey cost?
The cost of a building survey varies according to the property type. For example, a building survey for a small flat will be somewhere around £600 or higher. On the other hand, a large house building survey will cost between £1,000 and £1,500.
There are some individual cases such as when the property is very old or large, you’ll need to hire a surveyor which specialises in these types of properties. If you also don’t know what to do with a building report once completed, ask your estate agent to guide you.
Benefits of a building survey
Identifying any issues with the property you intend to buy will help you come up with a realistic offer based on the condition it is in. Although you have to keep in mind that the only time a building survey can help you renegotiate the price of a property is when it enables you to identify underlying issues which are not apparent at first glance. Although it is true that all properties have problems, a building survey is still helpful in determining your priorities before buying the property.