Buying a house is likely to be the most expensive purchase you’ll ever make, and you’ll want to be reassured you’re spending your money wisely. A RICS survey can potentially save you thousands of pounds by revealing the property’s defects, and you can ask the seller to correct these before completing your purchase.
Saving on cost of repairs
The average cost of repairs discovered after purchase is £5,750, for those not investing in a survey. The Money Advice Service supports this view, stating on its website: “Money spent on a decent survey can save you a fortune in the future and help you avoid expensive surprises after you have moved in.”
You can also use the survey to negotiate the price of the property if the survey reveals it isn’t worth the sale price, or if other issues are flagged up about the property. And if you are planning renovations or an extension to your property then a survey will also provide you with the key information you need to get started.
But which RICS survey is right for you?
RICS Homebuyer Report
This report is the most popular and offers advice on defects that may affect the value of the property with repairs, and ongoing maintenance advice, including a market valuation and insurance rebuild costs.
RICS Condition Report
The Condition Report shows the condition of the property, it provides guidance for legal advisers and highlights any urgent defects. It is aimed at conventional properties and new homes. No valuation is provided.
RICS Building Survey
Essential for larger older properties, or if planning major works, this is the most comprehensive report providing an in-depth analysis of the property’s condition and includes advice on defects, repairs and maintenance options.
RICS Home Report (Scotland only)
RICS Home Reports are required for most properties on the market for sale in Scotland. The Home Report comprises three documents: Single Survey, Energy Report and Property Questionnaire. For more information on this please visit: www.walkerfrasersteele.co.uk.
To compare the benefits of each survey please see our Survey Comparison Guide: www.esurv.co.uk/which-survey. To book a survey please call us free today on 0800 169 9661 or visit www.esurv.co.uk/contact.