Guide to the Types of Property Surveys
The purpose of a survey of a property for sale is to assess its actual structural condition. The purpose of this survey is to be able to determine the property’s sale price. So, before contracts are signed between the property owner and the prospective buyers, it is important that the survey be performed first.
Two types of surveys have been recognized by authorized bodies. The surveys that can be conducted on a property are the homebuyer’s survey and valuation and the building survey. The first is also called the homebuyer’s report.
Professional surveyors who are conducting the homebuyer’s survey and valuation are required by law to follow the exact format prescribed by those in authority. What this format includes is a 9 page report with relevant information about the major sector of the property.
In this report, the exact physical condition of the property and the specific areas that need further investigation are shown. There is nothing in the report that mentions small details but only its overall current state. Specific details like wiring, gas, and drainage information are not included.
The homebuyer’s survey and valuation is good for properties in good condition, less than 150 years and less than 2000 square feet. The homebuyer’s survey and valuation is relatively cheaper that the building survey. This relatively cheaper price is what make homeowners prefer it over the other. This type of survey is also helpful for those doing house renovation without any actual intent of selling the house.
When it comes to cost, a building survey is more expensive than the homebuyer’s report. The building surveys are expensive because they are more thorough and comprehensive, including every detail about the property to the smallest details.
It takes a long time to complete this survey. It is still worth waiting since every tiny detail about the property will be exposed in this building survey. This gives the owners or the prospective buyer the right insights as to what the real condition of the property really is. Building surveys can be performed on all types of properties, big or small, new or old.
In this building survey report there is not property valuation included. Property valuation can actually be requested from the surveyors by the person or agency that consigned the services to them. You can get your property valuation for free from some surveyors, but others charge an additional fee for this.
The exact physical condition of the property is reported in a building survey. It also focused on the little details about the property and its overall current state. If you are selling your property and you need property valuation you can visit survey websites where you can get all the information that you need.
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