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Not getting a survey could prove an expensive mistake


With such a huge investment at stake, the RICS says it simply pays to have a survey on your home. We find out why.


For many people, buying a home is one of the biggest decisions they will evermake. However, by failing to commission asurvey before purchase, buyers are risk- ing potential bills running into thousands of pounds. According to RICS research,a


quarter of all home buyers whofail to have asurvey areforced to make unplanned building workstotheir property after purchase. Theaverage bill for these works,


suchasdampproofing or repairing a roof,is morethan £1,800 –but the cost can be muchhigher. Acommonmisconception is that a


mortgage lender’svaluation report represents asurvey.Infact, it is merelya valuation carried out on the mortgage lender’sbehalf and is not designed to highlight any po- tential problems with the property. By commissioning ahome survey,


anystructural problems or urgent defects arehighlighted, enabling the buyer to makeaninformed decision beforecommitting to the property. TheRICS Condition Reportisa


new home survey designed for new- er properties and conventional homes.Itprovides aclear reporton the condition of the property,plus details of urgent faults and advice for legaladvisors.It does not provide an additional valuation, butsits alongside amortgage valuation. Alongside the Condition Report,


RICS offers twoadditional surveys, tailored to the type and age of a property. ■ RICS Condition Report: Aclear,concise pictureof the


property with “traffic light” ratings. It shows the condition of the prop- erty,offers advice to legaladvisors and highlights details of any urgent defects.The lowest priced of the surveys –it is aimed at conventional properties and newer homes. ■ RICS HomeBuyer Report Contains all the features of the Condition Report, plus amarket valuation and insurance rebuild costs.Italso includes advice on de- fects that may affect the value of the property with repairs and ongoing maintenance advice. ■ Abuilding survey Themost comprehensive report


includes defects, repair and main- tenance options.Essential for larger or older properties,or if you’re plan-


UK’sNo.1 Best use of


tiles in the home -WINNERS


Thursday July 28, 2011 5


Thomas Reynolds, director at Thomas James Estate Agents


A survey means peace of mind and sound investment. Purchasing a property is, as we


are all aware, not only a stressful but also an expensive event. While it is exciting to find the home of your dreams, it is important to be sure that your enthusiasm for the property does not cloud your better judgment. Hence the importance of the survey.


Mortgage lenders require surveys in order to safeguard their investment and that is exactly how you too should view the survey. The professional who visits your


intended purchase will be able to assist you in


establishing that the property is sound; their inspection may lead to the


necessity for further


investigation into potential timber and damp issues, drain and roof damage or structural movement and so on. Reports of this nature can usually be arranged quickly through local experts and may prevent unnecessary expenses at a later date. The surveyors extensive


‘IT PAYSTOBEPREPARED’: David Dalby from the Royal Institution of Chartered Surveyors


ning major works. David Dalby, RICS spokesperson,


said: “In difficult economic times it pays to be prepared. “Nobodywants to be left with a


homethat needs extensive repairs or one they can’t sell on. “By having asurvey you’ll be


armed with information on the con- dition of the property whichputs you in a stronger position to decide whether to proceed with the pur- chase,or negotiate abetter deal. “Interestingly, other parts of the housing marketare also using sur- veys to their benefit. “For landlords this can be to as-


sess their investments, while we are also seeing sellers turning to sur- veys in order to preparefor the sale of property. “These highlight any problems


thatmaypotentiallydelaythe sale or impact on the price later in the process.”


Tel: 0115 9770155 •Email: info@emctiles.co.uk Web:www.emctiles.co.uk


How to choose the right letting agent Read our online guide at


www.findaproperty.com


research and knowledge of the area will also provide evidence that you are paying a realistic price for your new home. Your own peace of mind and confirmation of sound investment come with the survey results!


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