There is a difference between a valuation and a property survey, which it seems many people are not aware of the difference. A recent survey at the Residential Question Time Debate raised that more needs to be done in the industry to highlight the differences, especially to first time buyers.
The younger generation in particular are not necessarily aware that a valuation will not help to highlight building faults or defects, and that a building survey is additional required.
It is seen, particularly more with cash buyers, that a survey is turned down due to time delays with the buying process. Lots of buyers in todays market are in a rush to complete so will opt for the shortest route. Which ultimately can lead to much higher costs in the future, meaning waiting just a little longer to get the survey processed could have saved a lot of time if repairs are needed.
Read our information on What First Time Buyers need to know.
Make sure that you choose to use a Chartered Surveyor who provides you with evidence of a site visit and a written report highlighting any potential problems. This provides you with the peace of mind that and issues have been thoroughly investigated. The advancement in surveying technology now easily allows all the information to be stored and displayed on the same device or tablet making it easier to collate and present information.
Find out more about how Residential Surveying is Changing.
There is continued demand for the buying and selling experience as a whole to be improved and made more easily understandable. This is particularly for those first time buyers who have no experience in what is needed in the process, or those unfamiliar with the industry and the language used.
Remember the Property Valuation is there to provide property value information to your mortgage provider. Whereas the Property Survey is there to provide specific property information about legal issues, maintenance issues and items of disrepair; so that you can make an informed decision upon the purchase of a dwelling.
If you are buying a property and need further advice and information Contact Richard today; we leave at least two appointments free every week to accommodate surveys at short notice, because we appreciate speed is of the essence. It for this same reason that we phone our Client after the inspection to provide them with a verbal summary of our findings, rather than having to wait for the finished report to be published.