*This post was written in collaboration with Chekes
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If you are buying a house, getting a mortgage really is just a small part of the process. You will need to use a number of different professional services to make your dream home a reality and one of these services is a building survey. Every seasoned home-buying veteran will tell you how important it is to get the company that do your building survey right, especially as you will need to pay for the service yourself.
What is a building survey?
A building survey is a visual survey of the outside and the inside of the property. They are designed to provide a detailed description of the buildings condition. One of the main things the building survey would help with in the case of home-buying would be to identify the properties potential need for repair. The survey will cover any visible part of the property, and any accessible part of the property. There is also a service called a property valuation which is also used in the home buying and selling process. This might be used in the instance where you might want an independent valuation done, rather than one done by the estate agent trying to sell you the property.
Why would I need a building survey?
There are a number of reasons you might need a thorough survey. If you are buying a house, your mortgage company may carry out what they call a “survey”, but this will only be a valuation of the properties value. This only confirms what the property is worth and doesn’t look very much in-depth to any damage to the property or the property’s overall condition. The great thing about using a surveyor is that they have no emotional attachment to the property. If you are selling a property you might be inclined to overlook things that don’t bother you, but it is important they are taken into account as the buyer will definitely notice. A qualified surveyor will also notice things that you might not notice with the naked eye. Even if you know someone in the trade and get them to have a look they are unlikely to be trained to notice things like wet rot and dry rot etc.
Why are building surveys important to home-buyers?
If you find your dream home it may be less than perfect. The reality of buying a house is, you are not always going to be able to find or afford an ultra-modern, brand-new house. If you have found a home that is a little older you might want to know what you will be letting yourself in for with regards to future repairs. Having an independent building survey can help you to assess how much the property may cost you in the future so that you can budget for it when applying for your mortgage. It might not seem important, but as previously mentioned your mortgage company are only likely to provide you with a current valuation.