In case you are torn over whether or not to get a survey, Kharla Mullen has some useful recommendation. Right here she explains the varied forms of survey and whether or not you’ll get any bang to your buck
In a earlier article, we checked out why getting a survey is so vital for potential consumers.
Inside this, we highlighted key areas resembling how surveys can uncover hidden defects, present monetary safety and supply long-term piece of thoughts. Importantly, we additionally summarised the distinction between a survey and a mortgage valuation.
These are key factors which might be worth revisiting earlier than studying any additional as, for the aim of this explicit piece, we at the moment are going to concentrate on the prices connected to a survey and dispelling the parable that surveys are an pointless price.
In any case, being forewarned is forearmed. Selecting the best survey will assist spotlight any critical issues and advise you of the particular dangers earlier than committing to the method of shopping for or promoting a property.
What are the three predominant forms of residence survey?
Breaking this down, there are three predominant forms of survey and these ought to solely be performed by a completely certified surveyor who carries the complete weight of the Royal Establishment of Chartered Surveyors (RICS) – the trade’s most revered surveying authority – on their shoulders.
RICS Dwelling Survey Stage 1
Select this report if you’re seeking to purchase a property and need to know if there are any apparent points that may be recognized by way of a visible inspection. It is going to additionally embrace data on broadband velocity, native facilities, transport hyperlinks and crime.
That is appropriate for ‘normal’ properties and new properties.
RICS Dwelling Survey Stage 2
Select this report in case you want extra intensive data while shopping for or promoting a standard home, flat or bungalow, constructed from widespread constructing supplies and in affordable situation.
RICS Dwelling Survey Stage 3
Select this report if coping with a big, older or run-down property, a constructing that’s uncommon or altered, or in case you’re planning main works.
It prices greater than the opposite RICS studies as a result of it offers detailed details about the construction and cloth of the property.
How a lot does it price to take out a survey?
When taking account how a lot a survey prices, this may differ relying on three predominant components:
- the kind of survey you’ve
- the property’s worth
- the property’s location
As a common rule of thumb:
A RICS Dwelling Survey Stage 1 sometimes prices between £300 and £900. Round £300 for a property valued at £100,000 and £900 for a property valued at £1m – to supply some perspective.
A RICS Dwelling Survey Stage 2 sometimes prices between £400 and £1,000. Round £400 for a property valued at £100,000 and £1,000 for a property valued at £1m.
A RICS Dwelling Survey Stage 3 sometimes prices between £600 and £1,000. Round £600 for a property valued at £100,000 and £1,300 for a property valued at £1m.
To search out out the precise prices, many surveyors have a easy online survey calculator which may do the required calculations.
So, is it value paying out for a survey?
Now for the large query – is a survey value it?
As we’ve already outlined, a survey will assist make potential consumers conscious of any current points or issues which can happen sooner or later. It may additionally arm consumers with the required data to renegotiate on buy worth if any main considerations – and potential prices – are raised.
At this juncture, it’s vital to level out that it stays the purchaser’s prerogative relating to which sort of survey to go for – or whether or not they have one in any respect. Nevertheless, not having a survey, or the suitable degree of survey, may result in a string of pricey points upon completion.
So, whereas there’s a short-term price connected to getting a survey, it’ll present peace of thoughts for the longer term and assist keep away from any surprising prices additional down the road.
Kharla Mullen is chief working officer at Countrywide Home Surveys