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Building/Property Surveys In Eastbourne
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Eastbourne Property Consultants FAQ
Eastbourne Property Consultants
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How Much Does a Building Survey Cost?
Answer...
An RICS level three Building Survey for an average UK property being purchased in Eastbourne and the south east can cost around £800, though can be as cheap as £630 and as expensive as £1,200. A building survey is the most comprehensive survey of all the survey types, and provides an in-depth examination and report on the structure and condition of the home.
Like all surveys, your survey cost will come down to the price of the property, and the amount of time spent surveying the home and preparing the report. For that reason, many surveyors will be happy to charge an agreed rate per hour instead of a flat rate for the report.
You will need a building survey if the property you plan to buy is either an older building, one that was constructed with unusual materials, is in poor repair, or if it's a listed building. A building survey cost may seem expensive, but it will be able to highlight many hidden defects and other hidden or less obvious issues that could cost you thousands to repair after you’ve moved in.
Once your offer has been accepted, you should arrange the building survey. It gives you a chance to back out of the sale without having to risk losing your deposit if the survey discovers expensive repairs. Keep in mind that a building survey does not automatically include a valuation or estimated cost of repairs. If your surveyor is also an RICS Registered Valuer, you can usually ask to have a valuation done alongside the survey report, but it's likely to cost you around £50 extra. If you require a valuation for your mortgage agreement, check with your lender beforehand to ensure they will accept this type of valuation.
Remember to use our free moving checklist to help you prepare for all costs during your move.
Is it Worth Getting a Survey on a Property?
Answer...
It is always worth getting a survey done when you’re buying a property, not only to receive expert advice from a RICS regulated surveyor, but a property survey can also save you a lot of money in the long run. You can also use your property survey to negotiate on the house price if the report brings back negative results.
In a study conducted by Which? it was discovered that 26% of the 1,205 buyers surveyed compromised on the price after they received survey results. Many of these people regretted not compromising on certain issues with the seller to complete the transaction, such as the property’s structural condition. Out of the 13% who overlooked the serious issues to continue with the purchase, 30% later regretted the decision. They later realised that the condition of the property would eventually mean losing money in repair work and so they wished they had negotiated on the price to cover the costs.
When you get a property survey, your surveyor will highlight any major issues they have found, giving you the opportunity to completely pull out of the sale as your offer will be Sold Subject to Contract (STC). This ensures that you don’t regret the purchase or any of the compromises you’d have to make, like many of the respondents in the survey above. You could even renegotiate the offer you submitted to cover the costs of the repairs identified.
In a previous study, RICS discovered that 4 in 5 homeowners bought a property without having a property survey first. These buyers then went on to spend on average £5,750 in unexpected repair work. You can easily avoid these surprise costs by hiring a verified surveyor to inspect your property. You can then determine if the property is worth the investment and the necessary repair costs identified. It gives you time to plan and budget for the work as well as provide evidence to negotiate on the price.
Peter Bolton King, RICS Global Residential Director, said, “Buying a home is one of the biggest decisions most people will ever make and yet many consumers are so blind to the facts. Serious faults are difficult to identify and costly to repair. By not being aware of them, consumers are risking a potential home buying time bomb." King continued by stating that "this can cause extreme stress and financial strain on homeowners who are often stuck with a property they no longer want but cannot sell.”
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How To Find The Right Property Surveyor In Eastbourne - TIPS...
How to Choose the Right Surveyor
After you find a property you would like to purchase, you will more than likely have to find a chartered surveyor and instruct them to check the structural condition of the building.
The services of a chartered surveyor are vital when selling or buying a house, and are a big factor when it comes to valuing your home.
Your mortgage provider will carry outs it’s own valuation of the property but in general many people like to conduct their own surveys just for that extra bit of reassurance. It is important that you have the right kind of survey carried out as they vary depending on the kind of home being purchased.
The types of surveys available
Although each property is different and specifics can be discussed with a surveyor there are 3 ‘main’ types of structural surveys available for those buying a property.
Condition report
A condition report gives an overview of the condition of the property flagging up major areas of concern but not in very much detail. Other areas it covers include:
- Hazardous problems.
- Things that need to be looked into further to avoid serious damage.
- Major/serious problems that require immediate attention.
Homebuyer report
This kind of report is the most popular among homebuyers and people looking into renovation projects alike. It can be arranged through your mortgage lender or with an independent surveyor.
According to the Royal Institution of Chartered Surveyors a homebuyers report will cover, a market valuation and insurance rebuild costs. It includes advice on defects that may affect the value of the property with repairs, and ongoing maintenance advice. It will also provide:
- An in-depth review of the underground drainage and roof space
- Advice on any faults that could reduce the value of the property
- Recommendations for repairs and ongoing maintenance
- Helps you in deciding on whether you need extra advice before putting pen to paper
Building survey
A building survey is the most premium service and provides a detailed assessment of your property. This type of survey is very useful for older more traditional properties, properties that have been altered extensively, buildings constructed in a peculiar way or properties you plan to renovate or change in any way.
A building survey provides a comprehensive report covering things such as:
- Diagnosis of major and minor defects.
- Repairs and maintenance advice.
- Damp test results taken from the walls.
- An assessment of any damp-proofing, drainage or insulation. Drains are not tested.
- Information on the types of materials used in the property and recommendations for further specialist inspection if needed.
You can find a chartered surveryor using RICS’s who are closely regulated and required to have professional indemnity insurance. Simply contact us to find one in your local area.
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