19 Jun 4 Property Survey Myths Busted
There are many myths and misconceptions surrounding property surveys. We bust 4 common survey myths so you know the facts about getting a property survey.
1. I Don’t Need A Survey If I Have A Property Valuation
It is a common misconception that if you have a property valuation carried out you do not need a property survey. However, a valuation is not the same as a survey.
A valuation is for the benefit of the lender to ensure the property you want to purchase is worth the same amount that you want to borrow to pay for it.
A survey, on the other hand, provides a detailed, in-depth inspection of the property to assess its condition to determine how suitable it is to live in and ensure everything is in good running order.
2. All Surveys Are The Same
It is a myth that all property surveys are the same. There are multiple different surveys available – the Homebuyer survey, Building survey, and Specific Defect survey. The one you choose will depend on which is most suitable for you and your property.
The Homebuyer survey reports on the condition of your home and any urgent defects. It offers advice on repairs and maintenance and how these issues may affect your property’s value.
The Building survey is the most comprehensive report and offers an in-depth evaluation of your home’s condition. It is essential if you’re planning major works and analyses all aspects of your property to assess defects, costs, and construction.
The Specific Defect survey analyses specific structural issues and defects and offers advice on the best way to repair them.
3. Surveys Are A Waste Of Money
Despite what many may think, surveys are not a waste of money or a needless expense. Surveys are not expensive considering that what a survey can uncover can be invaluable to you.
Surveys can uncover hidden and unexpected costs and defects that can cost thousands further down the line. Surveys reveal indispensable information that could be the determining factor when deciding to purchase the property.
If the survey uncovers issues with the property this also allows you to renegotiate the price or ask for works to be completed before the sale is completed. Surveys also offer maintenance advice and expected costs to repair the faults so that you can budget for them.
A survey is a cost-effective option as it makes sure you’re making a sound investment and won’t lose money in the long run. It will save you more money than it costs over the long-term as it will give you complete peace of mind that you know exactly what you are purchasing.
4. Reports Are Deliberately Vague To Protect The Surveyor
Another myth about property surveys is that a survey is not worth having as the surveyor is deliberately vague to protect themselves from legal action if further problems are later uncovered that they failed to spot when carrying out their survey.
However, this most certainly is not true when choosing a high-quality, trusted, reputable, and experienced RICS accredited surveyor like Allcott Associates. We meticulously inspect your property to provide a comprehensive, detailed, true report of your property that doesn’t miss out any vital information.
We then ensure you understand the feedback in full, including implications of defects, so that you have all the information you need to make a decision on the property purchase.
Know The Facts About Property Surveys
Be clear not to believe any of these myths about property surveys. Equip yourself with the facts that you still need a survey even if you have a valuation, all surveys are not the same, surveys are not a waste of money, and reports are not vague to protect the surveyor.