Why do we Need a survey on our Property?

In 2014, four out of five buyers said they wouldn’t bother getting a survey conducted on a house they planned to make an offer on.

So you’ve conducted your research, you have narrowed down your new home to the final two options and you have viewed the properties themselves, noting down any defects or issues you have found. Surely the next step is to make an offer on the property you want the most so that you can start the purchase process?

In ignoring your ‘need’ for an in-depth report conducted by a chartered surveyor, you could be putting yourself seriously at risk in the long term. We provide information to help potential buyers find out more about the importance of a chartered surveyor. We will also look into the effects and implications of reports provided by a professional surveyor.

Spotting Major Defects

As we expect a chef to be experienced in cooking signature dishes, or we expect a mechanic to know exactly what tool is right for the job, a chartered surveyor should be experienced in noticing red flags where others cannot. They know that a line of condensation may represent an underlying problem, or that a new coat of paint may have been applied to cover up spots of mould growing where it shouldn’t. By requesting the assistance of a chartered surveyor, you receive an expert eye who can properly assess the property and highlight any issues.

It is important that potential buyers are made aware of any serious or hidden defects within a property so that they can take adequate measures to repair the property as needed. If certain defects remain hidden – as may be the case without a professional survey – these defects often escalate into dangerous and expensive issues that need fixing.

Fire Insurance Valuation

An experienced surveyor will also be able to carry out a detailed Fire Insurance Valuation where requested. This service is designed to place a value on the property in the event that it is damaged or destroyed by a fire. The Fire Insurance Valuation can then be used to purchase the correct amount of cover in order to protect your assets in a worst case scenario. If a valuation is incorrect, you could be paying the wrong amount of insurance, which – whether you are paying too much or too little – does not work out to your advantage, any way you look at it.

Valuation Services for clients planning to rent or sell

When choosing to sell, it is essential that you don’t undervalue your property and put it on the market at a price lower than its actual worth. Likewise, placing a ridiculously high price tag on your home can also have detrimental effects as you waste listing fees and agency fees in trying to get the property to sell. As a professional surveyor draws from knowledge of local supply and demand, similar properties in the area, the condition of the property and other deciding factors, they will be able to provide a more accurate valuation of the property.

Matrimonial Valuations

According to statistics published in December 2012, it is estimated that 42% of marriages in the UK end in divorce. Therefore, it is important to have measures in place that ensures everything is dealt with swiftly and professionally. A matrimonial valuation is designed for couples going through a separation, where both parties have joint ownership of a property. The surveyor’s role is to ensure that all assets are divided equally and fairly, including both investment and commercial property. It is a valuable step when trying to enter into divorce proceedings amicably.

Even if you consider yourself an expert with an eye for detail when looking at houses, it really doesn’t hurt to get a professional opinion. A chartered surveyor will have local experience on properties similar to yours as well as the tools needed to conduct a thorough and accurate job. When you’re looking at buying your next family home for the next decade or perhaps even longer, it simply makes sense to get proper security on your investment by using a professional surveyor.
Article provided by Mike James, an independent content writer working together with London based Chartered Surveyors Peter Barry – who was consulted over the information in this post.

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