Guide to the Types of Property Surveys
The purpose of a survey of a property for sale is to assess its actual structural condition. This survey can help determine the sale price of the property. It is important that the surveys be performed before making any contracts between the prospective buyer and the current property owner.
Authorized bodies have recognized two types of surveys. The homebuyer’s survey and valuation and the building survey are the two types of surveys. The homebuyer’s survey and valuation is also sometimes called the homebuyer’s report.
Professional surveyors are required by law to follow the exact format prescribed by those in authority when doing the homebuyer’s survey and valuation. In a 9 page report with relevant information about a major sector of the property, professional surveyors show the actual condition of the property.
This survey produces a substantive report on the exact physical condition of the property and the specific areas that need further investigation. Only the overall current state is included in the report and not the little details. Specific details like wiring, gas, and drainage information are not included.
The homebuyer’s survey and valuation is good for properties in good condition, less than 150 years and less than 2000 square feet. Compared to the other type, this type of survey is relatively cheaper. This relatively cheaper price is what make homeowners prefer it over the other. Even without the intention of selling their house, most homeowners use this type of survey when doing house renovation.
The second type of survey, the building survey, is more expensive than the first type. This is because building surveys are more thorough and comprehensive and it includes every detail about the property, even the smallest ones.
The length of time to complete this survey is great. Since it covers every tiny detail about the property, the waiting is worth it. This gives the owners or the prospective buyer the right insights as to what the real condition of the property really is. Regardless of size and age, this type of survey can be performed on all types of property.
Valuation of the property is not included in the report. But the person or agency who consigned the services of the surveyor can request for this detail. Property value is provided by free by some surveyors but others collect an extra fee for this.
The building survey is done to give a substantive report that shows the exact physical condition of the property. It also focused on the little details about the property and its overall current state. If you are selling your property and you need property valuation you can visit survey websites where you can get all the information that you need.