Whether it’s for residential or commercial purposes, buying a new home or property is a big financial investment. No matter how excited you are about your new property, you should always make sure that it is properly surveyed before buying – a Level 3 building survey is a cost-effective way to make sure that your investment is sound, and can save you money in the long run.
Understanding building surveys is important as it helps in maintaining the building in good shape and the people inhabiting it safe from accidents. But what exactly are building surveys?
What is a Building Survey?
A building survey is where you get to have an overview of a property. Surveys entail general inspection of a property. Also known as a property inspection or structural survey, a building survey is a detailed report on the condition of a property. Conducted by our panel of qualified and experienced surveyors, the RICS Home Survey Level 3 will identify any defects, structural issues or other potential problems that may not be evident to a potential purchaser or investor when viewing the property. A surveyor will inspect the property both inside and out before presenting you with a detailed report of their finding. Their Building Survey Reports are prepared by experienced and Local RICS Chartered Surveyors. All of the Building Surveyors are Members of the Royal Institution of Chartered Surveyors or other recognised professional accreditation body.
Their RICS Level 3 Home Survey gives you the best of what you’ll get from a buildings survey with a few extras most other surveyors won’t offer. They believe an all-encompassing service gives you peace of mind, is an easier way to go about things and puts you in a better position when investing in property.
How a Full Building Survey can Help you Save Money
Cost isn’t something most people look forward to, which makes sorting out a survey beforehand make much sense. Admittedly, on top of the other fees, a mortgage would be ill-afford much more, but think twice before dismissing it as an unnecessary expense, as going without may cost you more in the long run. An independent and thorough survey can help to draw to your attention any problems with the property that you hadn’t noticed and give you a few suggestions for the next stage.
The following clarification is based upon concerns or requests for clarification or discrepancies among the various parties. It is at this time that the potential for hidden issues surfaces. Our L3 home survey is designed to identify hidden issues that may not be visible during a property viewing.
Several things can go unnoticed when looking at a property that a home survey would easily pick up; for example, structural defects, subsidence, dampness and faulty wiring to name just a few. Uncovering these points allows the homeowner to deal with these defects early on and prevent them from becoming big problems or expensive repairs in the future.
Repair Costs
What makes them unique from other surveyors is, as well as the above survey inclusions, as part of their Level 3 Building Survey, they can include projected cost estimations for repairs required within the service at an additional charge.
So not only will your surveyor find the problems but they can also provide estimates for the cost of any necessary repairs based upon current industry rates. This is useful to have when it comes to renegotiating the property price with the vendor or most importantly, budgeting for any major repairs in the future. It means that you can decide whether the investment is financially viable in the long term.
Power in the negotiation process is often misunderstood and perceived in different ways. In determining negotiation power one must understand how assists power and some conditions it can be used. In negotiation, one must understand that who may have power and how to balance power.
Avoidance of Litigation
Sometimes, hidden structural damage may arise after the house has been sold, which in some cases can lead to legal disputes. A very effective purchasing option against these issues is by having an L3 Building Survey completed: this is an independent structural report stating the condition of the property when purchased. Having this documentation can be extremely important if disputes arise after the purchase as it is possible to use the L3 Building Survey as evidence which could save you considerable amounts of money in property-related legal battles.
No Obligations
Some insurance companies may be able to offer a lower premium if you can produce a building survey, as you would be seen as a lower risk and they could retain this lower risk profile rate for the lifetime of your building insurance. Also, claims may be easier to resolve if something is unknown at the time you start paying your premium but has since been identified via a building survey.
While Building Survey and Home Survey Level 3 have an initial cost, the amount of money you could potentially save from uncovering hidden issues, estimated repair costs, negotiating on price, lowering your insurance premiums, etc. makes it a clever investment.
The team of expert surveyors is on hand to help so please do get in touch if you need a Building Survey. With 25+ years of experience, they offer comprehensive surveys all over Wimbledon London and the Home Counties. They are independent RICS Chartered Surveyors on your side.
