The Need for 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. So, before contracts are signed between the property owner and the prospective buyers, it is important that the survey be performed first.
Two types of surveys have been recognized by authorized bodies. The surveys that can be conducted on a property are the homebuyer’s survey and valuation and the building survey. We can also call the first type homebuyer’s report.
When doing the homebuyers survey and valuation, professional surveyors are required by law to follow the exact format prescribed by regulating bodies. 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. It does not focus on the little details of the property but its overall current state. Small items not included in the report are wiring, gas, draining information, and others.
The homebuyer’s survey and valuation is good for properties in good condition, less than 150 years and less than 2000 square feet. The homebuyer’s survey and valuation is relatively cheaper that the building survey. This is why most homeowners prefer this survey over the other. This type of survey is also helpful for those doing house renovation without any actual intent of selling the house.
A building survey is more expensive than the first type of survey. 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. But it is worth the waiting since it covers everything about the property. 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. Property valuation can actually be requested from the surveyors by the person or agency that consigned the services to them. You can get your property valuation for free from some surveyors, but others charge an additional fee for this.
The exact physical condition of the property is reported in a building survey. The little details and its overall current state are also given in this building survey report. If you need more information about these different types of surveys you can visit specific websites that offer survey quotes.
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