Structural or defect surveys are useful for property buyers, landowners, businesses, and homeowners alike who want to get the latest reports on their building’s condition. Many properties in the UK are over 50 years old and it’s a must for property owners to be updated on the structural condition of those properties. Before purchasing a property, buyers and investors should request structural or defect surveys as a guarantee from sellers.
How It Works
A surveyor assesses the building for specific issues in its overall condition and structure. The reports are then used by property owners and potential buyers to make their decisions. If the problem is particularly serious, the local council may require the landowner or property owner to perform repairs immediately. Most average houses in the UK are valued between £200,000 and £400,000, with the average cost for a structural or defect survey between £800 and £900.
With that in mind, we are going to take a look at some reasons why it’s important to hire a surveyor to assess your building:
Accurate Valuation- with an accurate valuation, property buyers can more easily renegotiate the price. Buyers can point out structural defects to negotiate for a lower asking price. A structural and defect survey helps buyers save money, because they don’t have to pay excessive repair bills later to make the building safer and more liveable. Alternatively, buyers can ask the property owner to rectify any discovered issue before they proceed with the purchase. An additional survey may be needed later to verify that the repairs were made and that the building is in good condition.
Save Money- the RICS (Royal Institution of Chartered Surveyors) found that UK property buyers and real estate buyers may need to spend on average £5,750 for repairs, if they didn’t get a structural or defect survey. Almost 20% of buyers with un-surveyed properties, ended up spending £12,000 or more in repairs.
Verified Results- UK property owners and buyers should ask a RISC regulated firm to perform a structural and defect survey of the building. A surveyor will follow all the required procedures to ensure accurate and verifiable results. RICS necessitates stringent codes of conduct for its surveyors to ensure accurate results. After a survey is concluded, buyers and owners will obtain verified results. RICS regulated surveyors usually work solely for property owners and buyers, instead of on the mortgage lender’s behalf.
To learn more, contact SelectSurv today and speak with a commercial property valuation expert who can answer any questions you might have.
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