releasing equity

Understanding Property Surveys

When you embark on the journey of purchasing a property in Doncaster, especially if you’re a first-time buyer, one crucial step in the process is arranging a property survey. This pivotal procedure serves a dual purpose: evaluating the condition of the property and confirming its value, ensuring that your investment aligns with your expectations. Additionally, a property survey provides you with a legal foundation to negotiate with the seller for essential repairs or price adjustments if any issues are uncovered during the survey.

Varieties of Property Surveys

  1. Mortgage Valuation: This serves as the fundamental type of property valuation and is typically a prerequisite for securing a mortgage offer. It’s essential to differentiate between a mortgage valuation and a comprehensive survey. While the former primarily aims to confirm to the lender that the property’s value aligns with the loan amount, it doesn’t delve into identifying necessary repairs. However, it may identify evident defects and recommend further investigations, which may involve additional costs.
  2. Homebuyer’s Report: Tailored to provide insights into structural safety and identify issues such as dampness, this report also assesses compliance with current building regulations. Opting for a homebuyer’s report ensures you receive an independent evaluation of the property conducted by an expert. To streamline the process and avoid paying for two separate surveys, you may consider having the mortgage company’s surveyor perform this report. Typically, it takes a couple of hours to complete.
  3. Full Structural Survey: Particularly advisable for older properties or those with non-standard construction, a full structural survey offers an in-depth examination of the property’s condition. It meticulously highlights potential concerns that warrant further investigation before purchasing. This comprehensive survey ensures you understand your property’s condition clearly and provides peace of mind regarding its suitability for your needs. Depending on the property’s size and type, a full structural survey can extend to a day’s duration.

You can locate a qualified surveyor through the Royal Institution of Chartered Surveyors (RICS) to arrange any of these surveys. These surveys safeguard your investment, enabling you to make informed decisions and ensuring that your new Doncaster home aligns with your expectations.