Surveying a Property in Edinburgh and the Types of Survey Reports

Author: Graham | Posted: 14.02.2012

If you are thinking of buying a property, surveys and valuations of the property are of extreme importance. Hence it is very important that you understand what these terms signify in order to get this process carried out.

Whenever you are deciding on purchasing a property, you must always get it surveyed before moving on to the step of buying it. Even if you are buying the property from a reputable property developer, getting it surveyed will help you in the long run by saving you a fortune. The lender will carry out the survey if you are getting the property on mortgage but still you will be asked if you are interested in getting an additional survey done.

Surveying a property in Edinburgh:

When you purchase a property through a mortgage, the mortgage lender instructs for a mortgage valuation. Many people are under the wrong impression that mortgage valuations are the same as surveys. This is not so, as the lender will instruct for a valuation, but only for his purposes. Hence to think that this valuation will also highlight any underlying problems with the property is a common error among people. Purchasing a particular property without getting it surveyed will hide valuable information about the property’s condition from the purchaser.

The importance of property surveys is fairly simple to understand. Whenever you are buying a product, you gather information about it from all sources. The more you know about it the more easily you can decide whether it’s worth the money or not. Same is the case with purchasing a property. Infact the consequences of buying a wrong property can be far more damaging than a regular product.

So you must always get the property surveyed before moving on to any negotiations. This will highlight all the problems with the property. Hence price can be negotiated accordingly.

Kinds of survey reports:

There are three kinds or survey reports. Firstly, the RICS Condition Report. This report is prepared from the inspection of the property. It contains advice from solicitors and outlines risks associated with the purchase. Secondly, RICS HomeBuyer Report. This is a detailed report, prepared by a chartered surveyor to highlight the defects of the property. Lastly, the Building Surveys report. This will consist of a detailed report regarding the structure and condition of the building. A thorough inspection of the property is done to prepare this report. It might even carry specialist reports from electrical system, central heating, drainage etc.

Article was printed from http://www.articleside.com/business-articles/surveying-a-property-in-edinburgh-and-the-types-of-survey-reports.htm
Click here to return original format