Home buyers surveys and valuations

This report is based on a format drawn up jointly by The Royal Institution of Chartered Surveyors and The Incorporated Society of Valuers and Auctioneers. It gives the prospective purchaser information on :

• The general condition of the property.
• Any significant factors likely to affect materially the value of the property.
• The value of the property in the open market.
• The value of the property for insurance purposes.

The information is provided in a simple and straightforward layout, easy to read and understand. It is based on a visual inspection of as much of the interior and exterior of the building as is accessible with safety and without undue difficulty, including roof voids, flat roofs, accessible with a 3m (10ft) ladder, outbuildings, site boundaries, and an overall impression of the services will be given.

This type of report is suitable for most twentieth-century home property, but structures which are unusual by virtue of design or construction and particularly large properties may require a more detailed report and may not easily fall within the format. Your chartered surveyor will advise you during the preliminary discussion on what service wil be required. The cost of the report will depend on the size and type of the property in question, it's location and it's value. It is often not much more expensive than the basic mortgage valuation report and is far more wide-ranging and gives the home buyer the information needed to make a more considered decision on the purchase.

The building survey or structural survey

A building survey is an investigation into and assessment of the construction and condition of the building. It will be based upon a detailed inspection of the building in as much depth as is possible without damaging the building or contents. The exact extent and style of the property inspection will be the subject of specific agreement with the individual chartered surveyor. It may include specialist reports on services and drains. The report will include guidance on maintenance and remedial works and often a detailed comment on individual defects.

A Building Survey is essential when purchasing period buildings, those with unusual characteristics or of unusual construction. It is equally suitable for modern traditional properties.