Before investing on a property, you need to know whether the property is really worth the price you have agreed to pay. Similarly, if you are going to buy the property through a mortgage loan, the lender will also want to know whether the agreed price is a realistic one. Generally, the lender will need a basic valuation done on the property.
There are two types of survey available for you. The homebuyer's report and the buildings survey (or full structural survey). Most of lenders request a basic valuation. However, it is strongly recommended that you arrange a more comprehensive and an independent survey as the basic valuation will only give you the obvious problems that can be noticed by anyone. The degree of survey or thoroughness depends on the complexity of the individual property you intend to buy.
A Building Survey is essential if you need more details of the property. It's a through inspection and a check of a property and a report is produced based on the property and your specific requirements. This type of survey can be carried out on all properties. For example:
* Older properties * Buildings constructed using nonstandard way, * Properties that need to be renovated or refurbished * Properties that have had extensive alterations.
Building Survey checks all accessible parts of the property. Its important that you (or buyer) and the surveyor work closely so that the it includes any concerns you have on the building as well as any specific areas which should be covered. The final report can be made tailor made to suit your specific requirement, as such there is no fixed format for building survey report.
A comprehensive survey can reveal: * Whether there are major and minor defects and what implication it could have in terms of repair and structural integrity * The probable cost of repair or rectification based on prevailing prices * Test reports on dampness of walls and floor * The condition to timber used in the building including woodworm and rot * The condition of insulation, damp-proofing and internal and external drainage. * Technical and Physical specification on the construction materials and of the property. * The detail description of the property including the location * Recommendations on the property and any further tests or inspections are necessary. Also, the report gives the overall soundness of the building or structures.
It is also important to note that building survey usually does not include a valuation, you can request this additional information from the surveyor at an additional fee. It is essential and prudent to use either reliable and experienced building surveyor or a building surveying firm. The most important thing to note is that the building surveyor is accountable and legally bound on the accuracy of the information. If you come across a problem which the surveyor has not included, you can ask for compensation later on.
Look for a leading building surveying company specialized in preparation of detailed and accurate survey reports for commercial and residential structures across Australia with well trained and experienced field agents who are sent to the site to record the information of physical properties of the structures. The final survey report becomes an essential step towards investing on a property with less risks with unexpected costs and problems.
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