Buying a property is for most people one of, if not the most expensive purchase they will make in their lifetime. With so many factors to be considered, and so much at stake, hiring a professional, independent surveyor is vital. With the average price of a house in the UK rising to £226,185, and in London £488,729, it would be easy to think that a chartered surveyor is just another additional cost. However, you should view a surveyor as not just a service, but an investment into your property and future home.
What is a chartered surveyor?
London Building Surveyors are members of the Royal Institute of Chartered Surveyors (RICS). Chartered surveyors work in the fields of property and building consultancy, and are highly trained in many aspects of property related issues, such as valuation, environmental impacts, and most importantly, detailed inspections of properties. These inspections look at structural defects and health and safety concerns, and provide a full, analytical report.
Why you should have an independent survey carried out
Whilst having an independent survey carried out before buying a property may seem like an additional cost at an already expensive time, it will most likely save you a lot of money in the long run, the average amount people in the UK save is estimated to be around £5,750. That’s why commissioning an independent surveyor is best viewed as an investment alongside your property. Here are some of the main reasons why LBS believe hiring a chartered surveyor is an integral part of buying a property.
Unbiased, specialist opinion
Whilst everyone believes they are capable of thoroughly inspecting a property and finding any flaws, chartered surveyors are highly trained to spot the smallest signs of damage that could be problematic in the future. RICS surveyors, like LBS, are held to a strict code on conduct, and will therefore offer an entirely unbiased and professional opinion. This ensures that other companies with interest in the transactions, such as estate agents and mortgage companies, do not have any influence over the surveyor. Chartered surveyors also use specialist equipment which can allow them to survey restricted access areas, producing a far more thorough report than can be achieved just through observation.
Don’t rely on a mortgage valuation
Mortgage providers carry out a report so that they can make an informed decision on whether to lend the funds. The survey carried out is brief and will only highlight obvious defects that could substantially affect the value of the property. Therefore, it is vital that this report is not replied upon as evidence for the condition of the property.
Price negotiation and Insurance
An independent surveyor will provide a report that is entirely credible, and will also include comparable properties. This means it can be used as an effective negotiation tool when coming to an agreement on the price of your property – saving you more money in the long run by preventing you from paying an inflated price.
Independent surveyors will also provide you with an accurate figure for your building insurance, making sure your property is neither over or under insured.
As property experts, surveyors can also advise you on the best way to maximise your investment in a property. They are able to offer professional advice on how to extend or alter a property to help increase its value, how much value it would approximately add, and costs involved.
RICS Surveyors hold Professional Indemnity Insurance (PII)
This means that in the unlikely event that a surveyor makes a mistake or misses a potential defect that could cost you money, this will be covered by their PII.
Be safe opposed to sorry, and hire an independent surveyor!