5 Reasons to Hire an RICS Chartered Surveyor
A guest blog from surveybooker.com
Buying a property is one of the largest financial commitments many people may make in their life. Much as you would hire a Conveyancing Solicitor to ensure there are no legal issues with a property, an RICS Chartered Surveyor will look for any physical issues with the property.
In 2014, the average repair bill for homebuyers who did not commission an independent survey was £5,750! If that is not reason enough to book a survey, here are 5 more benefits of doing so:
1. Highlight potential defects
Unlike even the most thorough inspection you make when viewing a property, a Surveyor will inspect all areas of the property that are safe and accessible, including the loft space, basement and roof. Surveyors also have specialist equipment, allowing them to produce in-depth reports even when access is restricted. This allows them to spot potential defects you may have missed with a naked eye.
2. Market valuation of property
Unlike a mortgage valuation an independent market valuation is far more credible and takes into consideration large, significant defects. The report is longer and includes comparable properties and brief information to substantiate the Surveyors valuation. This allows it to be used as an effective negotiation tool and prevents acquiring your investment at too high a premium.
A Surveyor can provide an accurate reinstatement value for your building insurance, to ensure you have adequate cover. This is crucial so your property is neither under nor over insured. In the event of a claim, if you are underinsured your settlement may be reduced proportionally to the gap in insurance or in extreme cases your claim may rejected. If you are over insured, you may be wasting money overpaying on your insurance premium.
3. An RICS Surveyor is unbiased and regulated
Chartered Surveyors are regulated by the RICS and are held to a strict code of conduct. These rules clearly define the professional standards, which are expected of the Surveyor and require firms to have a complaints handling procedure. This helps to ensure that estate agents, mortgage companies or any other parties with an interest in the transaction, do not have any influence over the Surveyor.
What happens if a Surveyor makes a mistake and misses a defect, which could later cost you money to repair? Chartered Surveyors are required to have professional indemnity insurance cover for such an occasion. If you suffer a loss as a result of an error made your Surveyor, this will be covered by their PII policy and their insurer will cover these costs for you. Effectively, it acts as a safety net for both you and the Surveyor.
4. A survey is not a mortgage valuation
A mortgage valuation is for the benefit of the mortgage lender and in some cases the homebuyer may not even receive a copy of the report. It is to help the mortgage provider make an informed decision before agreeing to lend funds. The Surveyor will briefly inspect the property (usually lasting less than 20 minutes) and will collate their findings with information about local, comparable properties. The report is concise and will only highlight major, obvious defects, which could have a significant effect of the property value which could therefore affect it as security for the proposed loan.
5. Grow your investment
Even after your initial purchase, a Surveyor can help maximise your investment. They can offer professional advice about the scope and suitability of potential extensions to your property. This can help avoid unforeseen delays and expenses, as well as providing you with information about how such investments will affect the overall property value.
About the author
Surveybooker.com is a brokerage for RICS Chartered Surveyors. You can get free, fixed quotes from local RICS Chartered Surveyors by either visiting our website or calling us on 0333 011 6683.