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If you buy a property and then discover that it has serious structural problems or major building defects, you could find that you’re landed with significant, unexpected expenses; not to mention the hassle of having building works carried out straight after you move in to your nice new home!
Instructing a building survey will help you to assess the condition of the property you’re thinking about purchasing BEFORE you discover any nasty problems. If your building survey does highlight any problems, you will then have the option to re-negotiate the purchase price, and ensure that you have enough money to tackle any issues. Contrary to wide-ranging consensus, this applies to both old and new properties.
Will my lender undertake a Building Survey?
As a buyer purchasing a property via a mortgage, you will pay for a mortgage valuation report in order to secure a mortgage offer. This report should never be confused with a building survey. The mortgage valuation report merely assesses whether the property you’re considering is worth what they are loaning to you. It is not their responsibility to point out any defects or repairs.
Types of Building Survey
A building survey typically involves a visit to the property by a Chartered Building Surveyor who will look at the property inside and out, making visual checks and observations. Inspections usually take half a day to a day to complete. The report will be detailed and will list everything the surveyor thinks you should be aware of about the property.
There are 3 main types of Building Survey, which can be undertaken by both buyers and sellers:
- Full Building Survey - This survey is the most comprehensive, and is usually carried out on older properties. This type of survey gives a detailed elemental report on the condition of the property, and assesses the cost of repairing any problems discovered.
- Homebuyers Survey - This survey has less detail, and is usually only undertaken on modern properties. Some Surveyors choose to prepare a short form Full Building Survey Report rather than a Homebuyers Survey as the content of a Home Buyers Survey is limited in its content, allowing the Surveyor to tailor the report to the individual.
- Snagging Survey - This sort of survey relates to the inspecting and reporting of any outstanding snagging works to new building projects, which have reached completion. This report can then be presented to the contractor for rectification to ensure no defects are present when the property is ready for occupation. Typically new build projects can develop circa 50-60 snagging defects.
How much do they cost?
The price of a Building Survey is usually correlated to the size and purchase price of the property and also the type of report carried out. Whilst the cost of a Building Survey may seem like another expense, it could save you in the long run!
Still need more help? Give our team a call!
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While most 20-year-olds can only dream of owning their own home, our latest apprentice Adam Bland is experiencing the battle to get on the housing ladder from the other side. The former Walsall College pupil was handed the keys to a successful career after he was taken on as an apprentice by our estate and lettings agency, iLoveHomes in Walsall!
The 20-year-old joined iLoveHomes in 2016 on a 12-month apprenticeship and will help the company grow the sales side of the business. We’re an advocate of work-based apprentice training schemes, which have already produced some promising employees who have progressed within our company, enjoying rewarding careers. Adam Bland joined the iLoveHomes team in conjunction with the NOVA training apprenticeship scheme and he is currently working towards an NVQ Level 2 in Sales of Residential Property.
Adam Bland said, “I chose an apprenticeship in Estate Agency to help develop my personal skills and gain practical experience. The iLoveHomes team have been fantastic and very supportive of my ambitions. Although work is now an integral part of my daily routine, I still make time for the Gym, sporting activities and a very busy social schedule!”
The scheme has both social and commercial benefits, which we believe have advantages for everyone, if handled in the right way.
Andrew Thomas, a director at iLoveHomes said, “With the help of a good local training provider to identify young people with potential and with a comprehensive training element, we find competency and performance levels after just one year are amazing”.
Mr Thomas continued, "If the whole of the industry committed to employing apprentices, it would make a huge difference to local youth unemployment statistics. We know that there are some remarkable young people out there who just need a chance to prove themselves. With the right training and support, we find apprentices quickly develop skills and deliver a measureable contribution to our business. Adam is a testament to how successful the scheme is, displaying the enthusiasm and commitment necessary in working towards his academic qualification and gaining valuable experience within the workplace. Adam is a friendly character, who loves to talk, and especially getting in front of the camera. We consider Adam to be a very important part of our company”
As a progressive estate agency and lettings agency, here at iLoveHomes we have responded to increased activity levels as a result of improving conditions in the housing market by expanding our workforce. Our estate agency has made three new appointments over the past six months, two of which have been apprentices.
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A great start to March for the Lettings team...we have more new properties to rent than any other agent in Walsall
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The latest data from the Agency Express Property Activity Index has
highlighted a robust start to 2017, as the UK rental market gained momentum
during January. National figures for new listings ‘To Let’ sat at a record
50.8%, while properties ‘Let’ remained true to trend at 47.1%.
Looking at historical data, January’s figures for new listings ‘To Let’ mark the
largest increase in activity for the month since the index’s first records. The
data also shows that activity in January has been steadily increasing over the
past three years.
New listings ‘To Let’ Properties ‘Let’
- January 17 - 50.8% January 17 - 47.1%
- January 16 - 43.6% January 16 - 46.1%
- January 15 - 39.8% January 15 - 44.7%
Looking at rental market activity across the rest of the UK, the buoyant the
trend continued. All 12 regions recorded by the index returned increases in
both new listings ‘To Let’ and properties ‘Let’.
Regional hot spots included:
- Properties ‘To Let’
- Scotland 84.1%
- Wales 81.5%
- London 67.70 %
- East Anglia 62.4%
- North East 62.1%
- Properties ‘Let By’
- Wales 89.5%
- South West 83.4%
- North East 73.1%
- London 55.8%
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So why do people love their property over others available on the market? What was the main motivation for purchasing that particular property? The answers to these questions could be the key to selling your own home quickly for the highest return .
OK, so the biggest motivator was location. The survey conducted by the Daily Mail in 2016 asked property owners for the 3 decisive factors when choosing their home. People selling their home can do nothing about the properties location, but they do have influence over most of the other major factors when selling.
It is not surprising that ‘Price’ is second on the list. Vendors certainly do have influence over this. It is obvious that everyone wants to get the most amount of money for their property, but how far do you push it to the detriment of any potential sale?
At iLove homes, we always want to achieve the maximum amount of money for you. If you start low, then you cannot go any higher. We encourage vendors to start at slightly optimistic figures. We also make sure that we have a plan B, C and D in place should it not sell immediately. It is the ‘process of elimination’. If we sell within 24 hours, the vendor may question the marketing figure. Could we have marketed higher?
Somewhat surprisingly, the Garden came in third. Again, home sellers do have the opportunity to present their gardens in the best possible light. It is also goes without saying that other areas of the property may benefit from a freshen up of the décor. Bizarrely, 1% concluded that the street name was one of the most important factors when buying!!
In short, if you are looking to sell your home, you can control about 50% of people’s main requirements. The other 50% (such as Location), you can do nothing about. Then again, why would someone go and look at a property if they didn’t want to live in that area? Home sellers should therefore assume that they do have a great deal of influence on the eventual sale of their own property.