Building Survey

A Building Survey, earlier known as a Structural Survey which is carried out independent to the lenders. It is a recommended for all residential and commercial properties. This is a comprehensive survey which describes or gives the complete picture of the building construction and condition.
In other words, residential building surveys include a detailed professional assessment or check of a property and its condition.

Since residential property category involves numerous or diverse types of buildings, it is essential the scope of survey has to be agreed between the client and the surveyor. Generally, the building survey will include the structure, building fabric, finishes, exterior of the building and the surrounding. Similarly, it also includes the surveyor's professional and neutral opinion of the building. For example, the surveyor’s report will be prepared based on the details and format which the client requires. The report will give the exact condition of the building with visible defects, and the remedial measures taken on the repairs and maintenance including the related costs.

It is important to note that a “Building Survey” should not be mixed up with a Valuation Survey or a Home Buyers Survey. Because, a Building Survey is done based on the Surveyor’s own format or client’s style, and it is usually a comprehensive and more technical than the homebuyer survey. Hence, it is important that the buyer knows the difference of many types of surveys available.

A Valuation Survey is usually prepared for the lender and not for the buyer or the borrower. It addresses only the lenders questions and mainly focus on the collateral or the security of the loan. It does not cover or address the issues which concerns your personal interest regarding the building.

The Home Buyers Survey is a cheaper than the building surveyor but costlier than the Valuation Surveyor. The Royal Institute of Chartered Surveyors (RICS) provide standard format (which is copyright) for this type of survey. It mainly focuses on buildings or properties that are old or conventional and appreciably in good condition and indicates the major defects that have a bearing on the value of the property. It is important to note, unlike the building survey, this type of survey is carried out by the lender.

The advantage of building survey is that it gives a more comprehensive picture of the property or building which you intend to buy. It helps you in many ways to take the right investment decision. For example, you could negotiate with the warranty provider regarding what potential defects are covered under warranty and what will be the guarantee on property’s build quality.
It is important that a copy of the Building Surveyor’s report given to the warranty provider through the seller. If any defects are noted on the report, it is advised to notify the warranty provider or should request the seller to rectify prior or make allowances in the purchase contract.

In consideration of above, the building surveys seems to be an important step taken on buying process on a property. Although, the money spent on it may be higher than other surveys, it will certainly help you to know the exact condition of the property and take appropriate steps to avoid problems before investing on a property.

Article Source: http://www.mycontentbuilder.com

Land Surveys Pty Ltd provide building surveying services in Perth & Karratha, Western Australia including property surveys.

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