Buying a house is a crucial investment and so it’s essential to buy a property that’s worth your investment. Before you buy a home, you should carry out a home inspection to determine if the house is in the best shape and condition. If you’re a first-time house buyer, you may wonder whose responsibility it is to organize a survey.
This article will explain how getting a survey works and who organizes the survey.
Who organizes a property review?
A property review will help you know the condition of the house and if it’s worth buying at the estimated price; it’ll also help you know whether to prepare a budget for repairs and renovations before you buy the home.
The person who requests the inspection is usually the one to pay and most of the time, the buyer usually makes this request. This is because they tend to benefit more from the result of the survey. So a property review can be done by either the buyer or the seller.
Also, if you’re going to buy a house with a mortgage, then a valuation report will be among the required paperwork. But a mortgage valuation is not the same as a house survey, it’s only done to know the current value of the property and to know if there’ll be any need for repairs or renovation.
A mortgage valuation is done to assure the mortgage lender that the house can be sold and the mortgage can be covered based on the property’s value. The mortgage valuation must be done by a licensed RICS valuer.
What is a survey and where to get one
A property survey is simply an inspection of the entire property you want to buy. It reveals any problem the property may have which gives you the power to renegotiate the price of the house or request that the issues be fixed before you buy the house. If you’re not comfortable with the arrangements, you can walk away and choose a better option.
To get a good survey, you must hire a professional survey like someone registered in a licensed body like the Royal Institution of Chartered Surveyors (RICS). When vetting a surveyor, ensure you choose who is qualified. Do not compromise on expertise due to price as the purpose of carrying out a survey will be defeated if it’s not done by a professional surveyor.
A property survey analyzes the building and determines its condition. A property inspection helps your property lawyer to know the condition of the house. Issues such as boundaries, and bad electricity among others are addressed after getting a property inspection.
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