Why Appointing An Independent Surveyor Is A Good Investment
Buying a home or property is one of the largest investments many people will make in their lives. As of May 2021, the average price of property in England was £271,434 rising to £497,948 in London. The knowledge and experience of a Chartered Surveyor is one of the most powerful tools to aid anyone looking to invest in property. Whether a purchaser or investor requires detailed information on the condition or value of a property, there is a wide range of surveys offered by RICS Surveyors available to suit their requirements.
Despite the range of information available to home buyers and investors alike, research indicates that only around 20% of these undertake some form of independent survey before purchasing a property. This is a worrying fact and would be quite alarming in any other investment sector.
The average cost of a home survey outside of London is approximately £450.00, which is roughly 0.17% of the average property value in England.
In addition to these reasons here are 5 further reasons why commissioning an independent Surveyor such as Wood Croft Chartered Surveyors is a good investment:
- Wood Croft’s Surveyors are independent and regulated
Wood Croft Chartered Surveyors are regulated by the Royal Institute of Chartered Surveyors 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 complaints handling procedures in place. 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 Wood Croft’s Surveyors.
- Wood Croft’s Surveyors will inspect the full property with specialist equipment
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 to do so during the survey, including the loft space, basement and roof. Wood Croft’s Surveyors also have specialist equipment, allowing them to produce in- depth reports even when access is restricted. This enables them to spot potential defects that may otherwise be missed.
- Wood Croft’s Surveyors are experts
Most property purchasers may struggle to identify underlying and hidden issues. Much like a conveyancing solicitor will meticulously review a property title deed before purchase and advise on any likely legal issues that may arise in the future, a Wood Croft Chartered Surveyor will do the same for the physical structure of the property. This could help purchasers and investors alike avoid an average repair bill of over £5,750 which frequently affects buyers and investors who do not commission a survey.
- A mortgage valuation should not be relied on
A mortgage valuation is for the benefit of the mortgage lender and in some cases the purchaser may not even be given a copy of the report. A mortgage valuation is designed to help the lender make an informed decision before agreeing to lend on the property. The Mortgage Surveyor will briefly inspect a property and will collate their findings. The mortgage report is concise and will only highlight major and obvious defects which could have a significant impact on the property value as security for the proposed loan/mortgage.
- Wood Croft’s Surveyors can provide you with an independent market valuation
Unlike a mortgage valuation report, an independent market valuation is far more credible and takes into consideration large and significant defects. The reports are longer and include comparable properties and information to substantiate Wood Croft Chartered Surveyors’ valuation. This means that the report may be used as an effective negotiation tool to avoid purchasers or investors from paying over the odds for a property.