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Jargon Free Property Surveys Should Help Buyers and Sellers

 
 
 
 
  02 Dec 2018

While buyers and sellers are on different sides of a property deal, there are many things that they agree on. Everyone believes that the additional costs associated with property deals are too expensive and you will find that most people are left confused with a lot of technical reports and jargon associated with property deals.

Uncertainty and confusion cause problems and even if it is just a buyer who is initially affected by an issue, this will eventually lead to problems for vendors. After all, if a buyer decides against buying a home because they are unsure of what they are going to receive or what condition the home is in, the vendor also loses out.

It is important to choose the right survey

A problematic issue for many buyers is knowing which survey to order when buying a home. There is a range of surveys to choose from and there is a significant difference between what is provided in the surveys.  It is not unreasonable that many buyers assume that the homebuyer report will provide them with information on all potential problems that could arise in a home, but this isn’t the case.

There are even some buyers who are under the impression that the mortgage valuation will provide them with valuable information that helps them buy property. This isn’t the case and a mortgage valuation is only of merit to the lender.

Over and above the mortgage valuation, the main types of survey on offer are the:

  • Condition report, a basic report which only lists important issues
  • Homebuyers report, which is more detailed than the condition report but again, it is not overly informative
  • Building survey or structural survey which is the most informative survey

Homeowners who purchase a new build property or a standard property that is likely to be in good condition will find that the condition report is often suitable. For buyers looking to purchase something out of the ordinary or a bit unusual, the homebuyers report is likely to be the most informative option.

This is a confusing area of the property market

A major issue in the industry is the fact that there isn’t a standardised survey. This means one firm may provide one version of a report while another company provides a different version. This causes further confusion, hampering both buyers and sellers.

RICS have called for the present homebuyers surveys to be removed from the market and for them to be replaced with a three-level survey. Each level would clearly detail what was included in the report, and this should make it easier for buyers to choose the survey that best suits their requirements.

A spokesperson for RICS, Tom Littler, released a statement, saying; “The current system is too fragmented. We perceive that there could be confusion among the homebuying public. The whole idea is to improve the product that a member of the public could receive from a house surveyor.”

At Jezzards, we know people want to make informed decisions when they make a move in the property market.  Buyers and sellers alike benefit from detailed information and if you are keen to make a move soon, contact us today on 03330 433 633 or contact us online and we will be delighted to help.


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