Patterson Francis and Associates Blog
Giving Potential Buyers Accurate Information
2015 has so far seen the strongest activity on record for mortgage valuations since 2007. The property market has seen an increase in the valuation activity of established homemovers as well as first time buyers. Many property owners with a mortgage that seemed competitive a few years ago have found it may be in their interests to refinance, and this recalibration of the mortgage market along with a rejuvenated property purchase market has led to significant growth in the valuation sector.
Mortgage valuations are essential when it comes to buying property as they offer beneficial insights. A property valuation is specifically for the benefit of the lender whereas a homebuyer’s report is designed for the person interested in purchasing the property. It is important to consult reputable chartered surveyors to be sure of a clear and thorough assessment.
Mortgages are commissioned by lenders and the purpose of a valuation is to assess the condition of a property to make sure its value is equal to the loan amount. A mortgage survey covers only this aspect and does not highlight any information about any structural flaws that may be present.
Before you make a monumental financial investment like buying a house, it is crucial to find out everything you can about the property’s condition. A homebuyer’s report is there to assist prospective buyers with an accurate assessment and to help them avoid paying more than they should. In addition to our valuations, we also deliver an estimate of market value that is based on our results as opposed to the agent’s asking price. The homebuyer’s report includes an inspection of the visible parts, required repairs and degree of their urgency, legal matters, any need for specialist reports and insurance rebuilding costs.
As real estate is such an important outlay we offer the highest quality surveys and services. We ensure you are fully informed of the current condition of a property and help you avoid repairs, replacements and expense further down the line. If you are considering buying a new property and need a home buyer report in Slough, call us to arrange an appointment.
Providing Accurate Property Information
The RICS Home Buyer Report is the most popular type of survey that prospective property buyers have done in the UK. It is more detailed than the Condition Report but less so than a Building Survey, making it useful for the vast majority of properties. The information in the document is useful because it helps to protect people looking to purchase a property, ensuring there are no hidden gremlins in the structure that they need to worry about.
Each home buyer report will feature a market valuation based on the condition of the property and the current state of the marketplace. This is an unbiased figure using the evidence that is available to the surveyor at the time the document is written. The valuation helps to prevent people from paying over the odds and reduces the risk of sellers taking advantage.
All the details used to determine the valuation will be included in the report for buyers to peruse. Defects that affect the value will be listed in terms of the degree of urgency, i.e. how urgently they need to be repaired, with estimates for the repair costs included. For each defect that doesn’t require repairing immediate advice about maintenance will be offered to prevent the condition from worsening and becoming even more expensive to fix.
The information in the report may be used to reopen negotiations if you are still interested in making the purchase after finding out more about the condition of the property. It also means you won’t get caught out and find yourself buying a home only to find the repair and maintenance costs are much higher than you have anticipated. From a protection point of view it is essential to have the property surveyed before you buy.
If you need a home buyer report in Reading, Maidenhead or Slough, you can call on our team of locally based specialists to carry out the job. Our experienced surveyors will inspect properties closely, examining all visible parts for signs of problems. Reports are generally available quickly and are always in RICS format so the information is well presented and easy to make sense of. We follow their best practice guidelines too in order to ensure we deliver the highest standards of service.
Old Dilapidated Property Surveys
A building survey will provide useful information to prospective buyers, including vital details about the condition of the property. The building surveyor will look at the structure from an impartial perspective and report their findings back in a clear, honest manner. They will include an assessment of the condition and a valuation based on their observations. You can then compare this figure with the asking price to see whether you are getting a good deal or if negotiations are needed.
You don’t have to get a survey done before making a purchase but it is strongly recommended, especially if you want extra protection. If the property you are looking at is more than 75 years old or is dilapidated in any way, a full building survey is advisable because it will involve looking at the structure in close detail. The age of the property and condition means there could potentially be underlying issues that you need to know about.
It is also a good idea to have a property surveyed if you are planning on large scale renovations or refurbishments. The last thing you want is to complete the purchase and begin this work only to find that you need to do costly repairs you had not expected. This could put the total cost of the project up dramatically. Local councils will also reject planning permission for projects if the property is not structurally sound so it is best to check this with a survey.
At Patterson Francis and Associates we have a talented team capable of offering detailed surveys of all kinds of properties. Each team member is a qualified building surveyor with a great deal of experience. Every survey is carried out professionally, taking care to ensure all details are noted clearly and concisely. We are capable of surveying properties of all ages and in any type of condition as long as it is safe to do so.
When you need the services of a professional building surveyor in the Reading area you can call on us for a fantastic service.
Building Surveys Saves Everything
Market research shows that an increasing number of first time buyers are choosing not to carry out full building surveys in an attempt to save money. According to a survey of more than 1,000 homebuyers carried out by Comres for RICS, one in five of those that opted out of a survey discovered faults at a later date. On average, the remedial work costs stand at around £5,750 with 17% of new owners spending around £12,000 to turn their properties into habitable homes.
Many buyers have come to rely on the mortgage valuation alone. A third of the sample of the buyers questioned by Comres had decided against commissioning a survey and of those, 20% were faced with faults, flaws and the expense of the repairs. Some buyers are reluctant to pay the fee for a full building survey yet when the problems with the property surface they can end up paying a much bigger price. The single payment for the survey tells you a lot about the condition of the house, but it can also help you negotiate on price.
When you buy a house the last thing you want is to be burdened with a barrage of bills for repairs, replacements and maintenance but statistics show that this is precisely what is happening. The failure to commission full surveys leads to owners with properties they cannot afford to fix and that nobody else wants to buy.
A building survey can prevent nasty surprises after you have settled into your new home. As it is a comprehensive inspection, you can be sure that the entire structure will be checked. When buying an older building, a survey is essential as there can be many concealed defects.
A survey includes an internal and external inspection of your roof, walls and foundation, floors, doors, windows and frames. All timber will be checked for woodworm and dry rot along with exterior features such as fences, boundaries, driveways and paths. Plumbing, drainage, gas and electrical systems are visually inspected but not tested. This along with environmental issues should be handled separately.
Upon completion you are issued with a complete structural assessment including details of any defects and cost-estimates. As committed chartered surveyors it is our role to ensure our clients are fully informed of the condition of properties before investing. We provide a range of specialist services including full surveys, mortgage valuations and homebuyer reports. If you need a building surveyor in Slough we can offer proficient services that will provide you with an accurate overview of the property you wish to buy.
Terrible Weather Inspection
The recent storms which have swept across England brought back memories of the terrible weather experienced in Maidenhead and Berkshire in 2013. Back then we saw uprooted trees crashing into buildings and cars, and many homes suffered severe structural damage. Whilst for the most part we have avoided this kind of widespread damage this time around, it would be incorrect to assume that no damage at all has been caused. Just because no damage is visible, does not mean that the foundations or walls of your home have not been weakened. If you are aware of your home being hit hard by the gale force winds and heavy rainfall of October and November it could bring you peace of mind to have the property checked by a professional building surveyor.
Property owners know they can trust us to provide a comprehensive and useful service when it comes to building surveyance and reporting. While it is most common for our services to be used for home-buyer reports and property valuations for mortgages, these are not the only instances where our work can help. We can help you to confirm that your property is structurally sound and free of problems, whether you are planning to sell it or not.
In terms of the recent storms, the possible damage caused to your property is likely to be in the form of two common problems. The torrential rain may well have seeped into the mortar and foundations of your home, weakening both, and the gale force winds could in all likelihood have caused tiles on your roofing to have become loose or dislodged. This is damage which may well end up causing long term problems for your home.
We all view our homes as our place of comfort, and the location where we feel safe and protected against the elements. If you need a professional building surveyor in Slough to deliver valuable information to you about the condition of your home, we are here to help put your mind at ease and help you to determine where work may be needed.
Invest Using Right Amount
Properties are valuable assets, whether they are for domestic, commercial or even public use. In order to retain and maximise the value, owners and occupiers need to be ready to do necessary maintenance and repairs. Without these the structure will deteriorate over time and lose value. It could even reach the point where it becomes uninhabitable if you neglect the upkeep.
Not everybody will be proactive with their maintenance. This can present problems for buyers and leave them with large bills for the work that needs to be done to get the property up to the required standard. Purchasing a property is a major investment, and this cost becomes even larger when you factor in the prices of repairs and upgrades. To ensure you know exactly how much you will need to invest, you should have a building survey carried out. This will give you a great deal of information to go on, including estimate costs for many different repairs.
Building surveys can be done on all kinds of properties and are the most in depth type of survey you can choose. It is particularly important to have one done if the property you are purchasing is old and already in a poor state of repair. Naturally these buildings tend to require the most work and can have many more hidden issues. It is wise to gather as much information about them as possible before you agree to complete the purchase.
It is also advisable to get a building survey done on listed properties and those in protected areas. In both of these cases there will be limitations to what you can do and the type of materials you can use. If you purchase one without a survey you can find the repair and maintenance costs are far higher than you expected because of the materials you need to use. You could even find that your whole plan is unfeasible if you don’t get the information you need early.
At Patterson Francis and Associates we have a team of surveyors to offer detailed inspections of properties and provide you with a detailed home buyer report in Slough and throughout the surrounding areas. We are committed to offering the very best services to each and every client, ensuring they know exactly what kind of investment they will need to make to get properties up to standard. To arrange a survey please call us today to arrange a consultation with a professional building surveyor.
