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Because
you’ll be spending such
a lot of money, it’s important
to know what sort of condition the
home you’re buying is in and
how much it is worth. The people who
can tell you this are called surveyors
and it’s a good idea to pay one
to have a really good look over the
building so that you know if there
is a leaky roof or something like damp.
Your mortgage
lender will also get a surveyor
to check out the place and make sure
it’s
worth what you’re paying and
you’ll usually have to pay for
this.
There are
three main types of surveys that
you’ll probably hear about.
- Your mortgage lender will ask a
surveyor to carry out a valuation survey
to make sure the home you’re
buying is worth what you’re
paying. You will usually have to
pay for it.
- Most buyers also hire their own
surveyor to do a more thorough survey
called a homebuyer’s
report. This highlights
any major problems that could affect
the value of your home either now
or in the future.
- A building
survey is
even more thorough. The surveyor
will look really closely at the
building and note down faults both
big and small. You’ll get a
long and detailed report with this
sort of survey so it’ll cost
you more.
Surveys
take place after you have put in
an
offer but
before you exchange
contracts so that if the surveyor
uncovers a significant problem you
can either renegotiate the price or
decide not to buy the property.
The
Royal Institute of Chartered Surveyors (RICS)
can help you find a surveyor and
give you more information on surveys.
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