A beginner’s guide to the RICS building survey

It is widely accepted that investing in a property will probably be the largest financial investment in your life. Although you will need a basic valuation survey to fulfil the requirements of any bank or building society that may be providing the finance, it is surprising that many buyers neglect to obtain a more comprehensive survey on a property to protect their large investment.

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A building survey will go into greater detail about the condition of the property, any issues affecting it, and any repairs that are needed in order of priority.

What does RICS stand for?

RICS stands for the Royal Institution of Chartered Surveyors. This institution regulates surveyors worldwide. RICS surveyors have to abide by and follow their industry’s strict professional standards and guidance. These globally recognised standards give customers confidence and ensure that professional surveying standards are followed, with the added assurance of an over-arching body regulating the industry.

Why have an RICS building survey?

The UK has a wide range of housing and commercial buildings, ranging from properties that could be many centuries old to up-to-the-minute new-builds. Conveyancing firms such as https://www.samconveyancing.co.uk/news/house-survey/building-surveys-130 know the value of obtaining an independent building survey report to give you the confidence that the property you are investing in will not hold any nasty surprises further down the line or require expensive repairs that you may not be able to afford. These can range from structural problems to the presence of asbestos, decaying timbers and rising damp.

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Easy to understand reports

The RICS has designed its comprehensive building survey reports so that they are easily understood by the homebuyers. The reports use a traffic light system that categorises issues in order of priority; in this way, repairs that need to be addressed first can be identified and costed and other repairs with less importance can wait. With such professional advice, you can make a more informed decision about going ahead with the purchase of a property or may be able to negotiate the price taking into account any issues the building survey reveals.

If you have set your heart on a property but are wondering about the need for a comprehensive building survey, you can be assured that obtaining this professional and in-depth advice will give you added confidence in your future investment and put your mind at rest.

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