June 18, 2024


Mad about real estate

The Importance of Residential Surveys

Survey is an activity based on calculations. It is unavoidable in modern times to fix the boundary line of a property. In ancient times, man live in forests and hills when survey was not required. But, when property rights got evolved depending on the desires and dreams of human beings, measuring a land using modern gadgets has become the order of the day. This sort of measuring is called survey to fix the authority on a property or to streamline the authenticity of the owner of the property.
A survey is nothing but an inspection of a building to assess the damage if any and to set it right at the earliest opportunity. But, it will lead to bigger complications viz. property loss and at the worst loss of very precious human lives. So, for peace of mind and confidence, the survey is a must on periodic intervals. These surveys are, generally, of a technical nature and further guidance is required to arrive at a clearer picture of the economic viability of the building. If you propose to buy any property, you should conduct a survey before signing in the contract. A survey can actually protect your money. If you feel that there are pending issues, you can discuss about the final price of the property after allowing for repair expenditure.
Types of Residential Surveys
Mortgage Valuations
Valuation and survey – both are different in basic nature. Mortgage lender carries out a limited check on the property to find out the actual worth of the asset. You have to pay for the evaluation. They may issue a copy of the report not necessarily including all the details of the evaluation. There may be problems which may require huge sums to set right.
Home Buyer Survey and Valuation Report
HSV, otherwise known as Homebuyers report is a survey complying with a preset format proposed by RICS (royal Institution of Chartered Surveyors). Conventional assets built in the last 150 years, found to be in reasonable conditions, fall within this category of the HSV. It won’t cover all aspects of the property and only concentrates on emergency features. For properties in need of major repairs or renovation, this HSV usually applicable.
Building Surveys
A building survey, otherwise known as a structural survey is a holistic visual inspection of a property and presents a detailed report. This is carried out in case of listed buildings, older properties, and unusual constructions, buildings to be renovated or altered. It gives information on the method of construction, materials used, details of the defects noted, problematical areas, environmental aspects impact on surroundings, possible effects on society, long term concerns etc.
Structural Inspections
Also called structural survey, this is a visual inspection of the structural features of the property and specific issues pointed out by others. It offers suggestions for repairs or suggestions for expert comments.
Home Energy Rating Survey
It provides Energy Efficiency and Environmental Impact Rating on an existing property. By virtue of this, energy bills can be reduced and energy efficiency can be improved. Using relevant software, assessments are carried out by an accredited assessor.
Energy Efficiency Rating (SAP Rating)
The all round total efficiency of the building is measured by energy efficiency rating. When the rating is high, the dwelling is more energy efficient. Correspondingly, the fuel billing should be lower.
Environmental Impact Rating
When the property generates some sort for impact on the environment, it is measured by EIR. When the rating is higher, it creates the least impact on the environment.