How Do Property Surveys Impact Real Estate Prices?

If you’re looking to get a property valuation, you’re going to need to have a property survey carried out. The results of this survey can make a huge impact on the price of the property. Whether you’re looking to sell, or you’re interested in purchasing a new property, the survey results can help provide you with a good idea of how to proceed.

Here, we’ll look at how property surveys impact real estate prices and the importance of choosing a chartered surveyor.

How Do Property Surveys Impact Real Restate Prices?

What is a property survey?

The purpose of a property survey is to assess the condition of a property. It looks out for any potential structural issues and recommends any repairs or alterations which may be required. It is used to help homeowners value their property, and provide peace of mind to buyers that they’re making a good investment.

There are actually different types of surveys that can be carried out. These include condition reports, homebuyers report and building surveys. Each has their own benefits and are carried out by professional surveyors.

Discovering hidden problems

The main purpose of property surveys is to ensure there are no hidden problems. Just some of the things it can detect include structural issues, damp, asbestos and roofing defects. These are things can that significantly impact the value of the property.

For issues with damp there may be additional damp survey costs and any issues with asbestos will need assessing by a qualified asbestos removal company.

If you’re buying a property and the survey reveals problems that need to be taken care of, you can use that as a way to negotiate a better deal. Or, you could pull out of the sale completely if there are significant problems that need to be dealt with.

What if something goes wrong?

For those looking to sell their property, identifying any hidden issues is crucial if you don’t want to end up dealing with a potentially costly court case. While a professional survey isn’t necessarily a requirement when selling a property, it’s still a good idea to have one carried out.

So, what happens if you experience a bad survey? If issues are discovered with structural movement, electrics or faulty drainpipes, for example, you’re going to need to fix these issues before selling. Or, you’ll need to knock a significant amount off the cost of the property and alert the buyer to the issues found.

If an error was made by the surveyor, you may have a case for professional negligence.

The importance of choosing a chartered surveyor

To avoid anything going wrong and to ensure any problems are detected, you’ll need to use the services of a chartered surveyor.

Chartered surveyors are trained to a high standard in accordance with RICS guidelines. They are consistently regulated which means you’ll know you’re getting the very best service. You’ll know they have looked at everything within the property and you’ll be able to fully trust their report.

These are just some of the way’s property surveys can impact the cost of real estate. If problems are detected, it’s important to fix them as soon as possible. Whether you’re buying or selling a property, a survey is a crucial way to ensure you’re getting the best value for money.