Sold £245,000 (Guide Price)
Key considerations when buying a property
Published January 14th, 2020
There are many things to consider when buying or selling a property. A property is usually the most expensive and significant purchase a person makes in their lifetime and therefore it is essential the right amount of due diligence is undertaken to establish if the property is suitable.
From a purchaser’s perspective there are a number of points to consider and understand, writes Robbie Jackson, Senior Building Surveyor at the Shrewsbury Office of Berrys.
The mortgage valuation is undertaken by the mortgage lender in order to understand if the property is safe to lend. The valuation usually consists of a short inspection which should identify significant characteristics that may affect the value of the property as security for the loan. A purchaser should understand this is not likely identify any significant defects or legal issues with the property.
From my experience a purchaser whether it be an investor or occupier wants to know if there are any major issues with the property that are a cause for concern and if there are any repair works likely to be needed whilst they are in occupation.
A Building Survey Report can be tailored to each individual client and if needed Berrys can provide budget costs for repairs and maintenance over the short, medium and long term.
A Building Survey applies to any residential property that:
- Are of any age
- Uses unconventional building methods or construction materials
- Incorporate extensions or major alterations
- Has extensive outbuildings, grounds and unusual facilities
- Has specialist servicesIf you are purchasing a property and would like some advice, please don’t hesitate to contact our building surveying department.
- The inspection is more extensive and the report more comprehensive than a Homebuyers or Condition Survey and it is essential that people fully understand the differences and scope between each report prior to instructing a survey.