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MONDAY 13TH JUNE 2005
 DON'T RELY ON YOUR VALUATION SURVEY

Despite the fact that buying a house or flat will be the most expensive purchase they make, 80% of people buying their own home do not get a professional survey, says the Royal Institution of Chartered Surveyors.

Most buyers rely on a basic valuation survey, undertaken by the lender. However, this is only intended to give an indication of the value of the property and whether it is a good risk for the lender. It is not an indication of the condition.

A professional survey by a chartered surveyor gives the buyer a professional opinion about a property and is the best way of ensuring they are not only buying the home of their dreams, but also peace of mind.

There are two types of property survey recommended by the institution:

The Homebuyer Survey and Valuation - generally suitable for most modern homes which are conventional in type and construction. It focuses on essentials and points to any defects or problems that are significant or in need of expert attention. The surveyor can also give a professional opinion on particular features of a property that affect the value. Average cost for a 2/3-bedroom house would be around £250 - £350.

Building Survey - suitable for all types of property, especially recommended for period properties or properties of unusual construction. It is more comprehensive than the Homebuyer Survey and will include extensive technical information on the construction of the property as well as any defects, major or minor.

It is usually tailored to a client’s individual requirements. Average cost from £400 upward, dependent on size.

Chartered surveyors can be commissioned through the mortgage lender or through an independent company.

RICS residential faculty director, Faraz Baber, said: "I would strongly urge anyone buying a house or flat to have a professional survey commissioned, Although the cost of a professional survey might at first sight seem expensive, it is a small sum in relation to the cost of a property and in relation to the other costs involved."

"Not having a survey done can be storing up expensive problems for the future. Knowing the property is sound will give you peace of mind."

"When buying a second-hand car most people will spend considerable time, trouble and effort to ensure the vehicle is safe, road-worthy and worth buying before parting with their hard earned cash. The approach to buying a house should not be any different."


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