Types of Surveys
As mentioned earlier, once your offer has been accepted, a survey of the property will need to be organised. There are three different types of surveys.
The Valuation Survey
The Homebuyers Survey
The Building Survey
This must be carried out on behalf of the mortgage lender, this property inspection is to establish the amount and terms of the loan.
Most buyers opt for the Homebuyers Survey which goes into more depth and are recommended – they look into urgent problems that could effect the value. They are also slightly more costly but worth the extra money.
The Building Survey is normally required when a property is of an unusual construction or has had extensive alterations, if it's old, in need of serious structural repair or if you're planning a major conversion or renovation.