buying residential property in balham
Survey Types
A typical pre-purchase survey includes a home's electrical, plumbing
and heating systems as well as its interior and exterior construction
from roof to foundation. But it does not include the soil around
the house, ponds, septic systems, building code violations or environmental
hazards, which can require a specialized surveyor and can cost more.
Make certain that the survey contingency in your purchase contract
gives you ample time to conduct a general survey and perform any
specialized surveys that may be required. Remember, repairs or remedies
are negotiable and can reduce the final price you pay for the house.
The most common surveys include:
Standard Pre-Purchase
This covers a home’s interior and exterior construction
and condition and includes electrical, plumbing and heating systems.
It can cost from £200 to £500 and is usually paid
for by the buyer.
Wood Damage
Is required by many lenders and includes all interior and exterior
wood structures of the home. It costs from £75 to £200
and payment is negotiable between the buyer and seller.
Lead
All homes built before 1978 must disclose the presence of any
lead. The survey looks for the presence of lead in paint, plumbing
or other areas. It costs about £400.
Radon
If the seller is aware of elevated radon levels in the house,
they are required to tell the buyer. The inspection looks for
the presence of this naturally occurring radioactive gas above
certain levels. It costs approximately £150 and is negotiable
between the buyer and seller.
Environmental Hazards
The surveyor looks for the presence of any substance (such as:
asbestos, formaldehyde, petroleum, toxic chemicals) in building
materials, soil, water or air that is a health risk. The price
varies with the exact type of inspection and is negotiable between
the buyer and seller.
Soil
The inspector examines the condition of soil under and around
foundation and retaining walls of the house looking for problems
like excessive moisture. It costs anywhere from £300 to
£2,000 and is negotiable between the buyer and seller.
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