What is a Chartered Surveyor?
A chartered surveyor is a professional who has completed accredited training and is registered with a recognised institution, such as the Royal Institution of Chartered Surveyors (RICS). Chartered surveyors can specialise in a variety of areas, including property valuation, building surveys, and land management. Their expertise helps property buyers, sellers, and investors make informed decisions by ensuring that they fully understand the condition and value of the property.
A chartered valuation surveyor, in particular, focuses on the process of valuing property. They assess a range of factors, from market conditions and comparable sales to the physical condition of the property, to arrive at a fair and accurate valuation. However, their job doesn’t end there—they also identify issues that could affect a property’s market value, giving you the information needed to avoid hidden problems.
Hidden Property Issues You Might Miss
Buying a property is often a major investment, so it’s important to ensure that the property you’re interested in doesn’t come with unexpected repair costs. Many hidden issues are not visible to the untrained eye, and they can range from minor repairs to serious structural problems. Here are some common issues that a chartered surveyor can uncover during a property inspection:
1. Structural Problems
One of the most costly issues to address in a property is structural damage, which can include foundation cracks, subsidence, or roof issues. These problems may not be immediately visible and could worsen over time, potentially affecting the property’s safety and value. A chartered surveyor will thoroughly inspect the property’s structure and foundation, identifying early signs of any issues that may not be apparent.
2. Damp and Mould
Damp is a common issue in many older properties, particularly those that have poor ventilation or waterproofing. While minor damp spots might seem harmless, they can be indicative of deeper moisture problems that could cause rot, structural weakening, and health risks such as mould growth. Chartered surveyors are trained to spot signs of dampness and advise on the severity of the issue and potential remedies.
3. Electrical and Plumbing Issues
Outdated or faulty electrical and plumbing systems are another hidden issue that may not be immediately visible. These issues can be dangerous, and fixing them can be expensive. A chartered valuation surveyor will check the condition of a property’s electrical wiring, plumbing, and gas installations, helping to ensure that these systems meet current safety standards and are functioning properly.
4. Pest Infestations
Pests, such as termites, rodents, or woodlice, can cause significant damage to a property. These infestations are often hidden in walls, ceilings, or under floors, and might only be detected through a detailed inspection. A chartered surveyor will be able to assess the risk of pest damage and recommend any necessary treatments or further investigations.
5. Poorly Executed Previous Renovations
Sometimes, previous owners may have carried out renovations or repairs that don’t meet the required standards or were not completed properly. Poorly executed work can lead to hidden defects that may only become apparent once the building settles or the materials degrade. A chartered surveyor can identify these issues and help you understand the extent of the repairs needed.
How a Chartered Surveyor Can Help You Avoid Hidden Issues
Hiring a chartered surveyor offers several advantages, especially when you want to avoid hidden issues that could cost you thousands of pounds in repairs. Here’s how a surveyor helps you identify and deal with these problems:
1. Thorough Property Inspections
A chartered surveyor conducts a detailed inspection of the property, looking for issues that may not be immediately visible. Their expertise and knowledge of construction standards allow them to spot structural or functional problems early, providing you with an accurate picture of the property’s condition.
2. Comprehensive Reporting
Once the inspection is complete, the surveyor will provide you with a comprehensive report outlining any hidden issues they’ve discovered. This report typically includes descriptions of the problems, the severity of the issues, and recommendations for repairs or further investigations. This helps you make an informed decision, whether you choose to negotiate the price, request repairs, or walk away from the deal altogether.
3. Expert Advice on Fixes
In addition to identifying hidden issues, a chartered surveyor can provide expert advice on how to resolve them. They will often recommend trusted contractors or specialists who can carry out the necessary repairs, helping you avoid potential delays or shoddy workmanship.
4. Assisting with Negotiations
If hidden issues are uncovered during the survey, you may be in a position to negotiate a lower purchase price or ask the seller to cover the cost of repairs. A chartered surveyor’s report can serve as a strong bargaining tool in these discussions.
The Financial Benefits of Using a Chartered Surveyor
While hiring a chartered surveyor comes with a cost, it can save you a significant amount of money in the long run. In fact, a report from the Royal Institution of Chartered Surveyors (RICS) found that 43% of homebuyers who had a survey carried out reported uncovering problems that would have cost them an average of £6,000 to fix. Without the survey, these issues could have gone unnoticed until after the purchase, potentially leading to major financial losses.
Conclusion: Protect Your Investment with a Chartered Surveyor
In conclusion, a chartered surveyor plays a crucial role in identifying hidden issues that could significantly impact your property investment. Whether it’s structural damage, dampness, or faulty systems, a chartered surveyor’s thorough inspection ensures that you fully understand the condition of the property before making any major financial commitments.
Hiring a chartered valuation surveyor not only provides peace of mind but also gives you the information necessary to avoid costly mistakes. By investing in a professional surveyor, you can safeguard your property investment and ensure that your purchase is a sound one.
