Redwood Consulting is working with RICS to promote its homebuyer survey suite. Following the recent surge in buy-to-let activity, RICS is advising private landlords to arrange a Homebuyer Survey and Valuation or a Building Survey before buying older properties.
RICS warns that typical building or structural faults including dry rot, blocked drains, rising damp, fractured support beams and subsidence could cost landlords tens of thousands to resolve. According to the Building Cost Information Service (BCIS), for a four bedroom house a significant damp problem could cost anything up to £28,000 to repair and prevent from happening again, while subsidence could cost around £24,000 to correct.
Landlords are advised to request a Condition Report, Homebuyer Survey and Valuation or a Building Survey from a RICS accredited surveyor before completing on a property. The Condition Report provides a basic overview of the condition of the property, highlighting areas of major concern. Homebuyer Survey and Valuation is most suitable for properties that are in reasonable condition. It provides a concise report detailing any significant problems that could make a difference to the value of a property. Building Surveys provide a detailed report on a property’s construction and condition, and is particularly useful if the property is dilapidated, has been extensively altered or if the landlord is planning a major conversion or renovation.
Condition Reports start from around £200, a Homebuyer Survey and Valuation will cost landlords around £400 with a Building Survey costing from £700.