What types of survey’s are there?

When you have completed a mortgage application and made an offer on a property that has been accepted, the next stage of the house purchase process is to have a survey done on the property you are looking to buy. It is one of the many expenses that you have to pay for when going through the purchase of a home. However, you can get some good advice to make good decisions by consulting Sam Conveyancing and their House Survey news and updates.

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There are three types of surveys, and they vary in price and level of detail covered. Which one you have is determined by yourself. However, if you are buying a newly built property, you will only need to have a level one survey, as the property should be at the best level it’s ever going to be!. It should also be noted that most lenders, if not all are happy with a level 1 survey for their purposes regarding lending unless they request it.

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A level 1 survey is the most basic. The surveyor will still do a thorough job, but level 1 may not highlight all potential property issues. The standard survey is a level 2 “Homebuyers report”. This was created as an industry standard for Conveyancer, lenders and homebuyers/owners combined. It’s suitable for properties seven years, and older but properties older than 30 or are historical will require a whole level 3 survey. This is usually the only way to be sure; you need to be aware of all these places’ issues.

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