Types of Building Survey

In the UK you can choose between three types of valuation and survey; the valuation, Homebuyer Survey or Building Survey. What are the pros and cons, the strengths and weaknesses of each?

The types of survey are:

valuation	This is simply the value of the property, and though it includes a few comments on the condition of the building, is intended only to enable the lender, such as a bank, to determine the safety of their investment.
Homebuyer Survey	This is a mid-price review of the condition of the property. It incorporates a valuation.
Building Survey	This is a more in-depth, but normally more expensive, review of the condition of the property. It does not incorporate a valuation.
Personal Survey	This can be a basic or thorough survey conducted by you as the buyer; you should support this with a survey by a professional surveyor.

The Royal Institution of Chartered Surveyors offers the following comments on the two types of survey:

	HOMEBUYER Survey & Valuation	Building Survey
Type of property	Conventional houses, flats,bungalows, etc., in apparently reasonable condition	Any residential or other property, in any condition
Type of service	Economy package in standard form	Custom-made to client's individual needs
Objects of service	To assist client to: (i) make an informed judgement on whether or not to proceed; (ii) decide whether or not property is a reasonable purchase at agreed price; and (iii) assess urgent and significant matters before exchanging contracts	To provide client with: (i) assessment of construction/condition of property; and (ii) technical advice on problems and on remedial works
Special features	Focus on urgent and significant matters	Details of construction/materials/defects
Valuation	Integral part of HOMEBUYER Service	Provided as agreed extra
Form of Report	Compact, fixed RICS/ISVA (Incorporated Society of Valuers and Auctioneers) format	Usually much longer, in surveyor's format

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