Which house survey suits you?
Buying a home is likely to be one of the biggest expenditures you’ll ever make, therefore it makes sense to understand exactly what condition the property you want to buy is in, before signing on the dotted line.
Major structural issues usually aren’t easy to identify unless you’re a trained professional, so having a house survey carried out on the property you’re buying can be invaluable and can help to avoid any potential repair bills in the future.
According to the Royal Institute of Chartered Surveyors (RICS) the average buyer spends an additional £5,750 on repairs after purchasing their property. Therefore, it is important to have a survey carried out, as it could reduce these costs or even avoid them altogether. A survey will highlight any issues, meaning you can flag them with your vendor and ether request that they are rectified before exchanging or negotiate a discount using your survey evidence.
Some misconceptions of house surveys
Many buyers believe a mortgage valuation is an assessment of the condition of the property. However, this is not the case. A valuation is carried out on behalf of the lender and simply checks to ensure the property is worth the amount of money you’re borrowing against it. This is purely for the benefit of the lender, rather than the buyer. So, if you’d like to find out what condition the property is in, you’ll need to commission a survey.
A second misconception is that the mortgage lender will arrange your survey for you. This isn’t the case – if you decide that you want a survey in addition to the mortgage valuation, then you’ll need to arrange and pay for this yourself. However, there are many solicitors and conveyancers available to help. It is important to let them know as soon as possible – ideally when you first instruct them – that you would like a survey as well as a valuation, then they’ll be able to manage the paperwork and potentially help you find a surveyor to instruct.
Are house surveys expensive?
Generally, the more detailed the house survey, the more it will cost. However, prices can vary depending on:
- Which firm you use
2) The value of the property
3) The type of property
What types of house surveys are available?
Condition Report
A condition report is the most basic form of survey and provides a high-level description of the property. It highlights any major risks or defects which may require urgent attention, as well as any potential legal issues – however, you won’t receive any advice on how to deal with them. This report is suitable for most conventional types of property and is the cheapest type of survey available costing from £300.
Homebuyer Report
A homebuyers report is a step up from the basic Condition Report. This type of survey will help to identify any significant structural problems, for example, subsidence or damp, together with any other major defects with the interior or exterior of the property. Suitable for properties in reasonable condition, whilst this type of survey will highlight any significant issues, it won’t go into a lot of detail. For example, a Homebuyer Report doesn’t include an inspection behind the walls or under the floorboards. However, it is the most requested type of survey by purchasers. You can expect to pay approximately £350 upwards.
New-build snagging survey
This type of survey is relatively new and provides a professional and independent inspection of a new build property. It may highlight issues that the builder or developer needs to rectify before you complete your purchase. This type of survey is worth considering ensuring your home purchase goes smoothly. You can expect to pay around £350 upwards.
A building or full structural survey
This type of survey is the most detailed and is a good choice if you’re buying an older property – particularly if it is listed – or if it is a home that you already believe requires a significant amount of work. This survey will not only list any defects the surveyor finds but will provide detailed advice on the repairs required. It will also include the surveyor’s opinion on any potentially ‘hidden’ defects or areas of the property that either requires attention now or may in the future. As this type of survey contains the most detail, it is the most expensive with prices starting around £500 but can be significantly higher, depending on the size and value of the property.
One last tip: if you decide to have a survey, try to have it carried out as close to your mortgage valuation as possible. If it does highlight any issues, at least you’ll find out early in the process. In the worst case, if the survey does highlight a defect that really puts you off, it is best to find out sooner rather than later before you’re too far in advance with the process. Hopefully, none of these will happen, and you’ll have peace of mind that you won’t be met with an unexpectedly large bill just after you move in.
To find out more about residential property surveyors and to find a surveyor in your area, go to www.ricsfirms.com