So, you’re planning on buying a property? Congratulations! This is one of the biggest investments you’re likely to make in life, one that offers security, a sense of achievement and a place to call home. Of course, in making such a large transaction, you’ll want to ensure that everything is in order before going ahead and exchanging contracts.
This is why it’s in your best interest to arrange a property survey before signing the dotted line and having the deeds of the house transferred to your name. Doing so ensures that you’re investing your money in the right property and avoids you facing additional costs further down the line that could otherwise be predicted.
In this guide, we’ll explore all you need to know regarding property surveys and their importance in the process of buying a property, including what they are, why they’re recommended and what they include.
What is a Property Survey?
A property survey is a type of building inspection whereby the condition of the property you’re planning on buying is examined. This type of survey must always be carried out by a professional chartered surveyor, who will predominantly look at different aspects of the building’s condition in relation to its structural integrity, reporting back on whether there are any areas for concern or improvement.
Whilst a survey is not a legal requirement when buying a property, it is advised, since it offers you further advice and information regarding the property you’re planning to invest in. There are also different levels of surveys that you can choose to have, with these ranging in price based on how comprehensive they are.
Different Types of Surveys
Condition Report
A condition report is the most basic form of property survey that you can get. This report will highlight any risks or defects in the property that are serious or require urgent attention and will need to be fixed before you consider moving into it.
These reports don’t go into a great amount of detail other than this, offering more of a brief overview of the property’s condition. This lack of detail makes condition reports ideal for newly built homes, since these are unlikely to have any major defects, however a more comprehensive survey is advised for previously owned homes.
Homebuyer Report
Homebuyer reports are more in-depth reports that highlight issues that could affect the property’s value, along with any ongoing maintenance that needs to be addressed (e.g. subsidence or damp).
Whilst more detailed than a condition report, it’s important to note that these reports will only cover matters that are reasonably accessible to the surveyor. For example, they won’t drill into walls or look under floorboards to inspect the hidden aspects of the property.
In some cases, it’s also possible to receive a valuation as part of a homebuyer report. This will estimate the property’s market value, which can be used to negotiate the price if quoted lower than your initially accepted offer.
Full House Survey
The most comprehensive of all these reports is a
full house survey. This will provide you with a detailed report on all aspects of the property’s condition. The surveyor will inspect and assess both visible defects and potential hidden problems within the property, including inside walls, under floors, chimneys, lofts and basements, as well as check the performance of services such as heating and drainage.
They will list any defects that are found and advise any repairs and maintenance that should be carried out.
These surveys are especially recommended for older properties, listed properties or those where extensive renovation is planned/required. In having extensive knowledge of the property’s condition, then you will be able to consider the scope of work that may be required to maintain or repair the property and the costs involved, which can then be factored into your financial situation.
Why Have a Survey Carried Out?
Many people see arranging a building survey as an additional step in the home-buying process that can be avoided - after all, they’re only optional. In fact, research shows that only 25% of all homeowners purchase a property survey for their new home.
However, despite this mindset, there are a number of benefits to getting a home survey that make this additional cost and step in the process highly worth it; why wouldn’t you want to take preventative measures to avoid remedial ones?
We’ve listed the key reasons why it’s in your best interest to arrange a survey for the property you’re looking to buy.
Avoid Potential Costs Later Down the Line
One of the key reasons why many new (and established) homeowners choose not to arrange a survey is because they don’t want to pay this additional cost. Depending on the value of your chosen property, a condition report could cost you anywhere between £300-£900, while a homebuyer report could cost between £400-£1,000 and a full house survey even more at £600-£1,500.
Whilst it’s understandable to want to avoid this additional expense, especially considering that surveys are optional, it may actually work out as financially beneficial to have a survey carried out.
By arranging a survey, you will be able to determine what and how many repairs or maintenance work will be required from a property, the costs of which you can then work out if they aren’t already listed (depending on the level of survey you opt for). This information allows you to determine how feasible it would be for you to pay these costs later on down the road, which may even impact your buying decision.
It’s helpful to consider the following: if you can’t justify/afford the cost of a survey, would you be able to afford any surprise repairs?
Negotiate the Property Price
Leading on from the previous point, surveys can also save you money as they put you in a better position to negotiate on the price of the property. If repairs are required, you have the option to either ask the seller to address these issues and carry out repairs before you move in, or reduce the property price to reflect the amount these repairs will cost.
Either solution works out as being more cost-effective for you, saving you from having to pay the initial offer price for the property and cover repairs costs on top of that.
Surveyors Take an Impartial, Objective Look at a Property
By instructing your own surveyor, you can rest assured that you will receive an objective report that doesn’t skimp on any details. They won’t downplay any issues and will ensure that they look at all aspects of the property relative to the survey level you pay for.
This helps you to make an informed decision that hasn’t been impacted by bias, for example persuasion from the estate agent selling the property on behalf of the current owner. Buying a home is a huge investment to make, and whilst it may feel like you lose money if you pay for a survey only to not go through with buying the property, in hindsight this is far better than spending such a large expense then losing more money on top of said expense due to repairs.
What Does a Full House Survey Include?
If you opt for an extensive building inspection, also known as a Level 3 survey, then you can expect your surveyor to do the following:
● Record details of construction materials used throughout the building
● Assess the ceilings, walls, floors, fireplaces, staircases, woodwork and bathroom fittings
● Assess the roof, chimney, guttering, exterior walls, windows and doors
● Identify and advise on any defects or repairs that need to be addressed
● Estimate costs of any repairs and maintenance
● Test for damp and wood damage
● Recommend follow up inspections
● Check services, including water, heating, electricity, gas, drainage
● Check the energy efficiency rating of the property
● Make a valuation (this may be included as an additional service)
All of this information will be written up in a report, which will feature room-by-room descriptions and a detailed analysis of the building’s condition, along with any photographs as supportive evidence to document this information.
Arrange Your Property Inspection Today
Here at Simon Levy Associates, we want to help you avoid costly repairs right after you’ve bought your property. Our team of expert structural surveyors are here to help carry out a full survey before you commit to anything.
Operating in Borehamwood, Barnet and Watford, we are here to fully appraise your situation and help inform you to the best of our ability before your purchase. With over 30 years of experience, you can count on our services.
For more information regarding our
professional services or to request a quote, then don’t hesitate to
get in touch with us today.
