Do I Need a Survey When Buying a Property and What Type of Survey Do I Need?
Whether you’re a first-time buyer or your upcoming purchase is one of many property investments you’ve made throughout your life, investing in a quality property survey is a crucial aspect of buying a building. The professional services of a chartered surveyor are incredibly valuable for home buyers; they offer expert advice and flag up faults and defects with the property, making sure that you as a buyer can guarantee you’re making a good investment.
However, there are various different types of property survey available and it can be confusing trying to work out which type of survey is best for the property you intend to buy. Below, we explain what surveys are on offer and in which circumstances they’re relevant.
This survey fulfils the most basic requirements of a home survey, and all home buyers should invest in a Condition Report as the minimum. It won’t go into lots of detail, but it will outline obvious, minor faults or defects with the property using a ‘traffic light’ system.
With a Condition Report, you won’t be made aware of how to repair the faults discovered, but it will give you a good idea of where to start. A property is either marked as green, orange or red, depending on the condition of the building and how much remedial work is required.
A Condition Report is ideal for newbuild properties or homes which have been built recently to standard building regulations; hopefully, repairs won’t be necessary!
A Homebuyers Report outlines any issues with a property that are fairly major but are clear to see, for example, rot, damp or subsidence. The surveyor carrying out the report won’t look behind furniture, lift up floorboards or drill holes, meaning it’s non-intrusive. There may still be hidden issues, however, if the property is of standard construction, this is probably not the case.
Following a Homebuyers Report, you can make a decision as to whether you’d still like to go ahead with the purchase and make the necessary repairs. Whilst no one wants their Homebuyers Report to come back with lots of red flags, it does give you leeway to negotiate the asking price.
A Home Condition Survey enables you as a buyer to find out more about the property you intend to purchase, for example, learn about the broadband speed, damp assessment and any boundary issues. This is an extremely valuable service if you wish to renovate or carry out work on the new property once you’ve moved in.
This type of survey isn’t offered by RICS specialists but carried out by representatives from the (Residential Property Surveyors Association) RPSA. The reports are independently checked and produced in a consistent and reader-friendly format.
A Building Survey or Structural Survey is an extensive report which includes lots more detail about the property in question. A Building Survey is ideal for period properties, or those which haven’t been built to normal construction standards. Equally, if you wish to carry out a lot of renovation work on your new home, you will need to invest in a Building Survey.
Unlike a Homebuyers Report, a structural surveyor will take time to go into the attic, look behind the walls, as well as go underneath the floorboards and above ceilings. They’ll also give details about the necessary repairs, including how much they’ll cost and how long they’ll take.
Here at Simon Levy, we offer a range of property surveying services, including full Building Surveys . We want to ensure that our clients are making a worthwhile purchase, whilst also getting an idea of how much transforming your new house into your dream home is going to cost. For a wide range of professional services offered by a team of qualified chartered surveyors, get in touch with us today.
