Surveyors

Although it’s recommended by property experts, solicitors and mortgage companies, only around 40% of home buyers decide to get a private survey. This can be a costly mistake as you potentially face unexpected repair costs for defects that you weren’t aware of.

A survey costs a fraction of the price of a property and for this this small initial cost, you will be able to confirm if the property is worth investing in, protecting the future of your investment.

Looking After Your Biggest Investment

Buying a property is the biggest purchase most of us will ever make. Making sure there are no hidden surprises by instructing a survey can potentially save you thousands of pounds should the property you are buying have any defects.

Having a survey carried out will highlight any potential problems with a property and advise you of specific risks before you commit to buying. If the survey does reveal any problems, it puts you in a position to ask the seller to fix them, or gives you the chance to renegotiate the price, before you proceed with the purchase. In other words, a survey is like a health check on your future home.

If the survey report does highlight defects that require costly repairs, it doesn’t mean you have to immediately look for another property because you can use the issues in the report to your advantage to save money.

If you are using a mortgage to buy your property, the lender will normally have a valuation carried out and many people wrongly mistake this for a survey.

It’s important to remember that your lender valuation report is not a survey. It simply tells the lender whether the property is suitable security for the loan and confirms that it is sold for the right price.

The mortgage valuation does not look for specific defects and does not give you, the buyer, full information on the condition of the property.

It may not even require the valuer to physically visit the property. The lender may ask for a desktop valuation (also known as a drive-by valuation) or simply use an Automated Valuation Tool (AVT) which uses a computer algorithm to calculate the value based on previous sales.

A RICS qualified surveyor will visit the property and inspect every aspect of the building from the roof to the floor. This includes examining the property inside & out, with a comprehensive report created detailing the condition of each individual element. Where the surveyor comes across restrictions or limitations, these will be highlighted as areas that could not be inspected.

RICS recommend three types of survey. Here’s a quick guide to what each one offers, to help you decide which one to choose:

Level One: Condition Report.
This is only ideally suitable for new homes as it gives a very basic overview of the property.

Level Two: Home Buyer Report.
Suitable for most properties and the most popular survey as it gives a detailed overview of all the building elements.

Level Three: Building Survey.
This is recommended for very old, listed or unusual properties and is the most expensive.