For most people, buying a property will be one of the most expensive things they’ll ever do. When considering taking the plunge on a new place, it helps to know exactly what you are paying for, and the best way to do this is with a property survey.
While your mortgage provider will arrange a valuation survey this is only for the purposes of arranging the loan, so it is recommended you have a survey carried out to identify any potential structural problems as well. It’s not a legal requirement, but it is sensible – after all, you wouldn’t buy a house if you knew it was infested with termites, would you? Unless you’re an aardvark.
There are three main types of survey:
- A Condition Report is the most basic kind. It will give you a ‘traffic light’ record of the property’s current condition and the state of its services (such as power and water), as well as flagging up any risks and their severity. This type of survey is recommended for new builds and properties in a general good condition, and usually prices start at around £250.
- A Home Buyer Report is recommended for properties in reasonable condition. These surveys go into greater detail on what is immediately visible to reveal any structural problems, as well as any damp or subsidence present. This will provide you with a valuation of the property, a summary of its problems, an insurance cost for rebuilding it, and advice on necessary repairs. The extra detail this type of survey provides, can be useful for allaying any nagging doubts you might have about a property’s soundness. The cost of a home buyers reports start at around £350-£400.
- For older, larger or in need of repair homes a Structural Survey (also known as a Building Survey) is generally recommended. This is the most comprehensive survey – taking a few days to carry out, and prices start at around £750. However, for the time and cost, you will get an extensive report on the building, highlighting any potential problems. While it doesn’t include a valuation or go as far as looking behind walls or under floorboards, it should include a list of any potential problems the surveyor has identified in these areas.
Besides the three main types of surveys listed above, there is also the Snagging Survey. This is an independent inspection carried out on new build properties to provide the developer with a detailed list of all issues identified needing fixing prior to moving-in. Snagging Surveys typically cost around £300, but as with all surveys the price will depend on the size of the property.
Do I really need a survey?
As a buyer there is no legal obligation to have a survey carried out. The idea of skipping a property survey and save some money might be tempting, but it could end up costing you more in the long run.
If you are buying a property that is over 10 years old, a structural survey is recommended as it will detail any issues with the building. This means that you can ask the seller to fix the issues before you proceed with the property purchase, or you can submit a lower offer to compensate for the money you will be spending fixing the existing property issues. Forego the property survey and you could discover some unpleasantly expensive surprises later down the line.
On the other hand, if you are buying a new build property, you shouldn’t need a full structural survey. Instead, you can just carry out a snagging survey to check minor issues – including poor workmanship. Then you can use this report to request the developer for further work on fixing the issues.
Whatever type of property survey you decide to carry out or recommended for your new property, the peace of mind it provides you in knowing that you have done all you could to responsibly purchase your home, will surely outweigh the relatively low cost of having it carried out in the first place – even for an aardvark.