Apr 13, 2021
5 min read
Buying a home is a significant investment – probably the biggest one you’ll ever make – so it’s vital to know exactly what you’re spending your hard-earned cash on. House surveys can help identify problems with the property that you might encounter. More importantly, they give you an option to rethink your offer and entire purchase of the property. To learn more about the different types of surveys when buying a house and more, read on.
In a nutshell, a house survey is a process of assessing a property. There are various surveys when buying a house, including:
If you’re taking out a mortgage, then a dedicated mortgage valuation is a necessary step. Lenders will arrange one even if you have already arranged one yourself. You can then schedule further surveys separately, although these are not mandatory. Surveys are carried out only after you have a successful offer.
Scheduling a survey for your prospective property is something we highly recommend. Although not mandatory, some properties will warrant surveys more than others, including:
A survey can give buyers peace of mind by uncovering any nasty surprises that could be costly or dangerous. For example, a home built in 1930 may look like it’s in good condition, but if it hasn’t been rewired since it was built, it could be dangerous and require an extensive update.
A property survey will uncover any issues, and the buyer will have a chance to negotiate with the seller. It is reasonable to ask for a reduction to cover any work your survey has brought to light.
The buyer will be responsible for arranging the survey as soon as their offer has been accepted. Therefore, it’s a good idea to do some research into local chartered property surveyors when you begin your property search in order to save time. You can find qualified surveyors via the Royal Institution of Chartered Surveyors (RICS), the Residential Property Surveyors Association (RPSA) or Sava, depending on which survey you choose (more on that below).
A house survey cost is not set in stone, so there will be variation. How much a house survey costs will largely depend on the type of survey you order, the surveyor you use and the stated value of the property. Generally, the surveys will cost less for properties priced under £250,000 than for a house over £500,000.
The house surveyor has a legal obligation to discover and inform the buyer of any potential problems with a property. What a surveyor will look for during a house survey will depend on the survey you request. House surveyors will firstly look for any glaring issues that could be costly or dangerous, covering:
The most comprehensive survey (a building survey) will:
In most cases, ordering a house survey is a smart financial decision when home buying. Failing to find out the property’s underlying issues can be a costly mistake. Ready to find your next property? With Boomin, you can learn about properties days before they appear anywhere else online and then book a viewing instantly, 24/7. It’s your home search made smarter.