CHOOSING THE RIGHT SURVEY WHEN BUYING
When you are buying a property, getting a home survey is a crucial step.
This guide will help you understand the essentials of home surveys, enabling you to make informed decisions during your property purchase. Although a house survey is not mandatory, we highly recommend it, as it could save you money in the long term.
A HomeOwners Alliance study reported that one in three buyers saved money after completing a survey and 9% were able to get sellers to fix issues raised in the survey before completing the purchase.
Home surveys explained
A home survey is a detailed inspection of a property carried out by a qualified surveyor.
Home surveys come in different types, such as the Home Survey Level 2 (formerly HomeBuyer Report) and Home Survey Level 3 (previously Building Survey). While the level of detail varies, these reports typically include:
- A description of the property's construction and condition on the inspection date
- Identification of urgent or serious problems
- Highlight of areas requiring further investigation
- Information on potentially dangerous issues
- Disclosure of potential defects before the transaction
These reports offer valuable insights into the property's condition, highlighting potential issues that could affect your purchase decision or require future investment. It is an essential tool that can help you avoid unexpected repair costs and understand the true value of your potential new property.
The difference between a house survey and a mortgage valuation?
A mortgage lender's valuation report is not the same as a property survey. While the valuation report is for the lender's benefit, a RICS survey provides you, the buyer, with crucial information about the property's condition.
Timing your home survey
We recommend completing the survey before exchanging the contracts and after the mortgage valuation. Leave yourself enough time to review and discuss the survey results.
Once requested, it will take a few days to receive the survey results. In some cases, it may take up to five to ten days.
Choosing the right survey
The main distinction lies in the depth of detail. For example, a Level 3 survey provides more comprehensive information, including:
- An analysis of the property's construction and materials, including future performance predictions
- Identification of visible defects and potential hidden problems
- Outline of repair options with timelines and consequences of inaction
- Specific comments on energy efficiency
House surveys in Scotland
As the buying process in Scotland is different, a home survey is not required. The sellers will produce and give a potential buyer a Home Report, which is prepared by an independent member of RICS and consists of:
- A single survey
- An energy report
- A property questionnaire
How much does a home survey cost?
Survey costs vary based on factors such as purchase price, property age, size, and complexity. For this reason, we recommend requesting an instant quote.
Key takeaways
If you are buying a property, getting a home survey is a great choice. It provides you with a better understanding of the property you are buying and may even help you renegotiate some aspects with the seller. If you need a survey and want to find out more, discover what surveys you can choose from and talk to us today.
