An important step when buying a house is to arrange a survey to be carried out. A survey is a professional inspection of the property to assess its condition and identify any issues you should be aware of before purchasing. It’s most common to instruct your chosen surveyor to visit the property after your offer has been accepted but before the exchange of contracts, because at this point you are not legally bound to purchasing and you still have time to renegotiate your offer if problems are found. In this guide, we’ll explain why you should have a survey done, what the different types of survey are, and how to choose the right surveyor.
Why Do I Need a Survey When Buying a House?
When buying a house you shouldn’t assume that it’s in perfect condition, as this is rarely the case. If you don’t get a survey done you may be hit with unexpected and costly repairs down the line, so it’s important you’re aware of any issues before you commit. With this knowledge, you can then go back to the seller and ask them to fix the issues before you move in or renegotiate the asking price based on what your surveyor thinks the repairs will cost. For example, if a damp problem is found and your surveyor says it will cost around £5,000 to fix, you can show your seller the report and offer £5,000 less than the asking price to cover the repair costs.
Which Type of Survey Should I Choose When Buying a House?
There are three main types of survey each offering different levels of inspection, with the most comprehensive type generally being the most expensive. You only need to choose one, but which one you choose should depend on the condition of the property rather than the price of the survey – having the appropriate survey carried out could save you many thousands of pounds down the line.
RICS Condition Report
This is a basic survey that’s suitable for a modern property in good condition. It will provide an overview of the property’s condition, including any legal issues, safety risks, or significant defects. It’s very much an overview rather than a detailed report, and no advice or valuation is provided.
RICS HomeBuyer Report
This is the most common type of survey and is suitable for a standard property in reasonable condition. This provides a more comprehensive inspection than a Condition Report and includes advice on any repairs or maintenance. It’s especially useful for identifying major issues such as damp or subsidence and highlighting relevant building regulations. It’s a non-intrusive survey, meaning your surveyor won’t move furniture, look under floorboards, or behind walls. The report may include a valuation, which you can potentially use (along with other information in the report) to renegotiate your offer.
RICS Building Survey (Full Structural Survey)
This is the most comprehensive survey and is suitable for properties built more than 50 years ago or those in poor condition. It provides a thorough analysis of the property’s structure and condition, along with advice on repairs and maintenance. The surveyor will look in the attic, under floorboards, and behind walls and furniture. They may also include projected costs for any repairs needed.
New-build Snagging Survey
This survey is suitable for new-builds only. It identifies any structural or cosmetic defects, providing a report that can be given to your developer who should then sort the issues for free before you move in or as soon as possible after completion.
How Do I Find The Right Surveyor?
Surveyors can be sole traders or large companies. When choosing a surveyor be sure to check they are registered with a governing body such as the Royal Institution of Chartered Surveyors (RICS) or the Residential Property Surveyors Association (RPSA).
Your mortgage broker, estate agent, or solicitor, may be able to refer you to a trusted surveyor. Alternatively, you can ask friends and family or check on comparison websites.
The Bottom Line
When buying your first home, arranging a survey can be an unexpected expense, but its importance shouldn’t be overlooked. Without one, you could end up having to pay considerable repair costs down the line – electrical issues, damp problems, leaks, subsidence or other structural defects can cost many thousands of pounds to fix, so the relatively small cost of a survey is well worth it. If there aren’t any major issues, a survey will give you peace of mind that you are making a good purchase decision. If there are issues, you can use the report to arrange for repairs to be done as a condition of the purchase or renegotiate your offer to account for the cost of the work needed. For most standard homes that aren’t new-builds, it’s recommended you choose a HomeBuyers Report at a minimum.
Our friendly mortgage advisors will be able to answer any questions you may have about house surveys during your free consultation. We’re whole of market mortgage advisors with over 30 years’ experience. Aside from finding a mortgage that suits your needs perfectly, we’ll also guide you through the house buying process and liaise with your lender, estate agent and solicitors to ensure everything runs smoothly.
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