For most of us buying a property is the largest investment we will ever make. And yet many of us spend only a short time in the property before deciding to make this investment. Which is why a property survey is so important.
Is a property survey a requirement?
While it is not a legal requirement to get a property surveyed before you buy in England and Wales it is highly recommended. There are many benefits to having a house surveyed as a part of your house buying process. These are the top six reasons why you need a property survey.
1. Decide if you need extra advice before proceeding
It can be quite easy to get emotionally attached to a property, to picture ourselves moving in and living there. Even if a house survey doesn’t identify anything significant or costly it still offers an opportunity to take stock and think dispassionately about the property.
You may identify something which has nothing to do with the structural viability of the property but could still cause problems with the move. These issues should then be discussed with the surveyor. This in turn could lead to negotiation with the estate agent regarding a price reduction, or become enquiries for the buyers solicitors to pass on to the sellers legal team.
2. Save on future repair bills
Buyers who do not get a property survey as part of the moving process are far more likely to need to pay out on repairs to their new home after moving in. According to RICS, the Royal Institution of Chartered Surveyors, the average repair bill for buyers who didn’t have a survey carried out is £5,750, with a staggering 17% paying more than £12,000. Based on the age of the RICS research these figures are likely to be much higher – well worth the investment in a property survey.
3. Plan for the impact of any required work
If the house survey finds something significant in a property it is possible for to try and renegotiate the purchase price down through the estate agent, based on expected costs of the required work. This will, of course, leave you with the funds required for the repair work.
Having these results in advance of moving will also allow you to make plans and potentially employ a contractor prior to moving in, ready to complete the work in a timely manner. This is whether or not the vendor reduces the price.
4. Surveyors are impartial and objective
Your surveyor is not buying your prospective home. They will not overlook potential issues because of an emotional attachment. You may have spent half an hour looking around the property, they will likely spend longer while looking at specific things. Surveyors are more likely to spend time in places you may not have even seen, for example the loft or cellar. They are, of course, specially trained to investigate a property for faults.
5. Surveyors have local, inside knowledge
The surveyor who provides your home survey is likely to know the local area well. They are also very likely to have already surveyed properties like the one you are having surveyed in the location, if not the same property. Surveyors know exactly what to look for and will be better prepared to identify any specific issues.
6. A valuation report is not a property survey
While a property survey will look at key areas and potential issues with a flat or house a valuation report is solely for the mortgage lender as confirmation of the value of the property they are lending against. A valuation report does not take as long as a property survey, nor is it as detailed.
In fact, quite often no one even visits the property when compiling a valuation report. Instead, it can be put together using recent sale prices of similar properties.
Buying a home can be a stressful experience and while arranging for a house survey may not immediately ease that stress, having one will almost certainly reduce future stress caused by not having one.
Comments