The last thing you want is to discover a serious fault with the property you just bought. The best way to protect against this is by carrying out a home survey, which can flag up any issues with the home before exchange of contracts.
Let’s take a look at the ins and out of home surveys and why they’re important.
What is a property survey?
A home survey is an assessment carried out by a professional surveyor to assess the condition of a property. This is a vital step for buyers as it will identify any structural issues, defects, or potential problems with the building.
The level of survey you choose will dictate how in-depth the assessment is. They range from basic visual inspections to more in-depth health and safety inspections.
What’s the difference between a survey and a valuation?
A home survey is much different to a mortgage lender’s valuation. Lenders often require valuations to be carried out to ensure that the property is worth the price you are paying for it. But unlike surveys, a valuation does not assess the property’s structure in great detail.
Related: The importance of a precise valuation
What is the purpose of a survey?
A survey provides a safety-net for the buyer as properties can have all kinds of short-term and ongoing issues which might not be apparent to the untrained eye. Without a survey, you can’t be sure that the home you’re buying is completely safe to live in and won’t require any costly repairs.
Different types of home surveys
Home surveys come in a variety of forms, each with a different level of detail. The age and condition of the property you are buying will determine the type you need.
RICS Level 1 Home Survey (Condition Report)
Level 1 surveys are the most basic kind you can have carried out. They are intended for conventional properties in relatively good condition and they use a traffic light system to assess various sections of the property to uncover any potential risks.
Arguably the most popular choice is the mid-level survey. These provide a balanced assessment and are typically used for properties in a reasonable condition.
Mid-level surveys encompass every detail found in a Level 1 survey, along with an inspection of the cellar and roof space. It also investigates issues like subsidence and damp and flags up anything that does not adhere to current building regulations. The surveyor will then provide you with advice on how to budget for any minor repairs that are necessary.
RICS Level 3 Home Survey (Building Survey)
Level 3 is the most thorough type of survey you can have carried out. It offers a comprehensive assessment of both the property’s structure and condition.
The surveyor will conduct thorough checks, and unlike the other levels, they can check behind cupboards, under furniture, and beneath floorboards. The surveyor will not only recommend necessary repairs, but they will also provide an estimated timeframe and costs for any work they have recommended.
Related: Moving home? Here’s how to plan your finances
New-build snagging surveys
Most new builds will not require a RICS home survey. But if you wish to have a surveyor check the property, you can opt for a snagging survey. This will focus on cosmetic issues rather than structural problems.
Are home surveys a legal requirement?
No, it is not a legal requirement to have a survey carried out on the home you’re buying. However, doing so could save you a great deal of time and money if your survey uncovers an issue with the property.
If problems are flagged up in the survey, you can request to have them rectified by the seller. Or, you could try to negotiate the price of the home to cover the cost of any repairs. Surveys can save you from buying a home with serious and costly issues while also giving you the peace of mind that you’re informed of the home’s overall condition.
