Do I need a house survey?
If you have seen a property that you would like to buy, visited it a few times and have had an offer accepted you may now be wondering ‘Do I need a house survey?’ before you actually purchase the property. Moving house is an expensive business and having a survey done may look like just one more expense, maybe an expense you can do without?
Read on to learn about the 4 main reasons you need to have the survey done.
A house is a huge investment
Firstly, the mortgage valuation you receive from your mortgage lender is not a survey. This is a cursory look at the property to assess its worth. Some of these valuations are ‘desktop’ valuations meaning that the property and local house prices have been researched on the internet and nobody has physically seen the property. These valuations are not for you, they are for the lender to ensure that the property is sufficient security for the loan. Buying a house is the most expensive purchase we ever make in our lives and investing a relatively small amount to make sure that you are making a good choice makes sense. You do not want to discover a whole raft of expensive and time-consuming repairs after you have moved in, this can be emotionally as well as financially draining. Having a survey done by a registered Chartered Surveyor will identify any problems before you complete, allowing you to make a much more informed decision about whether you wish to proceed or not. And, if the survey comes back with no major issues identified, then you will have the reassurance and peace of mind that you’re making a sound investment.
It’s for you
The survey is independent and is done for you. As mentioned, the mortgage valuation is done for your lender, but the survey is performed for you and is completely independent. A survey, carried out by a Chartered Surveyor, is a detailed inspection of a property’s condition. The surveyor will inspect the property and advise you if there are any structural problems, such as subsidence, or if there are any major repairs or alterations needed such as roof or chimney repairs, or issues with damp. They will also provide a commentary on the property such as the method of building and the types of glazing that has been used. The surveyor will also inspect any permanent outdoor structures such as garages or outbuildings. Surveys should be carried out by qualified surveyors who are members of the Royal Institute of Chartered Surveyors (RICS). The report is comprehensive and follows a traffic light system to illustrate the urgency of the issues identified.
Avoid expensive surprises
Having the survey done could save you thousands of pounds if there are urgent reports that need to be done. The survey will let you know the defects along with information about how serious the problems are, as well as giving you an idea of how much the repairs are likely to cost. A Chartered Surveyor will also advise you on the ongoing levels of maintenance that may be required on the property. This means that are not going to presented with a list of nasty surprises when you move in.
Renegotiate your offer
If the survey has highlighted that there are structural issues with the property you wish you buy, or other expensive repairs that need to be made on the property, you can use this information to renegotiate your offer with the vendor. You could also use the information contained in the report to ask for these repairs to carried out before you exchange contracts. Having this expert, independent information will allow you to renegotiate from an informed position and give you the confidence to do so. Getting an independent survey done is the responsibility of the buyer and the benefits of having it done are clear. If you would like further information about the range of surveys we offer, or advice about what survey you need, please do get in touch, we’d be happy to help. You can send us a message here.