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4 Important Reasons Why Home Buyers Should Get a Survey

Here are four of the most important reasons why getting a survey should be high on your priority list when buying a home.

1. A mortgage provider’s valuation is not for your benefit
Many people don’t realise that when their mortgage provider says they are going to do a ‘valuation’ of the property, they mean get a price of the property for their lending purposes and not an ‘Evaluation’ which would be an assessment or analysis of the condition of the property.

A lender’s valuation on the property you’re looking to buy is purely for them to check that the money they are lending you (against the property in the form of a mortgage), is not too high. They must be sure it’s the right type of property – and at the right price.

The valuation is often only 2 to 3 pages in length; it will confirm the value of the property and will include prices of similar properties sold in the area. It will also tell the lender if there are any significant defects that could affect the property’s value to ensure it’s a good decision for them to lend you the money.

However, it’s not a detailed survey and won’t tell you what repairs or maintenance you might need to carry out. If no repairs are needed you have peace of mind the house is fine, and you won’t be stung with a huge repairs bill when you move in. But if any repairs are needed you can ask the vendor to fix them before you complete the purchase or alternatively you could negotiate on the price to cover getting these repairs done yourself when you move in. Get an instant on-screen quote now

2. Buyers who did not get a survey, faced £5,750 on average in repair costs
Surveys highlight any defects that may not be immediately obvious when viewing a property. There could be hidden defects such as structural damage, wet or dry rot, and problems with the roof. These sorts of problems often get worse over time and could be expensive problems to fix after you have moved in.
According to the Royal Institution of Chartered Surveyors (RICS), buyers who didn’t get a survey faced on average £5750 worth of repairs when they moved in and 17% of these ended up paying more than £12,000 on average to make their homes habitable. Don’t risk it! Get an instant on-screen quote now

3. Surveys can help you to renegotiate the price of the property
If the survey report shows that there are defects that require expensive repairs, it doesn’t necessarily mean you shouldn’t purchase the property. You can point them out to the sellers and negotiate on the asking price to reflect you’re having to get these repairs done yourself. By decreasing the purchase price, you will have the money to do the repairs by someone that you choose. Alternatively, you could ask the sellers to fix the issue before you complete the purchase and provide certificates/ warranties where possible.

4. You’re making one of the most expensive purchases of your life
Choosing a place to buy is one of the most expensive decisions you will ever make – so investing in the wrong house just isn’t worth it. A survey often costs less than 1% of the full price of a property and for this small cost, you can have peace of mind to find out if the place you’ve chosen is worth investing in. Getting a HomeBuyer Report (Level 2) or a Building Survey (Level 3) will identify any repairs that may be essential and could potentially save you much larger sums of money in the future.

…and finally, don’t forget to ensure you choose an RICS-regulated surveyor
Getting a survey from an RICS-regulated firm means that you will get independent, expert advice on the property you wish to purchase. Surveyors who are members of the Royal Institution of Chartered Surveyors (RICS) must follow stringent codes of conduct and ensure high standards are maintained in the public interest. An independent RICS surveyor will help you to have all the facts about your home of choice. They will work solely for you (rather than on the lenders’ behalf). It is their job to uncover any visible defects that would cost you money in the future.

Our RICS surveyors provide:
• Detailed reports often 50+ pages covering a detailed visual inspection of the property
• We always include photographs where appropriate.
• We have a dedicated customer queries team to who you can speak to discuss any key points that emerged in the report.
• We will endeavour to answer your questions directly or liaise with the surveyor for more detailed information if needed – this gives you a dedicated resource for your peace of mind.

A survey is a small investment that can involve huge benefits – when you’re making one of the biggest purchases of your life, choosing not to get a survey just isn’t worth the risk.
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Or call our friendly team today on 0330 053 5823 to book your survey or to ask any questions about which survey would be best. (0330 numbers cost the same as local calls starting 01 or 02).

UK Wide Chartered Surveyors
UK Wide Chartered Surveyors
Cosey Homes offer the full range RICS home surveys from Level 1 - 3 with national coverage provided by our experienced local property surveying team.
DISCLAIMER: This article is for general information only and not intended as advice. Each property has its own set of unique circumstances, all potential issues should be investigated by a surveyor on a case by case basis before making any decision.