As a home mover or first-time buyer, you’re likely to be feeling both excited and a bit daunted by the process of buying your new property. But one step that should never be overlooked is organising a survey – it will pay dividends further down the line if any issues are flagged up before you commit to going ahead with your purchase. The question is though –should you arrange a survey and what type of survey do you choose? In this article we’ll explore some of the options available so that you can make an educated decision about which route to go down when seeking assurance on your purchase.
What is a Survey and Should I Arrange One?
When purchasing a property, assessing its condition is crucial. Investing in a comprehensive survey is advisable for any property, but it's especially important if you are considering an older home, one that has had significant renovations, or if you plan to undertake major renovations you
Is a survey necessary for a New Build property?
You might feel a survey isn't necessary when buying a new build property. New builds come with a warranty, (for example NHBC, offering up to 10 years of protection. However, initial issues depend on the builder's willingness and skill to fix problems in the first two years. A professional report can highlight areas needing improvement before completion, ensuring issues are resolved efficiently before ownership is handed over.
A surveyor from RICS (Royal Institution of Chartered Surveyors) can provide this evaluation. Surveys vary in detail depending on location. In England, Wales, or Northern Ireland, they are mainly for buyers. In Scotland, sellers must obtain a Scottish Home Report before selling. From basic surveys to detailed inspections, you can choose based on your needs.
I want to arrange a survey, what are the options?
So you're already thinking about arranging a survey - lets dive into a quick summary of the option available to you.
Mortgage Valuation:
When you are taking out a mortgage, your lender will carry out an assessment of the property to make sure it is worth what you are paying, known as their Valuation. This evaluation can range from simply driving past the house all the way up to an in-depth inspection by a specialist valuer. Ultimately its sole purpose is to determine whether or not the property merits granting you a mortgage. Most lenders no longer charge for their basic valuation but do check to see if your lender is charging a fee for this.
It is important to note that the lender's valuation IS NOT a survey. For peace of mind, you may want a more detailed survey. While upgrading to a survey with your lender might be cheaper, it's generally better to seek an independent survey for more provider options and to minimise your immediate costs. Getting lender approval with minimal outlay is sensible, then organise a separate survey to meet your needs after your mortgage offer is approved.
Homebuyer Report:
For the vast majority of properties, a HomeBuyer Report (Level 2 Survey) is an invaluable way to gain insights into any potential issues before you commit to purchasing a property.
A HomeBuyer Report is the ideal survey if you are looking to gain a better understanding of what your proposed new home has in store. It examines both visible and concealed areas, revealing issues that may affect its value or require further investigation. Not only this, but it provides you with invaluable information on problems such as dampness and subsidence – allowing you to make an informed decision early on in the process.
A Homebuyer Report will be a cost-effective option for assessing the condition of your proposed new home, typically ranging from £500 to £800. The value, location and size of the property will influence the overall cost.
Building Survey:
If you’re looking to purchase a property with an interesting history or perhaps one that has undergone significant changes, then it is wise to invest in a Building Survey. This Level 3 survey will provide detailed insight into any issues the building may have and offer cost estimates for possible repairs – letting you make informed decisions about your new home.
A Building Survey is likely to cost between £800 to £1,500 due to more time spent by surveyors assessing the property. The value, location and size of the property also has a bearing on the overall cost.
Now you are armed with the variety of survey options available, it is essential to conduct your research and find out which one works best for you. Doing so can help you make an informed decision that fits within the parameters of what you are looking for. Whichever option you decide, it goes without saying that if you are thinking you should arrange a survey, it is advisable to shop around to establish what is most suitable to meet your needs before signing on the dotted line!
Are you searching for your first home? Or maybe thinking of moving?? Check out our Learning Centre for more answers to some of your questions. If you are ready to get started then contact us now.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Published by Beechwood Mortgages Ref: 219335 with review and approval from Stonebridge Mortgage Solutions Limited who is authorised and regulated by the Financial Conduct Authority Ref: 454811.
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