If you haven’t already ordered a survey on the property, you might want to consider getting one at this stage. Surveys are inspections of a property’s condition, and you’re responsible for organising them.
Do I really need a home survey?
It’s completely up to you! While home surveys aren’t a legal requirement, they can definitely be a sensible long-term investment. Not only can surveys give you valuable peace of mind, they can also save you money by highlighting issues you’d have to pay to repair if you noticed them after moving in. Sometimes, you can even negotiate the property price with the seller based on the survey findings.
What’s the difference between a valuation and a home survey?
We briefly covered property valuations in Step 5 – Secure a mortgage, as one of the checks a lender will carry out before offering you a mortgage. However, a valuation is not a detailed review of a property’s condition and in most cases, you’ll never even see the valuation report. A survey is for your benefit – the findings will tell you more about the condition of the property and any defects, so you can decide whether to proceed.
Where to find a surveyor
If you decide to have a survey, it’s your responsibility as the buyer to arrange one (unless you’re buying a home in Scotland, where the seller is responsible). The important thing is to ensure that your home survey is carried out by a qualified surveyor registered with a membership body such as RICS (the Royal Institute of Chartered Surveyors). Your estate agent or solicitor might recommend a surveyor, but you can also find your own by researching online and comparing quotes from local firms. 🔍
Which type of home survey should I have?
Not all surveys are created equal! Depending on the type you choose, the cost and level of detail can vary. There are three main types of RICS survey, shown below.
Do I need a survey on a new build property?
It’s hard to imagine why you’d need a survey on a brand new home, but it’s not out of the question! Snagging surveys are designed to identify issues with new build homes and typically cost between £300 and £600. They can spot minor issues, such as badly fitted doors, to major construction problems that could impact your ability to sell the property in the future. Most new build properties come with a 10-year guarantee that any structural issues will be fixed within that time, but it’s worth checking and weighing up whether you want to have a snagging survey too.
If you choose to have a snagging survey, it’s best to have one as soon as building work has finished, but before completion. This means any defects can be fixed before you move in. 🏠
🟠 Time for a check in!
- You’ve ordered any surveys you want, and are happy with the results
- Any minor or major defects are fixed or flagged
Moneybox Mortgage Advice is provided by Moneybox Mortgages Ltd.
Your home may be repossessed if you do not keep up repayments on your mortgage.