Why property surveys are essential: 7 key considerations for home buyers

Unless they are seasoned home-movers, many people have only a basic understanding of what a survey is designed to achieve.

Some believe that it's not worth spending the money on a survey because the home they have visited before putting in an offer looks in reasonable nick with an opinion that all it needs is a lick of paint here and there.

There are others who might think that a new-build property, because it looks pristine, fresh and shiny-new, there really shouldn't be much wrong with it.

But, whatever the age of a property, whatever its history, a survey will help you to underline the need for your investment to be protected. After all, buying a home is almost certainly going to be the biggest expense you'll experience, so making sure you know what you are undertaking, and appreciate the likely ongoing costs of remedies and maintenance are key to making your decision.

Surveyor Local offers you 7 points to consider when you are wondering whether a survey is important enough to spend money on:

1. A survey can be seen as a way of saving money

A Level 2 Homebuyers Survey or a Level 3 Survey is a detailed assessment of the property's condition, which is performed by one of Surveyor Local's experienced and knowledgeable chartered surveyors. The report will highlight the key problems and concerns identified found during the extensive survey.

Where major problems have been found - for example, evidence of subsidence, a roof that needs replacing, rotting timbers over a cellar, and so on - the report will highlight this as a critical problem to resolve with an idea of any remedial work and its cost.

This information can be used to reopen negotiations with the seller to assist in the cost by them agreeing to pay for some or all of the work to sort the identified problem out. Or you can simply use this as ammunition to walk away from the transaction.

2. Price is important; but it isn't everything!

It's very easy to do a bit of research and find the cheapest price for a survey.

However, this isn't necessarily the right approach and may be a false economy. Keen surveying skills, knowledge and experience do come at a cost and that's what you'll need to ensure you know what you will be taking on should you continue with the purchase.

You should look for a reputable chartered surveyor with all the requisite skills and experience required and ensure that they offer fixed fees for the service.

3. Local surveyors are not necessarily the best

There is something to be said for using trades and firms who know the location and some of the history affecting the property.

However, this shouldn't be the driving force behind your decision.

While local knowledge is a bonus for a chartered surveyor, their reputation and the customer feedback from previous assignments are going to be more important. After all, as far as the survey report is concerned, it's far more important to know the detail of how the home is constructed rather than primarily worrying about where it is built.

4. Avoid referrals

Some estate agents have deals with local surveying firms and, if they refer you to them and you employ their services, the estate agent will receive a referral fee, which means that you'll get stung for a higher bill because that cost will be passed on to you.

Instead, it's worth doing your own research and assessing the reviews from other customers and the average satisfaction rates, as well as understanding some of the feedback comments on what went well, and, more important, what went badly.

5. Choose the right survey for you

There's no one-size-fits-all survey and you'll have to choose what level of surveying you want done.

The main three types of survey that exist are:

• The Property Valuation
• The Homebuyers Report
• The RICS Level 3 Survey

You can find out more about each of them by clicking the links above.

6. Your mortgage lender's valuation survey is insufficient

As part of the process for assessing whether your purchase is worth the financial risk to offer you a mortgage, your lender will require a Property Valuation report. This document gives an experienced assessment of the market price for the property, which may be different from the asking price or the price you've agreed with the seller.

What the lender is looking for is ensuring their investment in you is sound should the situation arise where you default on the mortgage and the enter repossession - essentially, they want to know that they will make their money back in such an event.

The valuation, as the name suggests, does not concern itself with the structure or condition of the property, which means that you'll need to order your own separate survey to find out this information.

7. Relax: it's peace of mind you'll get

Taking all these facts together, you'll know that getting the right survey from an experienced and knowledgeable chartered surveyor, who offers guaranteed fixed fees and a value-for-money service, will give you complete peace of mind about your property purchase.

If you are looking for a detailed structural survey on the home you are planning on buying by an experienced and conscientious chartered surveyor, so that you know what you need to budget for remedial projects and maintenance, then look no further than Surveyor Local.

At Surveyor Local, we only work with chartered surveyors who are members of the Royal Institution of Chartered Surveyors, ensuring the survey you get is always professionally delivered.

They will work hard to identify all kinds of problems, including the impact of prior flooding on the structure of the property.

Get your no-obligation quote today

Call to get your no-obligation survey quote started, or to discuss your concerns with the acquisition of your planned property.

Or you can get a quick quote, using Surveyor Local's easy-to-use quote generator. 

We'll give you an instant quote for the work (with an email copy). We'll do the rest once you confirm your acceptance of the quote.