How a property survey can help you renegotiate the house purchase price

Buying a home can be a mixture of pleasure, excitement and stress, not the least because it is such an expensive undertaking and you will want to ensure that you don't pay over the odds for the home - or, come to that, the services that come with the whole homebuying process.

Some of the costs are unavoidable - somehow, you'll have to get your belongings to the property once you take possession of the keys, you'll need to pay any residual bills on the utilities at the home you are leaving, and the legal costs for the transaction will need to be funded, too.

But there are other costs which are optional but are still part and parcel of the moving process.

One of those items that often gets ignored is the home survey.

It's not a legal requirement to take out a property survey in England and Wales, but the experts from all parts of the transaction - estate agents, conveyancing solicitors, and so on - would strongly recommend that you do take one out.

The problem with a lot of homes, which are not obviously projects that need a lot of work to bring it up to your specifications, is that that they don't necessarily present as being problematic within their structural stability and overall condition. It is for this reason - and the perceived 'unnecessary' cost - that house surveys are dropped from the itinerary for many homebuyers.

The hidden costs of skipping a survey

Published surveys over the past few years indicate that:

• Around 25% of people buying a home don't bother with a survey
• Over 40% of surveys find problems with the property
• One in three people who took a survey saved money

sources: Directlinegroup, Todaysconveyancer

The fact is that commissioning a chartered surveyor to carry out a property survey will not only alert you to any potential issues or defects but can also give you a platform to potentially negotiate the house price where a serious problem is uncovered.

The homebuyer survey is a kind of insurance for your peace of mind, so that you know what risks you might be undertaking by buying the property. That applies to all types of property of any age, whether it's a Victorian terraced property or a new-build detached house. Not all serious problems will be obvious to the untrained eye and their identification needs experience and qualified input.

There are two main types of survey, which will provide the information you require:

RICS Level 2 Survey (HomeBuyer Report)

The Level 2 Homebuyers Survey is suitable for most conventional properties in reasonable condition.

RICS Level 3 Survey (Building Survey)

The more detailed RICS Level 3 Survey is more suitable for older properties or those constructed from unusual materials or techniques.

Whichever house survey you choose, the results can help you make the right decision on whether the purchase is right for you. While it may also reveal no issues, you can then rest easy knowing it was money well spent to have that peace of mind in the whirlwind that is moving home.

Your options when problems are found

Where any significant problems are exposed, you have several options:

• Renegotiate the selling price based on repair costs
• Persuade the seller to make the repairs before completing the purchase
• Walk away from the sale altogether if you don't want to take the property on because of its condition

When looking for a property survey, it's important to choose qualified professionals who understand local property conditions and potential issues.

For expert guidance on your survey needs, contact or use our online quote system to compare options and get started with your property assessment.