Having a building survey is an optional, yet essential step when buying a home. But, they can be an additional cost on top of everything else that you’ve likely forked out for already. In this article, our experts take you through the benefits of having a survey completed, as well as explaining the different types you can have done. But, first things first, are building surveys worth it?
Yes – without a doubt building surveys are worth it. Not only do they give you a full understanding of the property’s condition, but they can save you a lot of money in the long run. Without having a survey completed, you may move into a property only to find that there are major issues with the structural integrity of the house – which may cost thousands of pounds to fix.
Read on to learn more about the different types of house surveys, if you need one, and the benefits of hiring a chartered surveyor.
What is a Building Survey?
A building survey is an optional, but essential part of buying a house. A survey is an in-depth look at the property’s condition, providing you (the potential buyer) with a clear picture of any defects, issues, statutory requirements, environmental risks, or repairs that may need to be dealt with once you move in. There are a number of different building surveys available, each providing different levels of detail.
If large issues are found, you may want to readjust your offer to ensure you have enough money to cover the cost of repairs, or you may want to pull out of buying the property altogether, depending on what is found.
Which Type Of Building Survey Do You Need?
To ensure that you are getting your money’s worth from the survey, you must pick the right one based on your needs. For example, if you’re buying a newly built home, a level 3 survey would be a waste of money (and time), whereas a snagging survey would suffice. Here is an overview of the types of surveys available, and the properties that they are most suited to:
- Specific Defect Report: A basic overview reviewing specific issues in a property’s condition. This is useful for a property you already own where you are experiencing defects which require a surveyors input.
- Level 2 Building Survey: A comprehensive inspection focusing on visible and accessible areas to identify major defects. This is the most popular type of survey.
- Level 3 Building Survey/Full Structural Survey: A very detailed examination of a property’s structure, and condition, recommended for listed buildings, homes built before 1850, or poorly-maintained properties, providing in-depth analysis for renovation or major repairs.
- Snagging Survey: Ideal for newbuild homes, ensuring they meet agreed-upon standards before occupancy.
Keen to learn more about the different types of home surveys available? Take a look at the helpful blogs below:
- Snagging Surveys: What Are They & When Should You Get One?
- What is a Snagging Survey & Are They Worth it?
- What is the Difference Between a Level 3 and Level 2 Building Survey?
Why Do You Need a Building Survey?
Here are just some of the most important reasons why you should invest in a building survey before committing to a house purchase:
A Survey Can Save You Money
Going into a house purchase blind might save a few hundred pounds before you complete a purchase, but most people will then find themselves with unforeseen repair costs further down the line.
It is estimated that a quarter of homebuyers who didn’t have a survey are hit with unexpected bills for property repairs, which equate to a whopping £3,676 on average! In the same study, it was found that surveys that highlighted an issue with the property led to an average discount of £5,744 on the house (which is far more than the survey itself!).
So, if you aren’t getting a building survey completed, not only do you risk having to pay for unexpected repairs, but you may also miss out on a hefty discount on the asking price!
Receive Reliable, Impartial Advice
When you hire a surveyor, they’re working for you and only you. Chartered Surveyors spend years studying and working to develop their knowledge and expertise, and they’re happy to share that expertise with you. Whilst the estate agent is working for the vendor to ensure the property sells, a surveyor will be working for you to ensure you fully understand the house you’re buying.
This removes any bias when looking at a property, and gives you all the information you may need to make an informed decision, without someone trying to sway you in a certain direction.
Get a Full Understanding Of the Property
Property viewings are typically very short, with lots of people quickly looking in rooms to get a feel for the place and getting in and out within half an hour, but often much less time. Plus, the excitement of seeing a house you love for the first or even second time often comes with rose-tinted glasses.
When you hire a surveyor, they’ll have a much longer look at the house, and have years of expertise, to properly understand the property and identify any issues. Whilst you as a homebuyer are much more likely to look only at the look of a property, a surveyor will be able to understand the stability and quality of the building.
Our reports provide a clear rating system against all issues identified so you know what’s urgent, and photographs throughout the report so you can see what we’re talking about and when we’re talking about it.
A Deeper Look Than a Bank’s Valuation
When applying for a mortgage, the bank will do a valuation of the property. However, this is nothing more than a desktop survey (i.e., they never actually visit the property).
We’ve heard lots of people think this is enough when buying the house, but it won’t highlight issues beyond high-level observations which might affect the value further down the line.
How could a desktop survey identify issues which require detailed inspection and investigations? A building surveyor will spend time in the property, in order to conduct a thorough building survey. This will give you a clear picture of the property’s condition, inside and out.
Most Importantly, a Survey Gives You Peace Of Mind
Any house, old or new, can have issues. A building survey will give you that all-important peace of mind to go forward with confidence when buying a property. Hiring a surveyor makes the house purchase as stress-free as possible, and saves you headaches, time, and money down the line.
A building report provides a succinct executive summary with clearly defined actions for you, your solicitors and other advisors to instantly understand the key issues relating to the property and what needs to be done to ensure your investment is protected.
Ultimately, this will probably be the biggest purchase you ever make, why take the risk of not understanding what condition the property is in and what that means for you?
So, Are Building Surveys Worth It?
Yes – without a doubt! When you choose to have a building survey completed, you’ll gain invaluable insights into the condition of a property, helping you, as the potential buyer, make informed decisions. From identifying hidden defects to estimating repair costs, surveys offer peace of mind and can save considerable time and money in the long run.
Whether it’s a basic overview or a comprehensive structural examination, the information gained from surveys allow for effective price negotiations and ultimately ensure that the investment is as risk-free as possible.
Reliable Buildings Surveys From Fourth Wall Building Consultants
If you’re thinking about buying a house, you need a building survey. We have a team of dedicated, jargon free residential surveyors who specialise in providing the most detailed home buyer surveys on the market. To discuss your property purchase, get in touch with us here. Alternatively, complete this form for an instant quote.
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