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Buying a home is a big step and can be overwhelming, but conducting a home-buying survey can help you make an informed decision and can actually save you money in the long run by preventing you from discovering costly issues on moving in. In this guide, we will walk you through the survey for buying […]
26 September 2023
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Buying a home is a big step and can be overwhelming, but conducting a home-buying survey can help you make an informed decision and can actually save you money in the long run by preventing you from discovering costly issues on moving in. In this guide, we will walk you through the survey for buying a home for residential properties in the uk.
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A home buying survey is a report that provides a detailed analysis of the condition of a property. It is usually carried out by a qualified surveyor and can be helpful in identifying any potential issues with the property before you make your purchase. A home buying survey is different to a mortgage valuation survey, which is solely for the lender to gain assurance that the property is worth what you are paying for it.
There are three main types of home buying surveys in the UK: the Level 1 Condition Report, the Level 2 HomeBuyer Report, and the Level 3 Building Survey.
The average cost of a house survey are outlined above, however costs will vary according to the property type and size.
House surveys are optional, but it is recommended to get one, especially on an older property, because it can point out issues that might prove expensive if left. Also, if a survey finds issues that cost £5,000 to fix, it is viable to offer £5,000 lower for the property
A mortgage valuation survey is just that, a valuation. The purpose is so the lender has assurance the property is worth what you are paying for it. The lender will usually commission a valuation survey before issuing your mortgage offer. It does not point out any defects or issues you may need to rectify. A mortgage valuation typically costs upwards of £250, although some lenders do offer the valuation free with the mortgage
Once you have decided which type of survey you need, it’s time to find a surveyor. It’s important to choose a surveyor who is a member of a professional body, such as the Royal Institution of Chartered Surveyors (RICS), as this will ensure that they are qualified and regulated.
A survey can take anywhere from an hour to eight hours, depending on the level of survey chosen. During the survey, the surveyor will inspect the property and provide you with a report. Make sure you read this report carefully, as it will provide you with valuable information about the property’s condition and any repairs that may be required. If you have any questions or concerns, don’t hesitate to contact the surveyor for clarification.
You ill usually get your home survey report within a week or two of the survey taking place.
It is not mandatory to get a survey on a newly built property and the builder should issue a 10 year warranty. However, a snagging survey will give you peace of mind and if it does uncover issues, it may mean you can get your builder to rectify them before you move in.
You don’t need a survey to sell your house, it is the responsibility of the buyer to get a survey. However, it is your responsibility to provide and Energy Performance Certificate (EPC), which will give your property an energy efficiency rating of A to G.
If your survey uncovers issues, you can ask the surveyor to expand on the detail in the report and also get specialist surveys to find out more about the nature of the problem and the cost to fix. If a problem is uncovered, you can also use the survey to go back to the estate agent and negotiate on the price of the property. Common issues include problems with the roof, electrics. Central heating system, structure and damp.
In summary, a home buying survey is an important part of the home buying process in the UK. It can provide you with valuable information about the property’s condition and any repairs that may be required, helping you make an informed decision. Remember to choose a qualified surveyor, inform the seller that you intend to have a survey carried out, and read the report carefully. Check out our guide to home buyer surveys
Good luck with your home-buying journey!
From mortgages and insurance to viewings, offers, exchange and completion, our Buyers’ Guide will take you through everything, step by step, from start to finish.
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