Homebuyers Surveys...which do I need?

You probably have heard the term “survey” in regards to buying a property, but do you know which one is best for you?

There are a few different options that all vary in price and are all suitable for different types of properties. It is recommended to choose a survey based on the condition of the property, as opposed to looking at prices. Choosing a survey wisely can save you a fortune in the future, helping you avoid any nasty (and expensive!) surprises once moved in.

If the property is a new build, or in a good condition, you may wish to choose a RICs Condition Report. This identifies any risks or potential legal issues, as well as highlighting any urgent defects. This is set out in a very basic “traffic-light” system and gives no advice or valuation. It is the cheapest and generally only costs around £250.

A property that is in reasonable condition would benefit from a RICs Homebuyer Report. This reports back any structural problems, such as damp, as well as any other issues not visible inside or outside – however it does not look beyond the floorboards or behind the walls. Sometimes this type of survey offers a property valuation. This type of survey generally starts from £400.

A RICS Building Survey should be selected for an older or larger property, or if you’re planning major works. It is presented simply and clearly, in a 1,2,3 style, so you can easily identify the most serious issues. This report is very detailed and gives an in-depth look at the property’s condition, as well advising you with what to do with any defects or repairs. You will also receive advice sheets on how to deal with some common issues that are found, including consequences for ignoring such issues. Typically this sort of report costs between £400-£500.

The most comprehensive survey offered is the Full Structural survey and costs upwards of £600. It is suitable for all properties but particularly good for older homes that may need repairs. In most cases it is worth the money as it is so detailed however it does not normally include a valuation. The surveyor will generally give you their opinion on hidden defects that could be under the floorboards or behind the walls – however they cannot look.

Finally the most commonly used survey is the Mortgage Valuation survey. This is used to satisfy your mortgage lender that your desired property is worth the price you’re paying, or at least the amount they’re lending. This type of survey does exactly what it says on the tin – it’s a valuation. It won’t point out any issues or problems and is more for your lender than yourself. You will normally however need to pay for this, but the cost depends on the property price.