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Is It Worth Getting A Survey?

is it worth getting a survey

Is It Worth Getting A Survey?

When you are in the process of buying property, it is your responsibility to check for structural risks and potential problems. This is where a surveyor comes in. Although some buyers decide not to instruct a surveyor to inspect the property, it is strongly recommended. The cost of a surveyor’s report is always less than the cost of any restorative work required further down the line. If the surveyor does find issues, it is a very useful negotiating tool on price.

Types of Surveys

In the UK, there are several types of property surveys available, each suited to different needs and budgets:

Valuation Survey: This is the most basic type of survey and is often required by mortgage lenders to ensure the property is worth the amount you’re borrowing.

Homebuyer Report: This is a more comprehensive survey that examines the condition of the property, highlighting any significant defects or issues that may need attention.

Building or Structural Survey: This is the most detailed and expensive survey, recommended for older properties or those in poor condition. It provides a thorough assessment of the property’s structure and condition.

Is it worth getting a survey?

Now, let’s explore why investing in a property survey is a wise decision…

According to the Royal Institution of Chartered Surveyors (RICS), buyers who didn’t get a survey faced an average of £5,750 worth of repairs when they moved in and 17% of those ended up paying over £12,000 (on average) to make their homes liveable.

If buyers have thoughts of renovating or extending the property, a survey will help determine any structural issues or potential problems with any plans they may have in mind, such as drainage issues or load bearing walls.

All surveyors are impartial when inspecting a property. They have skills and experience to spot problems a buyer may not notice. They will spend more time inspecting the property than the buyer will have done looking around in the first instance. Depending on the size, surveyors may take 2 hours to inspect a property where the potential buyer may have only taken 20 minutes and probably didn’t venture into the attic until they moved in!

Local knowledge is important, and your surveyor will have a good understanding of the chosen area and any issues to look out for. They will know of any local risks like flooding, proximity to pylons / overhead cables and electromagnetic fields.

In conclusion, getting a property survey in the UK is undoubtedly worth the investment. It helps you make an informed decision about one of the most significant purchases of your life and protects you from potential financial pitfalls. Whether you opt for a basic valuation survey or a more detailed homebuyer report, the insights gained from a survey can save you money, time, and stress in the long term. Remember, prevention is always better than cure when it comes to buying property.

It is still very much worth instructing a surveyor if the buyer is a surveyor or an experienced builder themselves as this is a separate person with a neutral viewpoint and can often still raise issues that may have been overlooked during the initial buyers viewing. Buyers are not looking for problems they are wanting to fall in love with the property and work out if they would like to live there, this is important.

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