Why do you need a property survey when buying a home?

There is a common misconception that an independent survey is costly and not worth the effort, but requesting a survey can mean avoiding lofty expenses and stress further down the line.

It is believed that the majority of home buyers are aware that they should get an independent professional property survey carried out prior to purchasing their new home, but that only 20% of buyers do. Which means that 80% of buyers are taking a risk.

Didn’t I already have a survey done?

No. It is important to remember that a mortgage lenders’ valuation report is not a survey and simply advises the lender whether or not the property is deemed to be reasonable security for loan purposes. The estate agents survey is not a building survey but a market appraisal.

Employing a professional surveyor and choosing the right survey will identify any serious or potential problems and advise of specific risks before you commit to purchasing a property. It will also assist your conveyancer in identifying those risks for you.

But it’s expensive. Isn’t it? 

No. For a small proportion of the cost of the purchase we will work directly for you providing independent professional advice to ensure that your risk is considerably reduced. Typically, on a property worth £250,000 the fee could be as little as 0.08%.

Is it really needed? 

It is not a legal requirement and is optional but RICS Research suggests that more than a fifth of home buyers who did not take out a survey are now saddled with a property they would never have bought if they had been aware of its true condition.

According to The Royal Institution of Chartered Surveyors (RICS), many buyers are unknowingly setting themselves up for an average £5,750 in repair bills on their new purchase!

The new homeowner may then struggle to afford, or lose the desire, to fix the faults and may be left with a property they may no longer want to live in but are unable to sell to recoup their losses.

Apart from your conveyancer no one else in the property purchasing process is working directly on your behalf.

I have already had a look around the property. Why do I need a surveyor?

Because:

• You are potentially risking a large amount of money on a property you have only had a cursory look at.
• AH Surveying has the independence, freedom and knowledge to look at the property professionally for you, to learn the property’s secrets and unwrap them.
• The surveyor who carried out the survey will discuss the property directly with you not through a third party.
• The surveyor will look at each accessible area of the building and will make a statement within the report in clear jargon free language regarding the condition and give you guidance on any action to be taken.
• The surveyor will give you (the potential buyer) clear and concise information to obtain costs related to future expenditure, which will assist you in making an informed decision and this may affect the cost you are prepared to pay.
• Remember there are a lot of defects which are not always easy to identify. Some unpredictable problems such as rot, subsidence, and structural defects are hidden to the inexperienced eye and only apparent to a professionally qualified surveyor.
• The report will give you the information which will enable you to obtain quotations for any work highlighted and give you a clear understanding of the condition of the building you are about to purchase.
• This information will help you in your negotiations to agree a reasonable and fair amount for what is likely to be your largest single purchase to date.

Ask yourself this question. Would I commit to spending £250,000 on a single item I didn’t unwrap? 

If the answer is No, then we would strongly advise you that you obtain an independent property survey from AH Surveying.