The Value of a Property Survey

The Value of a Property Survey

Buying a new home can be a costly and complex process. First of all, you need to find the right property, and then you need to secure it for an appropriate price. With all the other costs surrounding a house move, surveys can often be ignored and deemed too expensive. However, it’s important to have a thorough survey carried out at the beginning, as it could bring up potential flaws and help you negotiate on the price.

Don’t Be Taken In by First Impressions

Looking for a new home is a very emotional journey. Often buyers will fall in love with a property as soon as they step through the door simply because of the stunning features, such as a glass metal staircase or a large extension. However, sellers want to achieve a quick sale and a good price, so they will stage their property in just the right way.

When you’re viewing homes for sale, it’s important not to be too taken in by these features, as they could be hiding problems that will end up costing you a substantial amount of money. The second viewing is vital, and you should never put an offer in on a new home after just one look. On the second visit, look closely at all the areas that are often missed but are crucial, including the electrics, plumbing, quality of the brickwork and areas that are prone to damp.

Not the Same as a Valuation

Mortgage companies will carry out their own valuation to ensure that the property is worth the price you’re willing to pay. Often buyers will assume this will pick up any issues with the home and don’t understand the differences between this and a survey. A valuation won’t delve as deep as a survey, which will provide a full report detailing the property’s condition and any faults and serious issues, as well as looking at the local housing market.

Depending on the age and condition of the property, a comprehensive survey is essential before you commit to buying. The simplest of these is a homebuyer’s survey. This goes into more depth than the valuation and addresses urgent issues and major problems, including areas such as damp, timber damage, damp-proofing, drainage and insulation.

A full structural survey should be completed for older properties and those that require extensive renovations. As well as examining the major problems, this will also pick up any minor issues and looks at the home’s condition. These types of survey are more expensive, but they are worth the additional money if it prevents you making a mistake. If you buy a home without a survey, it could end up costing you thousands in repairs.

Buying a new home, whether you want a larger property or a stand-out feature such as a glass metal staircase, is never going to be cheap or easy. However, taking the time to have a full survey carried out could be one of the best decisions you make.