Should you choose a homebuyer’s or a full structural survey? Here Fine & Country explain the importance of home surveys and what’s available
You’ve found the home of your dreams but before you get swept away, it’s important to ensure the property is not going to crumble around you. People are often seduced by the way a property looks and feels and then ignore peeling paint, crumbling bricks or gurgling pipes. But a few hundred pounds spent on a property survey could save thousands of pounds later on. A survey should also highlight potential flaws in a property, which could help when negotiating the price.
Where do I start?
Most buyers rely on a mortgage lender’s valuation. This will reveal serious defects that are likely to affect the property’s value but it is only a cursory look at a home by the mortgage lender, to ensure it is worth the money.
What is the process?
A valuation is usually a straightforward process. The surveyor will check the property and assess the value based on its general condition, the value of homes recently sold in the area and the buoyancy of the housing market. The report will contain a summary of the condition and comments on any general faults that may exist. This valuation is probably enough if purchasing a new build but if you are buying an older property, then it is worth having a more comprehensive survey carried out.