Providing expert mortgage advice for over 28 years.
Providing expert mortgage advice for over 28 years.
Buying a home is an important step, and it’s vital to ensure your investment is safe. With so many choices, how can you find out which type of house survey you require to make an informed decision?
This guide will help you understand house surveys. It will answer your questions and help you make a smart choice.
It’s a good idea to get a house survey done after your offer is accepted but before you sign any contracts. This timing helps show the seller that you’re a serious buyer, allowing you to change the purchase price or back out of the deal if the survey shows problems, including any necessary repairs, that were not shared before.
A house survey, which is also called a property survey, is an important part of the buying process when purchasing a home. It is a detailed inspection of a property done by a skilled person from the Royal Institution of Chartered Surveyors (RICS), ensuring it meets professional standards and identifies any significant structural problems.
It aims to find any problems with the property, from small issues to major structural ones. The person checking will look at the condition of the property. This includes the structure, common building materials, and any repairs or regular care that need to be done.
A house survey is crucial for several reasons:
RICS has three main kinds of house surveys. Each one gives different details and is good for various types of properties and their conditions. With so many choices, how can you pick the right one for you?
A Level 1 survey, also known as a Condition Report, is the simplest type of survey. It is recommended for newer properties and modern homes that are in good condition. This survey gives a clear summary of the property’s state and points out any serious problems and potential legal issues that need attention.
The Condition Report includes:
The Level 2 survey, called the Homebuyer Report, gives more details. It is advised for homes in decent condition. It includes:
The Level 3 survey, also called the Building Survey or full structural survey, is the most detailed of the levels of survey. It is best for older properties, large or unique houses, listed buildings, or places needing major repairs. It includes:
Many mortgage lenders need a mortgage valuation survey, especially for older homes or ones that need repairs. This is to check the home’s value and condition for the benefit of the lender before giving a loan. The type of survey needed will rely on what the lender wants and the age and state of the property.
For more details on the kinds of surveys and help picking the right one, visit the RICS website or talk to a skilled surveyor.
The cost of a house survey depends on how big the size of the property is, how old it is, and how detailed the survey is. In 2024, you can pay these approximate costs:
It’s important to remember that these are just rough estimates. The real cost may change based on how complex the property is and the fees of the surveyor. Some surveyors might ask for extra fees for travel or specific reports.
For new properties, you usually do not need a RICS survey. But, you can get an independent snagging survey report. This costs around £400-£600. These snagging reports find any problems or unfinished work that need fixing before everything is done.
The lenders will do the only survey on a new build. This survey is simply to check if the builder is selling the property at a fair market price for that area.
Choosing the right type of house survey depends on a few important things:
If you don’t know which kind of survey is right for you, it’s a good idea to talk to a professional or ask your mortgage lender or estate agent for help.
Investing in a house survey has many important benefits:
Yes, rules and standards control how house surveys are done. The rules can change based on the area and the kind of survey. Overall, professional surveyors must follow industry standards and guidelines. This is important to make sure surveys are done accurately, fairly, and in line with legal rules.
These standards may include parts like how to do a survey, gather data, keep records, and report findings. It is important to work with a skilled and knowledgeable person who follows these rules. This way, the survey results will be trustworthy and can be used for the right reasons.
At Newhomes, we know that buying a home is not just a deal; it is a dream coming true. We are here to give you fee-free mortgage advice and help you with each step of the process (other third-party charges may apply). Our team will work hard to find the most suitable mortgage deal for your needs.
We work closely with RICS surveyors. We can recommend trusted professionals to do your house survey. This way, you get clear and dependable information about the property’s condition. Our goal is to give you the peace of mind and expert advice you need. This will help you make a good decision when buying your new home.
Are you set to take the next step in buying your new home?
Contact us for personal expert mortgage advice. We can help you secure your dream home with ease.
The FCA does not regulate Surveying services
