For many people, purchasing a property is a huge investment. You could be putting hundreds of thousands of pounds into one asset. With this much value, you want to truly be able to enjoy your property and be able to get that money back, if not make more by the time you sell it. This is something you should really be considering when asking the question, ‘Do I need a survey when buying a house?’
Purchasing without a survey
For many properties, changing trends in the property market allow many sellers to make profit on their houses. This incentive encourages a lot of the movement within the market. When purchasing a property, you may have a similar idea. You’ll be thinking about purchasing a property, fixing up a few things, letting the value grow and then selling it on. To allow this to happen, you need to ensure you are purchasing a property that is in good condition without underlying defects that can seriously impact its future value.
Purchasing a property without a survey is almost like investing in the stock market. You are uncertain what could happen between buying and selling your stocks and are at high risk of losing your investment.
Alternatively, many people purchase a property simply to live and enjoy within. To have a property you are truly happy with, you are going to have to spend quite a bit of money. Making a purchase without a survey can hinder your ability to enjoy the property. Structural hazards, underlying damp conditions and dry rot can all create an extremely uncomfortable living atmosphere. You will be forking out additional payments to fix these problems when they could have already been identified before purchasing the property.
So, is a survey worth it?
One of the biggest deterrents in the purchase of home surveys is the cost. When potential buyers ask themselves whether they need a survey when buying a house, they also ask themselves ‘can I afford a survey?’ Due to the extensive costs associated with purchasing a house, the answer is usually No.
Home surveys come at varying levels of inspection, each with their own price bracket. For the most affordable, a property valuation, or level one report, you will need a spare £300. The next level survey is a Homebuyer’s Report which will cost you between £400 and £900. For the most intensive investigation of a property, they will cost considerably more. You might have to fork out anywhere between £500 and £2000 for a Full Property Survey.
Each survey is accompanied with varying level of detail. This can be beneficial for various types of properties. For example, a conventionally built new build property won’t suffer from severe issues within its first few years. A Level one survey would likely suffice. However, an older property with some underlying issues would benefit from a Homebuyer’s survey or even a property survey.
This additional cost may seem incredibly inconvenient at the time. However, after making your purchase and moving into the property, if you begin to uncover defects and issues that require extensive repair work, you’ll kick yourself for not preparing financially.
How can a survey help me?
You should now have a clear understanding that home surveys exist to give you an insight into the condition of a property before you purchase. Hidden issues will be uncovered depending on the level of report you purchase. This could mean structural damage; moisture levels and local planning is highlighted that you would never have known about before purchasing the property.
If there are any serious defects within the property that will cost you considerable amounts in repair costs and remedial work, you are within your right to negotiate with the seller.
Negotiating with the seller is the answer to ‘do I need a survey when buying a house?’ You might be prepared to enter a property with some issues. You may anticipate that you will make some renovations and fix things up. However, having this information before moving in allows you to bargain for a lower price. This frees up finances to make the repairs.
If you ignored the results of the survey, or didn’t have one completed at all, you would be forking out for these costs in addition to the full price of the property. Providing evidence to the sellers that extensive work is needed will likely make them more malleable to lower offers.
Higher level inspections such as the Property Survey offer guidance on repair and future maintenance costs. Armed with this knowledge, you can give the seller a clear compromise price. If they don’t agree to this amount, you can walk away from the property without harming your investment.
Final Thoughts
Do I Need a Survey When Buying a House? Our answer is undoubtedly Yes! At My Conveyancing Specialist we are firm believers in ensuring all homebuyer’s experience a stress free and money saving move. A home survey can alert you to defects and risks in your potential property that require extensive costly repairs. With this information you can bargain with your sellers to account for these costs later in life. If you can keep an extra bit of your budget for future repair costs, you’ll be far better off than spending it all at once. Consider the shock if you didn’t have a survey completed and discovered a couple thousand repair bill to keep your home safe. In this situation you would kick yourself knowing you had the option to access this information and walk away from the property if it wasn’t the right choice for you.
Make the choice that is right for you and right for your future home.
For professional home survey’s completed by experienced accredited surveyors, get a quote today from My Conveyancing Specialist.