buying a home?

>>When you're on the exciting journey of buying a property, there's one super helpful step you shouldn't miss out on - the home survey.

A home survey is a detailed inspection of a property's condition, carried out by a qualified surveyor. It provides valuable insights into the state of the property, helping you make an informed decision about your purchase.

What's a home survey, and why should you care?

As mentioned above, a home survey is where a qualified surveyor carries out an in-depth look at a property. It's incredibly valuable because it:

• Spots potential issues you might miss during a regular viewing
• Gives you bargaining power if any problems pop up
• Provides peace of mind about your future home's condition
• Could save you money in the long run by catching issues early

What's the difference between a home survey and a mortgage valuation?

It's important to know that a mortgage lender's valuation report isn't the same as a property survey. A valuation is carried out for your lender's benefit - they simply want to confirm the property is worth what you're paying for it before approving your mortgage.

A Royal Institution of Chartered Surveyors (RICS) survey, on the other hand, is for you as the buyer. It provides detailed information about the property's condition, highlighting any issues or potential problems that could affect your decision or help with price negotiations.This type of survey gives you valuable insights that a basic valuation doesn't cover.

The main types of surveys available to buyers

These are main types of surveys you can choose from with us:

RICS Home Survey Level 2 (Homebuyer Report)

This is the most popular type of survey and suitable for conventional properties in reasonable condition. It includes advice on defects that may affect the property's value.

RICS Home Survey Level 2 (Survey and Valuation)

As the RICS Home Survey – Level 2 above but also includes:

• The surveyor’s professional opinion on the ‘market value’ of the property.
• An insurance reinstatement figure for the property.
• A list of problems that may affect the value of the property.

RICS Home Survey Level 3 (Building Survey)

This is the most comprehensive survey available. It is suitable for all residential properties, but particularly recommended for older properties, those of unusual construction, or properties you plan to renovate.

Which survey is right for you?

Picking the perfect survey depends on a few things:

• How old and what condition the property is in
• If you have any renovation plans
• How large your budget is
• How much peace of mind do you need

To understand which survey is best for you and your property, get in touch with us and one of our dedicated advisers will be on hand to recommend the right survey for your needs.

How long does it take to complete a survey?

The time needed to complete a survey varies depending on the type of survey and the size and complexity of the property. After the inspection, your surveyor will need approximately 5 working days to prepare your report.

What is the cost of a survey?

The cost of a survey can vary significantly depending on the type of survey, the value of the property, and its location. While these costs may seem significant, it's a small price to pay for the peace of mind and potential savings down the line!

If you’d like to know more about the cost, get an instant quote.

What about Home Surveys in Scotland? Do I need one?

In Scotland, the process is slightly different. The seller provides a Home Report, which includes a survey, energy report, and property questionnaire. But as a buyer, you can still get your own survey for extra reassurance, especially for older properties or if you're planning renovations.

What to do after you’ve got the report

Receiving your survey report can feel a bit overwhelming, but it’s your key to moving forward confidently.

Here’s what to do:

• Read it all: Don't just skip to the summary. Go through the report section by section. Pay close attention to any 'red' or 'amber' warnings.
• Talk to your surveyor: If there's anything you don't understand, just ask. Your surveyor is there to help you interpret the findings.
• Get quotes for repairs: If the survey flags significant issues, get quotes from qualified tradespeople. This will give you a clear idea of the potential costs involved.
• Decide your next move: Now that you have this information, you can go back to the seller and renegotiate the price, ask them to carry out the repairs before you complete, or, if the problems are too severe, you have the option to walk away from the purchase.

Final points to remember

A home survey is an invaluable addition to your home-buying process. It gives you crucial info about your potential new home, helping you make a smart decision and possibly saving you from costly surprises later.

While there's a cost involved, the benefits are huge. Whether you go for a basic check or the full works, a home survey is a wise move that'll give you peace of mind and protect your investment.

Remember to choose a surveyor accredited by a recognised body like the Royal Institution of Chartered Surveyors (RICS) for the best results. Also, check with your mortgage lender to see if they require a specific type of survey.

Think of your home survey as an investment in your future home, giving you all the knowledge you need to make the best decision about your property purchase.

Want to know more about what surveys are available? Find out how we can help.