News from Stephen Hodge
Dec
2017

Why you should choose a residential surveyor for your home buyer survey

When you buy a house, your mortgage lender will send someone to the property to ensure that the house you want to buy is worth the money you are paying and the money they are lending you. It’s a way for the mortgage company to protect their investment - however, this is not a survey. A home buyer’s survey is different to this valuation and it will give you a way of finding out if there is anything wrong with your new home before you sign on the dotted line.

Buying a house is one of the biggest outlays you will ever make so a home buyer survey is a wise investment and it doesn’t need to be expensive. You just need to find out as much as you possibly can about your house before you exchange contracts.

Your survey doesn’t necessarily need to be carried out by a company recommended by your mortgage broker, it can be carried out by an independent residential surveyor of your choice instead. Plus there are a number of different surveys to choose from.

How a residential surveyor can help

When you’re caught up in the process of buying a house it can be easy to just go along with what your mortgage broker advises you to do – for example – using their recommended residential surveyor. However, you do have choices and appointing your own surveyor is your decision to make. One of the benefits of this is that you can build a relationship with your residential surveyor, ask them what to look out for, and ask them any questions directly following the survey.

Different types of home buyer surveys

There are a number of different types of home buyers surveys can choose from, all with different price tags

RICS Condition Report

The RICS Condition Report describes the condition of the property, identifies any risks and potential legal issues and highlights any urgent defects. It’s suitable for new-build and conventional homes in good condition. No advice or valuation is provided in this survey.

RICS HomeBuyer Report 

A HomeBuyer Report is a survey that is used for conventional properties that are in reasonable condition and it tells you if there are any structural issues such as subsidence or damp, as well as any other hidden issues on the inside or outside. You could use the report’s suggestions for repairs to renegotiate the price of the house. For example, if it’s going to cost you £5,000 to carry out work on the property’s damp walls, you could offer £5,000 less than the asking price.

RICS Building Survey

The RICS Building Survey provides an in-depth inspection with a 1, 2, 3 rating system to ensure that you can easily identify the most serious issues. This is mainly aimed at larger or older properties, or if you’re planning major building work. A detailed report provides you with an in-depth analysis of the property’s condition highlighting a range of issues including giving advice on defects, repairs and maintenance.

Building or full structural survey 

This is the most comprehensive survey and it is suitable for all residential properties. It’s ideal for older homes or homes that might need repairs. It’s very in-depth and although this survey can’t look under floorboards or behind walls, it includes the surveyor’s opinion on the potential for any hidden defects. Your residential surveyor should also provide you with information on the cost of the required repairs.

A building survey is appropriate for all properties whether new, old, period or listed, and there are really no exceptions. We recommend using only qualified surveyors who are members of the Royal Institute of Chartered Surveyors (RICS).  Our Home Buyer Survey Reports provide you with peace of mind and the confidence to move forward with your purchase.

If you need help with a home buyer survey or if you have any questions for our residential surveyors please contact us on 01993 705 765.


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