Although it’s not a legal requirement to have a home buyers survey when buying property, they ensure that everything is as it should be and you’re getting a reasonable price.
There are different types of home buyers surveys to choose from, and we’ll look at them below, going from the least intrusive up to the most thorough.
1. Condition Report
A condition report is the cheapest and most basic option. Completed by the Royal Institution of Chartered Surveyors, it will cover the property’s most urgent defects, risks, and potential legal issues using a ‘traffic light’ system to assess problems without commentary.
2. Home buyers Report
Most buyers choose a home buyers report. You can select survey-only or survey and valuation to give you an idea of whether you’re paying the right price. This survey is non-intrusive: meaning the surveyor won’t move furniture, look under floorboards or drill holes.
Although it’s a popular choice to get a home buyers report London properties can be higher risk due to age and flood risks. Therefore, if you’re thinking about getting a home buyers report for your London purchase, check out https://www.samconveyancing.co.uk/homebuyers-survey/home-buyers-survey-London for top tips on what to look out for!
3. Home Condition Survey
Offered by the Residential Property Surveyors Association, rather than the RICS, a Home Condition Survey is carried out by a specialist in residential surveys and includes practical elements the previous two leave out. This includes broadband speed, damp assessments, and any boundary issues your conveyancer might need to know.
4. Building Survey
A Building Survey is the most thorough type of home buyers survey, and is also the most expensive! Completed by the RICS, you’ll get a full structural survey, detailed examination of the property’s condition, and expert advice. The surveyor will check everywhere to ensure you get as much information as possible, including behind walls, in the attic, under floorboards, and in ceilings. You’ll get a 1,2,3 rating system so you know which issues are most important to deal with plus repair options, estimated repair times, and more.
This survey won’t include, unless asked for, a property valuation or insurance reinstatement value.
5. New-Build Snagging Report
Unlike other properties, if you’re purchasing a new-build, you won’t need a comprehensive report. The Snagging Report will identify issues that might have been missed by the builders, but most things should be in order with a new-build.