Necessary surveys and inspections before buying

Embarking on the journey to buy a new home is thrilling, but it’s also a time when due diligence can’t be overstated. After all, you’re not just purchasing a roof over your head; you’re making one of the most significant investments of your life. To ensure your new abode is not just a pretty façade but a safe and sound investment, it’s crucial to carry out thorough surveys and inspections. Let’s delve into the essential checks you should consider before sealing the deal.

Homebuyers Survey

The Homebuyers Survey, often referred to as the RICS Home Survey Level 2, is a popular choice among many buyers. This survey is a middle ground between a basic valuation and a comprehensive building survey. It offers a detailed report on the property’s condition, highlighting any significant issues that may need attention.

Key Points:

• Structure and Condition: The survey examines the property's structural integrity, including walls, roof, and floors.

• Minor Issues: It also notes minor defects and maintenance issues.

• Valuation: While it doesn’t replace a full valuation, it provides a ballpark figure of the property’s market value.

Why It’s Important: The Homebuyers Survey can help you avoid costly surprises and negotiate repairs or a reduced purchase price if significant issues are uncovered.

Building Survey

If you're purchasing an older property, or one with apparent issues, the Building Survey (previously known as a full structural survey) is the most comprehensive inspection you can get. It provides an in-depth analysis of the property’s condition, including detailed advice on repairs and maintenance.

Key Points:

• Comprehensive Details: It covers everything from the property’s structural elements to potential hidden defects.

• Advice on Repairs: You receive expert advice on necessary repairs and their estimated costs.

• Future Maintenance: The survey also offers insights into future maintenance needs.

Why It’s Important: A Building Survey is invaluable if you’re buying a complex or older property where hidden issues might lurk, potentially saving you from unexpected repair costs.

Condition Report

For newer properties in good condition, a Condition Report (RICS Home Survey Level 1) might be sufficient. This is the most basic level of survey and is more of a visual inspection than a detailed analysis.

Key Points:

• Basic Overview: It provides a summary of the property’s condition without extensive detail.

• Colour-Coded System: The report uses a traffic-light system to indicate the urgency of any issues.

• Cost-Effective: It’s generally cheaper than the Homebuyers Survey and Building Survey.

Why It’s Important: A Condition Report can be a cost-effective option for newer homes or properties that look well-maintained, but it may not uncover deeper issues.

Valuation Report

While not a survey per se, a Valuation Report is essential for obtaining a mortgage. Lenders will require this report to ensure the property’s value is sufficient to cover the loan amount.

Key Points:

• Lender’s Perspective: It assesses the property’s market value from the lender’s point of view.

• Not a Detailed Survey: It doesn’t include detailed inspection or analysis of the property’s condition.

• Mortgage Requirement: Usually required by mortgage lenders before approving your loan.

Why It’s Important: The Valuation Report ensures the property’s worth aligns with the loan amount, protecting the lender and helping you secure the necessary financing.

Specialist Surveys

Depending on the property’s specifics, you might need specialist surveys. These could include:

• Pest Inspection: To check for signs of pests like woodworm or termites.

• Asbestos Survey: Essential for older properties, as asbestos can be a serious health hazard.

• Environmental Survey: To assess potential risks like flooding or contamination.

• Energy Performance Certificate (EPC): Evaluates the property's energy efficiency and suggests improvements.

Why They’re Important: Specialist surveys address unique issues that a general survey might not cover, providing peace of mind and potentially saving you from significant future problems.

Conclusion

Navigating the world of property surveys and inspections might seem daunting, but it’s a crucial part of the home-buying process. Each survey and inspection offers a different level of insight into the property's condition, ensuring you make a well-informed decision.