Buying a house can be one of the most stressful times in anyone�s life. You have potentially spent years saving for a deposit, you have had to find the perfect property, deal with estate agents and cross-bidding, apply and get approval for a mortgage and then you have to decide whether to carry out a survey. There are a lot of hurdles to jump when purchasing a house, as well as some considerable costs involved � excluding the actual amount you are paying for your house. So why should you pay out additional expense to have a survey completed? Simply put, it could save you thousands.What is a Building Survey?
There is often a misconception that the mortgage provider carries out a full survey and therefore the purchaser does not need to commission any additional surveys. This is not correct, the lender will have a valuation survey completed to satisfy them that the property is worth what they are lending to you. These surveys do not inspect any structural issues or provide you with any detail as to any potential issues, they are purely for the lender�s benefit.
This above is why a Building Survey or Home Buyers Report is a useful thing to undertake. A full Building Survey should be undertaken by a fully qualified and accredited surveyor, they use their experience to inspect all aspects of the property and report back any faults they have found. The survey is an in-depth look into the buildings structures and potential costs that could be incurred through repairs of the property. It provides a comprehensive breakdown of the condition each individual part of the building is in and is the most thorough survey you can undertake when buying a property � this makes it especially useful if you are buying an older or unusual property.
A Building Survey should not be confused with a �Condition Report� or �HomeBuyer�s Report�, which are generally the two other options a house buyer can choose to have undertaken. A Condition Report is the most basic of the three and gives a basic overview of the property�s condition using a traffic light system � this is most suitable for a modern house or new build. A HomeBuyer�s Report falls in between the other two and goes into more detail than a condition report but is not as deep as a full Building Survey, as it only looks on the surface. If you are unsure what type of survey you should have, speaking to your surveyor will help in the decision making process as they will be able to guide you based on the information you give them.
How to use the findings
Once your Building Survey has been completed it may show that there are a number of issues with the property, this is where the Building Survey can save you a lot of money. Knowing about these issues before you complete on your purchase gives you a strong position to bargain. Most people will use the results from the survey to go back to the estate agent and negotiate the price of the repairs to be removed from the agreed sale price, or alternatively they ask for all the repairs to be completed before finalising the purchase.
The outcome of this is either the money available to make the repairs yourself or a house that you know has a secure structure which should not develop any faults in the near future. Either of these outcomes will save you a lot of money compared to finding any faults once your purchase is complete � especially if the repairs needed result in a large bill and major disruption.
Find a surveyor
Finding a surveyor can be as difficult as deciding on which survey you wish to have undertaken on your prospective property. You can ask both your solicitors and estate agents to recommend a surveyor, however bear in mind that they may receive a referral fee from the surveyor potentially making your survey more expensive. You could ask friends and family for recommendations of surveyors they may have used in the past, as well as finding out about their experiences in having surveys carried out.
The other way to find a surveyor is online � either through a web search or by visiting the governing bodies websites. In the UK there are a number of different surveyor associations with the most prestigious being RICS (Royal Institute of Chartered Surveyors), each of these associations will list their members and link to their websites. The best thing to do is talk to any prospective surveyor - and ensure you are happy with them.
Article provided by Hocking Associates, Chartered Building Surveyors based in Falmouth, Cornwall -offering all types of property surveying services throughout the South West since 1987.