When buying a property there are many factors to consider, but one of the most important is getting a survey, providing a detailed inspection of your property and the condition of the building. This ensures you’re not going to run into any surprises upon completion and you can even change your offer accordingly!
So, what kind of surveys are there?
1. Condition report
Starting at around £250, condition reports are surface-level inspections that give you a basic idea as to the condition of the property. If you’re looking for a full, expansive report, this isn’t the one for you. Condition reports are perfect for new-builds, where you don’t require a valuation and the property is already expected to be in a good condition!
2. Homebuyer report
This report is well suited to older properties, where the overall condition appears to be fine, but you may have concerns regarding subsidence or damp. Depending on which you purchase, some homebuyer reports can include a valuation, so if you have concerns over how much you’re paying for the property, this could assist and make sure you’re not paying over the odds. These can start anywhere from £450/500.
3. Building survey
If you’re looking for thorough, this is your survey. This is a full structural analysis, examining both internal and external aspects of the property and everything in between, this gives you a clear indication as to the condition of your property and provides advice on where improvements can be made. Starting from £600, if you have any concerns about the investment, this survey can get you the answers.
4. Mortgage valuation report
Now double-check any other surveys you’re interested in getting, as your provider may actually add a valuation in for free to win your business, however, if not, this survey does not go into any structural or condition checks, it is simply designed to tell you how much the property is worth. The price of these usually depends on the value of your property, so they can start from £100 anywhere up to £1500!
Although surveys are not mandatory, they come highly recommended. Yes, it’s an extra fee to pay out for, however, you’re paying for peace of mind and preparing yourself for works that may need to be done on the property. Or...everything is fantastic and you know your investment is a worthwhile one!
Don't forget, here at Clever we can help you buy and sell, so whatever part of your journey you’re at, don’t hesitate to contact us. While you’re at it, why not book in for a Free Valuation?