19. Property surveys

A property survey is an inspection carried out by a qualified surveyor to assess the condition and value of a property. It involves a detailed examination of the property’s structure, systems, and any visible defects or issues. Property surveys are conducted by professionals who provide a report outlining their findings and recommendations. 

Types of property surveys 

• Mortgage valuation: This is a basic survey conducted on behalf of the mortgage lender to ensure the property is worth the amount being loaned. It is primarily for the lender's benefit and not as comprehensive as other surveys. 
• Homebuyer report (Level 2): This survey provides a more detailed inspection and report, including the condition of the property and any issues that might affect its value or require repairs. It is suitable for standard properties in reasonable condition. 
• Building survey (Level 3): This is the most detailed and comprehensive survey, providing an in-depth analysis of the property's condition. It is recommended for older properties, those that have undergone significant alterations, or if the buyer plans major renovations. 
• Condition report (Level 1): This is the most basic and least expensive survey, providing an overview of the property’s condition without extensive detail. It is suitable for newer homes in good condition. 

Why you need a property survey 

• Identify issues and defects: A property survey helps uncover any structural issues, defects, or potential problems that may not be immediately visible. This information is crucial for making an informed decision about the purchase. 
• Negotiate price: If the survey reveals significant issues, you can use this information to negotiate a lower purchase price or request that the seller carry out repairs before completing the sale. 
• Budget for repairs and maintenance: Knowing about any necessary repairs or maintenance work in advance allows you to budget accordingly and avoid unexpected costs after purchasing the property. 
• Ensure safety: A survey can identify safety hazards, such as electrical faults or structural weaknesses, which need to be addressed to ensure the property is safe for occupancy. 
• Satisfy mortgage lenders: Many mortgage lenders require a basic survey (mortgage valuation) to ensure the property is worth the loan amount. Some may also require more detailed surveys, especially for older or unique properties. 
• Future resale value: Understanding the condition of the property helps you plan for future resale, as well-maintained properties are more likely to retain or increase in value. 

How to obtain a property survey 

• Choose a qualified surveyor: Select a qualified and experienced surveyor, preferably one accredited by a professional body such as the Royal Institution of Chartered Surveyors (RICS). 
• Select the type of survey: Based on the property’s age, condition, and your plans for it, decide on the most appropriate type of survey. 
• Schedule the survey: Arrange a suitable time for the surveyor to visit and inspect the property. 
• Review the report: Once the survey is completed, the surveyor will provide a detailed report. Review this report carefully, noting any issues, recommendations, and estimates for repair costs. 
• Take action based on findings: Use the information from the survey to negotiate with the seller, plan for necessary repairs, or make an informed decision on whether to proceed with the purchase.