When buying a property, there are many decisions to be made and costs to consider. One question that frequently arises is whether it’s worth paying for a house survey. House surveys can help you avoid nasty surprises by uncovering issues with the property that may not be obvious during a viewing. However, the cost can be off-putting for some buyers. So, is a house survey worth it? In this article, we’ll explore what house surveys entail, the benefits they offer and how they can potentially save you money in the long run.
What is a House Survey?
A house survey is an inspection carried out by a qualified surveyor to assess the condition of a property. There are several types of surveys, ranging from basic assessments to detailed investigations. The goal of a survey is to identify any defects or potential problems with the property that could affect its value, safety or future repair costs.
Surveyors will check for issues such as structural damage, damp, subsidence and problems with the roof or foundations. They may also highlight less serious concerns, such as cosmetic defects or outdated plumbing or electrical systems. Depending on the type of survey, the surveyor might recommend further investigations if they suspect major issues.
Types of House Surveys
There are different levels of house surveys available, depending on the property and the buyer’s needs:
1. Condition Report:
This is the most basic type of survey and provides an overview of the property’s condition. It highlights major defects but does not go into great detail. A condition report is suitable for newer properties in good condition, offering a broad sense of the property’s state but not providing detailed information about hidden issues.
2. HomeBuyer Report:
This is a more comprehensive survey than a condition report. It provides details on the structural integrity of the property, highlighting any defects and potential risks. It also includes advice on repairs and ongoing maintenance. The HomeBuyer Report is ideal for properties that are in reasonable condition but might require some attention.
3. Building Survey (Full Structural Survey):
This is the most detailed and in-depth survey. It’s usually recommended for older or unusual properties, such as those with timber frames, thatched roofs or listed buildings. A building survey gives a full breakdown of the property’s condition and provides advice on repairs, ongoing maintenance and even potential renovation work.
The Importance of a House Survey
According to the Home Owners Alliance, one in five homebuyers who did not get a survey ended up with unexpected repair work. In some cases, the repair costs were significant, amounting to thousands of pounds. This statistic alone highlights how essential a house survey can be in protecting your investment.
Without a survey, you could be left with costly repairs that were avoidable had the issues been identified early on. For instance, problems such as damp or subsidence can significantly reduce a property’s value and may lead to substantial repair bills.
In contrast, a survey provides you with a clear understanding of the property’s condition before you commit to buying. If significant problems are uncovered, you can either negotiate a reduction in the price, ask the seller to carry out repairs or walk away from the purchase altogether.
House Survey Statistics
To emphasise the importance of surveys, the Home Owners Alliance provides the following key statistics:
- 20% of homebuyers who did not commission a survey faced unexpected repair costs.
- The average repair bill for those without a survey was £5,750.
- 17% of homebuyers who skipped a survey said the repairs were serious and impacted their enjoyment of the property.
These figures show that while the cost of a survey might seem high, it can save you money in the long run by preventing unexpected repair costs.
Hidden Issues a Survey Can Uncover
There are many potential issues that a house survey might reveal, some of which could be deal-breakers depending on the severity. Common problems identified in surveys include:
- Damp and Mould: This is one of the most common issues found in homes and while some cases of damp can be easily fixed, severe damp may indicate structural problems.
- Subsidence: Subsidence occurs when the ground beneath a property shifts, causing the building to move. This can lead to severe structural damage if left untreated.
- Roofing Issues: A survey can uncover issues with the roof, such as missing or broken tiles, which may lead to leaks and water damage if not addressed.
- Electrical Safety: Older properties may have outdated electrical systems that do not meet modern safety standards. Rewiring can be costly, but necessary for safety.
- Structural Integrity: In older properties, the building’s overall structure may be compromised. This could include cracks in the walls or foundations, which could indicate serious underlying problems.
Can You Skip the Survey?
Some buyers, particularly those purchasing newer properties, might feel confident skipping the survey. While newer homes are less likely to have significant issues, they are not immune to defects. Even new-build homes can have problems with poor workmanship or materials, so it’s still worth considering a survey even for recently built properties.
For those buying a property without a mortgage, it might seem tempting to avoid the survey to save money. However, skipping the survey puts you at greater risk of costly surprises down the line.
Cost vs. Benefit
House surveys can range in price from around £250 for a basic Condition Report to over £1,000 for a full Building Survey, depending on the property size and location. While this can seem like a substantial cost, it is small compared to the potential repair bills you could face without a survey.
For example, if a survey reveals that a property requires £5,000 worth of repairs, this knowledge allows you to negotiate the asking price or request that the seller carry out repairs before the sale goes through. In many cases, the cost of the survey can be offset by the money saved through negotiation or by avoiding a bad investment.
So, is a house survey worth it?
In short, yes. While the upfront cost may seem steep, the potential savings from avoiding unexpected repairs, or gaining leverage in price negotiations, make it a worthwhile investment. A house survey provides peace of mind, helping you make an informed decision and protecting your financial investment in your new home.
