Whether you’re a first-time buyer, relocating across the country or looking to downsize after the kids have (finally) moved out, getting an offer accepted on a property is very exciting.
You start thinking about how you want to decorate your new home, where all of your furniture will go and what new things you’re going to need, but you also need to be aware of what might need fixing—and what those fixes might cost you above and beyond the value of the property.
And this is where property surveys come in.
But what exactly is a property survey, and what types of property survey do you have to consider?
What is a Property Survey?
Let’s start with what a property survey—at least in this context— is not: and that’s a mortgage valuation survey. These are usually required by your lender and help to determine that the price of the property is accurate, and that the amount of money you’re borrowing actually matches what you’re paying. Mortgage valuation surveys do not look at the condition of the property in depth, but they will uncover potential defects that impact the value of the building.
However, in this article we’re going to be looking at property surveys that you’ll have to arrange yourself. Although not a legal requirement, it is highly advisable to carry out a property survey to ensure you’re not going to be faced with high costs of repair work when you move in.
Types of Property Surveys
There are multiple types of property surveys, and the ideal one for your new property will depend on the size, type and age of the property you’re purchasing.
Let’s take a look at four of the most common property survey types in more detail.
Condition Report
This is the most basic type of property survey and will highlight any serious or urgent issues that need to be resolved. Condition reports don’t go into much detail though, so they are only recommended for new homes or properties that are in demonstrably good condition. Condition reports are also known as Level 1 surveys.
The average cost of a condition report is approximately £300.
Homebuyer Report
Homebuyer reports, also known as Level 2 surveys, give a more in-depth overview of a property, highlighting any issues that could affect the value of the property and things that might need ongoing maintenance, such as damp or subsidence.
Note that a homebuyer report will only cover what is initially visible to the surveyor. They will not drill into walls, lift floor boards or inspect any areas of the property that aren’t accessible.
The average cost of a Home Buyer report is approximately £400.
Building Survey
Building surveys, also known as Level 3 surveys, are the most detailed type of survey available to you, and as a result they’re also the most expensive.
During a buildings survey the surveyor will assess the entire structure of the property, including the chimney, attic, cellar and walls, as well as checking underneath floors where possible.
The scope of a level 3 buildings survey makes them ideal for older properties or buildings that require extensive renovation.
The average cost of a building survey is approximately £600, but it can be higher.
New-Build Snagging Survey
If you’re buying a new home off-plan, i.e. you’re going to be the first to own the property, a new-build snagging survey will identify any cosmetic defects that can be shared with the developer to be resolved. For example, this might include paint on carpets, scratched windows or doors not closing properly.
The average cost of a new-build snagging survey is approximately £300.
Benefits of Property Surveys
Property surveys are not a legal requirement for buying a property, but choosing to forego one in order to save the few hundred pounds they cost could be a big mistake.
That’s because a property survey will highlight any significant or urgent issues that you could end up paying thousands of pounds for, far outweighing the cost of carrying out the survey in the first place.
Ultimately, this is the primary benefit of a property survey, and you can use the findings uncovered by the survey to negotiate a lower price, and often this will represent significantly more than the cost of the survey itself.
In some cases a survey might even identify issues so extensive that you decide to pull out of the sale altogether. Although you’ll lose the money spent on the survey and any legal fees accrued up to that point, this is preferable to completing the purchase of a property that’s going to lose you even more money in the long run.
How Much Do Property Surveys Cost?
How much a property surveys costs depends on a number of factors, and not just the level of survey you choose to go for.
The biggest factors impacting the cost of a property survey are the size and value of the property. The larger and more valuable the home, the more expensive the property survey will be.
Costs will also vary between different providers, but we’d recommend choosing a surveyor with a good reputation and strong reviews, rather than going with the cheapest. For most people, buying a property will be the greatest investment they make in their lives, and an accurate survey is essential to ensure that it’s a good long term investment.
What to Expect During a Property Survey
After instructing a surveyor to carry out a property survey, they will liaise directly with the estate agents and arrange for the survey to be conducted at a time that suits the vendor.
Typically, the survey will be conducted in a single day, and it will take an average of three-to-five working days to compile level 1 and level 2 surveys, while level 3 surveys can type around eight working days, although exact time frames will depend on the scope of the survey and the workload of the surveyor.
Note that there are some things a surveyor won’t do as part of a property survey:
- Surveyors won’t perform invasive tests or conduct laboratory testing of materials.
- They will not move furniture or belongings, including permanent fixtures, that might obstruct access to certain parts of the property.
- Specialist reports, for example drainage reports, electrical and gas safety checks, or heating system inspections.
Common Issues Found in Property Surveys
So, what can you expect your property survey to uncover? There are all kinds of problems that might be identified, but some of the most common include:
- The presence of asbestos.
- Cracking to walls, including what might be causing those cracks to appear.
- Signs of damp, although serious damp issues might require a more specialist damp report to provide more insight into the issue.
- Dry rot present in the property’s woodwork.
- Inefficient or missing insulation.
- Invasive plants, for example Japanese knotweed
- Missing safety certifications, for example Gas Safety Records, Boiler Test Certificates or Electric Test Certification.
- Missing carbon monoxide or smoke alarms
- Issues with roofs, for example chimney flashing, missing or cracked tiles and structural problems.
- Subsidence.
- Unapproved building alterations, such as extensions, that were made without planning permission and that might not comply with current building regulations.
Trust Happy2Move for Your Removal Needs
Hopefully your property survey will come back showing few serious issues and you’re able to go on to complete the purchase and move into your new home.
Nevertheless, there’s still going to be a lot for you to worry about when you move, including some of the maintenance work highlighted in the report and working out what you need to buy for your new home—so why not let us take care of your actual move for you?
Here at Happy2Move we’re one of the most trusted providers of house removals in London, offering a fully insured service that even includes help with disassembling and reassembling furniture. We’ll tailor your whole move for you, and we’ll even send one of our team to your house to assess your specific needs before providing you with your bespoke quote.
Ready to find out more? Get in touch with our expert team today and find out why we’re trusted by homeowners across London for house removals.
