A property survey is an important document that provides valuable information about a property you are planning to buy or sell. A property survey typically includes details about the location and dimensions of the house, any structures on the property (such as sheds or garages), and other features like fences or utility lines. It helps ensure that there are no boundary disputes or encroachments from neighbouring properties, giving you peace of mind when making a real estate transaction.
By obtaining a property survey, you can have a comprehensive view of the property’s layout, which can be useful for planning improvements, resolving any potential issues, and ensuring a smooth buying or selling process. A property survey is the only way to ensure that what you’re buying or selling is sound. Just like you wouldn’t buy a car that hasn’t been tested and safety-checked, a property survey provides a thorough examination of the property, identifying any potential issues or discrepancies. It gives you the confidence that you’re making an informed decision about the property, protecting your investment and avoiding potential headaches down the road.
Benefits for Buyers
As a buyer, getting a survey done while purchasing a property is a wise decision, even though it may initially appear as an additional cost. Think of a survey as an X-ray of the property, revealing hidden issues and potential problems that may not be visible to the naked eye. Just like an X-ray helps diagnose medical conditions, a survey provides essential information about the fabric of the property, ensuring that you are making an informed investment and avoiding potential future expenses. It helps identify structural issues, dampness, electrical problems, and other defects that may not be apparent during a regular inspection. By uncovering these problems early on, you can negotiate a fair price or decide against purchasing the property altogether.
Benefits for Sellers
As a seller, getting a property survey done at the time of listing can significantly enhance your chances of attracting committed buyers quickly. In fact, one of the most frequent causes of home sale fall-throughs are bad surveys. When you provide potential buyers with a comprehensive survey report, it instills confidence in the property’s condition and demonstrates your transparency as a seller. By addressing any potential issues upfront, you avoid surprises that could lead to a fall-through later when the buyer conducts their own survey. This upfront warning about any serious problems that might affect the asking price allows you to set a fair and realistic price from the start, minimising the risk of negotiations falling through due to unforeseen issues. While it may incur an upfront cost, this expense should be viewed as a valuable investment in attracting committed buyers and ensuring a smoother transaction process. Ultimately, it saves you time, reduces the likelihood of renegotiations, and improves the overall experience for both parties involved.
What types of surveys are there?
In the UK, there are three levels of property surveys:
- The Condition Report (aka Level 1) is the most basic and provides an overview of the property’s condition.
- The HomeBuyer Report (aka Level 2) is more comprehensive and includes additional information about potential issues.
- The Building Survey (aka Level 3) is the most detailed and suitable for older or unique properties, as it covers all aspects of the building’s structure and condition.
What are some common issues found in surveys?
Here are some of the most common problems that can be found in a building survey:
- Structural problems, such as cracks in the walls or foundation.
- Damp and rot.
- Electrical problems.
- Plumbing problems.
- Roof problems.
- Heating and ventilation problems.
- Security problems.
What is the typical cost of issues found in surveys?
| Issue | Typical Cost |
|---|---|
| Asbestos – Safe removal | £2,500 |
| Damp – Damp-proofing | £2,750 |
| Electrical issues – Full rewire | £4,000 |
| Faulty drainpipes – Replacement of drainpipes and gutters | £650 |
| Flat roofing – Replacement of a flat roof | £1,200 |
| Insulation problems – Upgrading insulation | £1,500 |
| Japanese knotweed and other invasive plants – Professional removal | £3,000 |
| Roof issues – Replacement of up to six broken tiles | £100+ |
| Roof issues – Complete re-tiling (three-bedroom house) | £7,000 |
| Structural movement and subsidence – Fixing typical structural issues | £13,500 |
| Woodworm and beetle infestation – Treatment and repair | £1,000 |
How do I find a good surveyor?
Here are some tips for choosing a surveyor:
- Word of mouth: get recommendations from friends, family, or colleagues.
- Check the surveyor’s qualifications and experience.
- Make sure the surveyor is insured.
- Get a written quote before the survey begins.
- Or – leave it with conveyo! We’re a real estate automation company specializing in taking the hassle out of the home buying and selling process. We arrange services such as property surveys, EPC certificates, gas safety checks, etc. so that you don’t have to.
Remember, you don’t have to accept the results of your building survey as final. If you’re not happy with what you’ve been told, you can always get a second opinion from another surveyor.
A building survey is an important investment that can save you money in the long run. By getting a survey done, you can avoid buying a property that has major problems.