Buying a home can be mind-boggling. There are so many things to consider before you can go and pick up the keys and sometimes this really can seem like a long and complicated process. In the interests of making the process a little less confusing, here are the six main types of homebuyer’s surveys and the lowdown on when you might need them.
Condition Report
This is a basic survey that will tell you whether the property looks OK from the outside and whether it is likely to be worth the money you are paying for it. This type of survey is most useful if you are buying a new-build property and you don’t need a mortgage.
Homebuyers Report
This is a more in-depth survey that you can instruct for your own peace of mind. Although there is no legal requirement to have this type of survey done, it is incredibly popular with homebuyers who want to know that the property they are buying is sound or whether they can expect to carry out a lot of work on it. The Home buyers report cost can vary depending on the size of the property you are buying.
Structural Survey
This type of survey checks everything from the foundations to the roof of the property, leaving no stone unturned. This can be expensive, but it is worth paying for if you are buying an older property or you are concerned about any aspects of the building you are purchasing. It is better to pay for this type of survey while you can still walk away from your purchase rather than buying the property and then realising that you will have to carry out a lot of repair work to restore it to a viable condition.
Do You Need All These Surveys?
Although there is no legal reason why you have to have one of these surveys carried out before you go ahead with your purchase, it is best that you instruct one of these for your own peace of mind. If you are unsure as to which option to pick, it is best to discuss it with an experienced professional such as those accessible through Sam Conveyancing.
Other Surveys
There are three other surveys that you might be advised to have in addition.
Mortgage Survey
If you are applying for a mortgage, your lender will want to know that it is safe to lend you money against the property. You will need to instruct a mortgage survey, and this is similar to a condition report. However, although you will have to pay for it, the survey is carried out on behalf of the lender rather than yourself, so you have no means of recompense if the survey doesn’t pick up an issue.
Snagging Survey
If you are buying a new build property, you may be advised to have a snagging survey. This identifies any defects that need to be fixed by the builder before you buy the property. You are usually covered by the builder’s own insurance for the first ten years after the property has been built, but you will save yourself a lot of headaches if you have this type of survey carried out.
Ecology Survey
If you are planning to build your own home, you could be advised to conduct an ecology report before you get planning permission. This will report on any protected species in the area and the effect your house building will have on their habitat. The outcome of this report will greatly influence whether you get planning permission to build your home.