Property surveys are an added cost for people moving home or wondering about potential defects in their building. For this reason, many question their necessity and there are a few myths about what surveys are… and what they are not.
We are here to clear up some of the most common property survey myths and help you decide for yourself whether you should book a survey or not.
Myth 1: A property survey is the same as a mortgage valuation
What is a property survey? A property survey is not necessarily concerned with the value of your property. There are different types of property surveys available, suitable for different scenarios, but your surveyor will be interested in inspecting the property’s condition and investigating defects. This is especially useful when buying a property as you learn about any issues before committing, allowing you to pull out or negotiate.
A mortgage valuation seeks to determine the accurate value of the property. Mortgage lenders need this valuation to decide whether the property is worth the loan you are asking for (and whether they would be able to recoup their money if you default on payments).
The valuation report is essentially a risk assessment for the lender to ensure the property fits with the lender’s policy.
Mortgage valuations take less time and will not give detailed feedback on the property’s condition.
Myth 2: New-build properties don’t need surveys
It is reasonable (but unwise) to assume new builds do not need surveys. After all, what issues could a brand-new property possibly have? Realistically, new build homes should not have any major structural problems, but you might be surprised at how many imperfections there can be. All that is needed is an inexpensive snagging survey, officially detailing any small issues such as poorly fitted windows, minor cracks in walls and paint splatters, arming you with a list your developer should rectify at their expense before you move in.
Myth 3: Surveys always uncover major problems
Some people think surveyors go out of their way to uncover major problems, causing more stress than if you never knew about the issue in the first place. However, while surveyors will always thoroughly inspect a property, they will not always discover anything of great concern.
Whether your surveyor discovers a major problem or not, you are assured peace of mind that there is either nothing to worry about, or that you have the information you need to take action!
Myth 4: Sellers must fix everything found in a survey
If you are buying, a survey is not simply a list of things the seller must sort before you proceed. Even very serious problems are not automatically the seller’s responsibility: everything is negotiable.
What a survey does provide is essential information helping you decide
a) whether you still want to purchase at all;
b) whether you will only proceed if the seller addresses certain issues;
c) whether you want to negotiate a discount to acknowledge problems found.
Both buyers and sellers should be aware that there may be negotiations following the findings of a survey.
Myth 5: Surveys delay the buying process
Buying a property can feel like a frustrating, drawn-out process and many feel surveys simply make things take even longer. However, surveys often save time in the long run by identifying issues early, leaving time for negotiations and avoiding unexpected issues down the road.
The time a survey takes depends on a few factors including the type of survey needed. Generally speaking, a surveyor will visit the property within a few days of instruction and deliver their report within a couple of weeks.
Instructing your survey early will allow the process to be completed (even allowing for follow up action) whilst your legal enquiries are going on in the background.
Myth 6: All property surveys are the same
There are different types of property surveys suited to different properties and the customer’s needs:
Level 1: RICS Home Condition Report
Level 1 Home Condition Report is perfect for conventional and newer properties, offering an in-depth look at the property’s overall condition, urgent defects and any potential legal issues.
Level 2: Homebuyers Report (Home Condition Survey with or without valuation)
A level 2 property survey is designed for properties up to 100 years old and covering everything in the Level 1 report plus timber/damp issues; drainage; insulation; and Japanese knotweed.
Level 3: Building Survey (commonly called a Structural Survey)
A very in-depth survey for large, unusually constructed, extensively altered or old properties. It assesses potential problems caused by hidden flaws; risks of subsidence, structural movement, dampness and woodworm; repair options; and specific advice on what could happen without intervention.
Snagging Survey
If you are buying a new build, a snagging survey puts your mind at rest that there is nothing of serious concern and provides a list of imperfections for the developer to rectify at their cost.
Get in touch
Hopefully we have cleared up some myths, misunderstandings and misconceptions about property surveys and helped you decide whether you need one or not. Failing to get a timely survey can lead to greater expense and headaches in the long run.
At Trinity Rose, our team of experienced, Chartered Surveyors offer a range of surveying services and are here to help. If you have any questions or would like to talk about your options, please get in touch.