This article will help you realize why it's worth paying for an impartial survey, what you can expect for your money, and how the type of property you're buying should determine which survey you choose. Whenever you buy a property with a mortgage, the financial institution will refer to a Valuation Survey to check the property is worth lending against. Unfortunately such value exist to protect the lender's interests, not to inform you adequately as the buyer. The fact you generally pay for this survey no doubt explains why 80% of property owners rely on the lender's valuation. But on this occasion you shouldn't follow the crowd. If you're smart, you'll commission your own independent survey. When you do you must select from a Homebuyer's Report, and a Building Survey (aka a "full structural" survey).

Valuation Survey: Necessary but Insufficient

Valuation Surveys are brief and shallow because your lender is less concerned with the standard of the property than the security of their loan. In the present credit climate this loan is generally a dramatically reduced sum than your offer price. building surveying company The surveyor will often be in and out of you future home inside an hour, or may simply "drive-by". Such a survey will merely be sure the price paid is consistent with similar properties in your neighborhood given its age, condition and location. You won't scrutinise your future home for any potentially costly faults. You'll get a copy of a short and fairly uninformative report. Since you are not the client, you will have no redress over any errors. So you are unlikely to be much better informed or protected than you're before -- despite having paid up to £300 for the benefit.

Homebuyer's Report

The surveyor will often spend at least one or two hours in the property or over to half a day desigining a standard format report typically about 20 pages long. You can expect this to be written in plain English. It will assess whether the property is a reasonable purchase at the offered price so you can make an informed thinking as to whether your purchase is sound and your offer is fair. You can expect an extensive account of the property's overall condition, and a summary of any urgent or significant repairs. If you do wish to re-negotiate you will do so with a much surer grasp of the hidden costs you'd face as the new owner. The valuation should cover both market and insurance value.

Building Survey

Unlike the Homebuyer's Report this does not automatically will include a valuation if you do not ask for one. The contents will be much more detailed (up to 40 pages or more), and the language more technical. If you'd appreciate photos to illustrate the analysis, do go here before commission as there is no standard format for this survey. The surveyor will make good check of the visible or accessible the main building, spending up to and including day on site. You can expect to wait up to fourteen days for the full report. If you need to get a spoken top-line earlier you should make this clear at the outset.

You can expect reveal account of major and minor flaws, good analysis of the building's construction and condition, and technical advice on remedies and ongoing maintenance. Both survey and report can be tailored to your particular concerns.

Choosing the right Survey

A Homebuyer's Report is well suited to any standard (brick or concrete) property in reasonable condition built after 1930, which has been susceptible to little in the form of change or off shoot.

A Building Survey is worth investing in for properties built before 1930 (when building regulations were more relaxed). Period properties may not have the cosmetic foundations expected today. Full surveys are also worthwhile for any property of less conventional construction (timber frame or stone), any dilapidated building, and also anywhere which has been extensively redesigned or where you propose major alterations. You should regard the additional expense as a worthwhile investment given that such properties are more expensive to fix and harder to value.