Before you buy a property, you will first need to get a qualified surveyor to inspect the condition of it. In the UK, there are three main types of property inspection reports, which include mortgage valuations, homebuyers’ surveys and structural surveys.
The mortgage valuation report is the cheapest in price and is basically designed to check the property is in reasonable condition and worth the purchase price.
The Homebuyers survey is more in-depth and aims to uncover any problems with may require urgent attention or repairs. Finally, the structural survey is designed to inspect the property’s structure in great detail and outline any potential problems that may not be obvious to the homebuyer. Out of the three it is the most expensive and takes the most time, which often has people questioning whether it is really necessary?
Here we will outline some of the benefits of having a structural survey and cases where you might need one, to help you determine whether it’s worth getting one on the home you intend to buy.
Benefits of structural surveys
A simple mortgage valuation report or homebuyers’ survey will not uncover all of the issues your property may have, which could put you at risk in the future. If however you choose to pay for a structural survey, the surveyor acting on your behalf will be legally required to identify any major problems with the property. If in the future there are problems with your property that should have been picked up in the structural survey, you may be eligible to claim compensation.
Having a structural survey carried out on the property you intend to buy will also give you a better idea of the costs of the repairs you need to make. This will make it much easier for you to determine its value and set yourself a budget. In many cases, if a structural survey identifies a number of costly issues with a property, the prospective buyer can use the findings to get the seller to drop the price of the property.
Finally, structural surveys can save homebuyers from purchasing a property that has too many things wrong with it. If the structural survey identifies a lot of issues that could potentially cost thousands of pounds to repair or cause harm to those living in the property, the homebuyer will have had a lucky escape!
When are they necessary?
If you are still unsure whether or not to have a structural survey carried out on the property you intend to buy, you may want to consider its age. If the property is newly built (e.g. in the last ten years) it should still be covered by a warranty so you will be compensated if anything is wrong with the property. This means you should be able to get away with a simple mortgage valuation or homebuyers’ survey instead.
If however you are planning on purchasing an older property that appears to need a lot of work, it is advised that you spend the extra money on a structural survey, as it could help you get the property at a lower cost or even change your mind about purchasing the property. Also it’s worth you finding a Surveyor with local expertise for your area, type a term like Chartered Surveyors London to find a Surveyor in your area.
If the building needs a lot of structural work or you are planning on converting it, it is highly recommended that you pay a chartered surveyor to carry out a structural survey for you.
Conclusion
At the beginning of this article, we posed the question ‘are structural surveys really necessary?’ and for those looking to purchase older properties or those in a poor condition, the answer is most definitely yes. However if you are purchasing a new build that is still covered by warranty, you may want to save your pennies by choosing a mortgage valuation or homebuyers’ survey instead.