Home surveys – are they a total waste of money or the best decision you could make when buying a new property? We’ve taken it upon ourselves to do some myth busting for you so you know the true facts when considering if a survey is best for you.
Myth 1: Every house survey is the same as the next
Truth: There are several types of surveys you can have on your home. There are the Homebuyer survey, Building survey and Specific Defect survey. Homebuyer is based on the overall condition of your home and if there are any major areas that need attention. The survey offers advice on repair work and how it may affect your property’s value. Building is more of an in-depth evaluation and is vital if you’re planning to do major work on your home. The Specific Defect survey looks at specific structural issues and offers recommendations on repair work.
Myth 2: Reports are vague so the surveyor cannot be held responsible
Truth: Some say the report from your house survey will be vague, so if the surveyor has missed anything or advised incorrectly, they won’t have any legal issues come back to bite them. This is just absolutely false. It’s important you look around and find a survey company you trust that is experienced and reliable, ideally with RICS accreditation, but this is not the only professional accreditation. A good surveyor will cover your home from head to toe and will sit with you and ensure you fully understand their feedback.
Myth 3: A house survey is not needed when having a valuation
Truth: A valuation and a survey are two very different things. A valuation is a brief look around the house to check it looks adequate enough to secure a loan. A survey is from an independent specialist company, looking at your home in great detail. They provide an unbiased report on any potential problems your home may have along with any maintenance advice.
Myth 4: A survey is a legal requirement
Truth: It’s entirely your choice if you want a survey carried out on your new home. It’s just strongly recommended, as any problems will be flagged up and you can factor the cost of repairs into your budget. You may be able to use the information to negotiate the asking price down too!