Different Homebuyers surveys
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What are the different homebuyers surveys I can get?
1. RICS Condition Report
2. RICS Homebuyer Report
3. RICS Building Survey
4. Full Structural Survey
5. New-build Snagging Survey
6. Mortgage Valuation Survey.
When you’re buying a house, having it surveyed before you sign a contract is essential. It ensures that you’re not buying the property with any issues you’re not aware of, and can sometimes mean the price is reduced if there are lots of repairs needed. It can be overwhelming knowing which survey is best for you. We Buy Any House break down the various surveys, so you know which you should get.
RICS Condition Report
A RICS Condition report will describe the condition of the property, identify any risk or legal issues, and highlight any critical defects. These surveys are best for new builds or traditional houses that are in good condition. You won’t receive any advice from the surveyor, or a valuation of the property. It’s the cheapest, most basic survey that you can have for approximately £250.
RICS Homebuyer Report
This survey will identify some structural problems like subsidence or damp. It won’t look under the floorboards or in the walls, however. They’re best for conventional properties that are in a reasonable condition. A Homebuyer report will include a property valuation if you request one, so you can haggle with the seller if the valuation comes back much lower than the sale price. It’s a more in-depth and expensive survey, costing around £400.
RICS Building Survey
A building survey is more in-depth and will highlight issues in the house. It will also prioritise the problems found, suggest how to repair them and tell you the consequences of not rectifying them. Building surveys are ideal for larger or older properties, or if you’re planning major work in the house. A building survey tends to cost £400-£500.
Full Structural Survey
This is the most comprehensive survey, which is very extensive. It will include the surveyor’s opinion on the developments of future defects as well as immediate issues. It’s best suited for residential properties, especially older houses that you already know will need a couple of repairs. As they are more extensive, a full structural survey will usually cost £600+.
New-build Snagging Survey
These are an independent inspection that will take place before the new-build sells. Any issues discovered should be repaired by the developer before you move in. Depending on the size of the property, these will cost around £300.
Mortgage Valuation Survey
A mortgage valuation survey is to confirm for your lender that the house you’re buying is worth the amount that they’re lending you. This will cost from £150 up to £1500 depending on the size and condition of the house you’re buying.
What do I do if the surveys find issues?
The most common issues discovered through housing surveys are –
- Electrical installation
- Roof issues
- Central heating faults
- Structural problems
If these issues are found in the house, you should contact the seller and see if they’re aware of them. If it’s issues with the central heating, for example, and they had a new boiler installed last year their warranty might still be in place which will cover the repair. This will save you money. You can also get some quotes from a builder if there are structural issues. You can use these quotes to negotiate a lower price as you need to factor in the costs of these repairs, or you can request that the seller gets the issues dealt with before the completion of the sale.
If you’re trying to sell your house currently and are struggling to sell it because of issues with the structure, get in touch with us at We Buy Any House. We can provide you with a free offer and see how we can help you sell quickly and easily.
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