What is a Home Survey?
A home survey is a detailed inspection of a property's physical condition. It aims to identify any issues or defects that might not be clear during a standard property viewing. The surveyor's job is to check the structural integrity, safety, and condition of the house. The information gathered in the survey report can influence your decision-making process. Getting a survey can save you from unexpected repair costs down the road.
Types of Home Surveys
There are several types of home surveys available, ranging from basic to comprehensive. The type of survey you choose depends on various factors, including the property's age, condition, and your budget.
1. Valuation Survey:
This is the most basic type of survey and is often required by mortgage lenders. It focuses on determining the property's value. Ensuring that it's worth the amount you're borrowing. While it may highlight significant issues, it won't provide in-depth information.
2. Homebuyers Report:
A Homebuyer's Report is a more detailed survey that assesses the property's condition. It includes information about structural issues, dampness, and any other significant defects.
3. Building Survey:
Also known as a structural survey, this is the most comprehensive option. It's recommended for properties in poor condition. A building survey examines the structure, including walls, foundations, roof, and more. It provides a detailed analysis of any defects and recommended repairs.
Once you have the survey
After the survey is complete, you'll receive a detailed report outlining the findings. Review this document to understand the property's condition and any recommended actions.. If significant issues are discovered, you can may need to re-look at the agreed asking price