Types of housing buying surveys

Buying a house is a significant financial commitment, and ensuring that the property is in good condition is crucial. House buying surveys provide buyers with essential information about the condition of a property, identifying any potential issues that may affect its value or require future repairs.

1. Mortgage Valuation Survey

• Purpose: A mortgage valuation survey is primarily for the benefit of the lender rather than the buyer. It confirms whether the property is worth the price being paid and if it provides sufficient security for the mortgage loan. You’re unlikely to have sight of this survey but if the valuer deems the property unsuitable security or the purchase price to be too high, you will be informed.

• Scope: basic assessment of the property’s market value, identifies any obvious major defects that might affect the property’s value.

• Cost: The cost of a mortgage valuation survey typically ranges from £150 to £1,500, depending on the property value and lender requirements.

2. HomeBuyer Report

• Purpose: The HomeBuyer Report offers a detailed analysis for buyers, suitable for standard properties in reasonable condition. It helps buyers make informed decisions by providing a thorough examination of the property. It’s recommended to have this type of survey done as it’s designed to tell buyers the true condition of the property, highlight any issues affecting the property and how much they can expect to spend on repairs. It may also give grounds to negotiate a better purchase price or request that the seller correct certain issues prior to exchange of contracts.

• Scope: Evaluates the condition of the property inside and out, identifies any structural problems such as damp or subsidence, includes advice on necessary repairs and ongoing maintenance and provides a market valuation and insurance rebuild cost.

• Cost: HomeBuyer Reports typically range from £400 to £600.

3. Building Survey (Full Structural Survey)

• Purpose: The Building Survey is the most comprehensive option, ideal for older properties, properties that have been significantly altered, or those in poor condition. It offers an in-depth analysis of the property’s structure and condition.

• Scope: detailed examination of all accessible parts of the property, identifies minor and major defects, potential problems, and necessary repairs, advice on maintenance and estimated repair costs. This report does not usually include a market valuation but can be arranged if required.

• Cost: Building Surveys generally cost between £500 and £1,500.

House buying surveys are an essential part of the property purchasing process. They provide critical insights into the condition of a property, helping buyers make informed decisions, negotiate better deals, and plan for future maintenance. By choosing the right survey and consulting with a professional surveyor, buyers can protect their investment and ensure their new home is a sound and safe purchase. Your Faulkner O’Connell adviser will arrange for a trusted surveyor to contact you to discuss your options.