Do I Need a Home Survey When Buying a Property?
Buying a property comes with a lot of risks. Whether you're buying a new build house or a Grade II listed cottage, every property could potentially have a hidden problem that you could have easily missed at a viewing. As this is likely to be one of the biggest purchases of your life, it's extremely useful to know the ins and outs of the property before exchanging and completing.
A home survey gives you an insight into your prospective purchase and highlights any issues that should be taken into account. While a home survey is not a legal requirement during the house buying process, it is highly recommended.
The Types of Home Surveys
There are three different types of home surveys and depending on the age, condition and structure of the property, it matters which one you choose.
- RICS Level 1 Home Survey - A Level 1 Survey is typically recommended for newer properties that look in good condition. It gives an overview of the property's condition and highlights any noticeable issues that need attention. It does not give detailed advice on repairs or maintenance.
- RICS Level 2 Home Survey - This survey is the most popular option for buyers, suitable for conventional residential properties that have not undergone significant structural changes. Previously called a Homebuyers Report, it includes all features of the Level 1 Survey, as well as damp, timber decay and movement identification, inspection of the roof space and advice on repairs.
- RICS Level 3 Building Survey - This type of survey is the most detailed survey available. Featuring a much more detailed inspection of the property, it is highly recommended for older properties, listed buildings or properties needing renovation work. The report covers structural issues, causes of problems with repair advice and any visible building regulation violations if a property has been extended or had it's layout changed.
The Importance of Home Surveys
By choosing to have a home survey, you can feel more certain in your decision to purchase a property and proceed through the buying process with confidence. Further benefits include:
- Provides you with the ability to renegotiate the purchase price or withdraw altogether if issues are found
- Highlights significant problems that would have stayed uncovered
- Gives you complete peace of mind and a better understanding of the property
- Allows you to prepare and budget for upcoming works if you are renovating
Do New Build Properties Require a Home Survey?
Although new build homes may seem like the safest option when it comes to buying a property, they can still come with their own issues. It is unlikely that a brand new property will need a Level 1, 2 or 3 Home Survey which is why a Snagging Survey is the best option when buying a new home.
A Snagging Survey helps to identify a range of faults or unfinished work and is specifically designed for new build properties. From minor issues like missing and cracked roof tiles to major structural issues such as structural movement and cracking, it is a worthwhile step in the process to ensure you receive the highest standards of workmanship.
Our Thoughts
A home survey is a useful tool that allows you to buy a property with confidence. Even though they are not legally required, the benefits are very important to consider before moving forward with a property purchase.
At Southdown Surveyors, our experienced RICS surveyors carry out all levels of Home Surveys across the South East. Get in touch with our team today to see how we can help you.
