Whenever you plan to buy a property, you want the one in the finest condition and meeting the legal standards so that you may not face any legal issues or repair costs once you have bought it.
Getting these benefits requires having a detailed property survey before making a purchase. A property survey is conducted by RICS-certified surveyors. It is like a total scan of the property exhibiting a complete layout as well as the current structural condition.
They assess its boundary, wiring, condition of the walls, woodwork and plumbing, etc., and give you a complete report about the property’s condition and help you identify any hidden defects on time. This helps you negotiate with the other party about the property’s price.
In brief, a property survey sums up all the pros and cons of the property in an expert report, enabling you to decide confidently about purchasing a specific property.
Are Property Surveys Really Beneficial?
One may think that having an expert survey is merely a waste of pounds, but the facts are the other way around. According to an estimate, 80% of homeowners who skip property surveys and buy without verification later spend an average additional cost of £5750 to carry out repairs.
Along with this hefty amount is the hassle of repair and the risk of any legal penalty if the property you’ve bought does not meet legal standards. Having a property survey can help you save from these kinds of problems and be clear about purchasing that property.
Types of Property Survey
A property house survey has three levels, Level 1, 2, and 3; each addresses the property details differently.
Level 1 Survey
It is the most basic survey of a property. It uses traffic light ratings and provides an overview of the conditions and significant issues in the property. Usually, it takes roughly 2 hours to conduct a level 1 survey.
It is not a detailed survey. Generally, these kinds of surveys are better for properties in good condition.
Cost for Level 1 Survey
It costs you around £300 – £550 to have a level 1 survey.
Level 2 Survey
Comparatively to the level 1 survey, this is a little detailed survey and is feasible for properties in reasonable condition. It’s a non-intrusive survey that looks for the issues that can affect the property’s value, like dampness, subsidence and any issue that violates the building regulations.
Technically, in this survey, the surveyor looks for surficial problems, which are evident. The surveyor would not look behind the furniture or under the floorboards to spot any flaws. Usually, it takes 2-4 hours to conduct a level 2 survey.
Cost for Level 2 Survey
The cost of a level 2 survey starts from £330.00.
Level 3 Survey
This is a detailed survey of the property, having a comprehensive report about the property’s condition. This survey includes looking from the visible issues like paint and dampness to collecting minor details under the floorboards, behind the wooden items, etc.
It’s a thorough analysis of the property’s condition and structure. A level 3 survey is conducted for a building over 50 years old. This survey can take 4-8 hours to complete.
Cost for Level 3 Survey
The cost of a level 3 survey starts from £600.00.
Factors Affecting the Costs of Property Surveys
The costs of property surveys are variable from level 1 to level 3. Each company has its prices. There are several factors that affect the cost factor:
- Location of the property, whether it is nearer to the surveyor.
- Nature of the terrain as areas that are hard to survey cost more.
- Size of the plot as you have to pay more for bigger plots.
- Type of the survey you need for your property.
The best way to know about costs is to reach them, tell them your demands and have an estimate about the service charges.
What Are the Condition Ratings of a Survey?
The condition rating is a traffic lights-based rating system to indicate the property’s condition, whether it’s good, average or below average condition.
Green means everything is fine, and it’s good to go with that property.
The amber rating indicates some defects with the property; however, they are not so urgent to be repaired right now.
Red is not a good sign. This rating talks about some issues that need immediate attention.
Difference Between Mortgage Valuations and Private Property Surveys
Mortgage surveys are arranged by the party who lends you a loan for a house survey. The lender will make arrangements for a survey after you apply for a mortgage.
They will hire surveyors themselves to inspect the property. The mortgage lenders will also ensure they can safely lend against it. As mortgage surveys are done on someone’s behalf, these surveys are not very detailed and provide little information about the
Contrary to this, a private valuation is arranged by the homeowner. They make all the arrangements and bear the survey costs. It is also noteworthy that a privately conducted survey is more detailed on which you can rely.
Having a property survey is quite beneficial. It guides you rightly to make an informed decision about purchasing the property. This survey lets you invest wisely in safe and legally compliant property.
Bidston Draughting has highly skilled and RICS-certified property surveyors. Hiring our surveyors can help you know about the real worth of your new property and make a wise decision.
Generally, it is the homeowner’s responsibility to make arrangements for the survey and pay its costs.
A snagging survey is conducted when you have to buy your property from a developer. This survey is beneficial as many new homes may have potential issues you must be aware of before buying.
The time needed for a survey is variable depending on the type of survey and the details needed.