Buying a home? Think you’re covered because you’ve arranged a valuation report?
A valuation report and a survey are not the same thing. In fact, a valuation is only used by the lender to help them decide whether or not to offer you a loan, and to check that the property you’re buying is worth the amount you’re paying for it.
It is more for the lender's benefit and it certainly won’t point out any structural issues or damp or dry rot – the sort of things you’d really value knowing about.
That’s why it’s recommended to get a survey as part of your property purchase - whether you’re buying for the 1st time or the 50th.
What’s a survey?
A survey is effectively a health-check on the property. It gives you an independent account of its current condition and highlights potential problems that may arise in the future.
Did you know that on average, people spend a whopping £5,750* on repairs once they've moved into their new home that they hadn’t budgeted for? You don't want to be one of those people.
There are a wide range of surveys, covering different levels of detail. We know costs can add up, but surveys don’t have to be expensive and could help you save thousands of pounds in repairs down the line.
If the survey reveals any problems, you might be able to ask the seller to fix them before you purchase. Better yet, you could choose to renegotiate the asking price, taking into account the results of the survey.
Where do I get a survey?
Go for a surveyor that is a member of a recognised governing body, such as RICS (Royal Institution of Chartered Surveyors). If you want peace of mind, you can arrange your survey through Countrywide Surveying Services. They have access to over 500 RICS qualified surveyors so can arrange for someone with local knowledge and experience to survey your potential new home.
The different survey reports available are:
1. HomeFact® Report
This is a property condition report designed to offer you essential information about the home you are buying. It will help you understand your new home better - its condition both inside and out, and what you need to do to maintain it.