It provides peace of mind, it could potentially save you thousands of pounds… but just don’t confuse it with your mortgage lender’s valuation. Steve Rayers extols the virtues of the home condition survey
Buying a home is one of the biggest financial commitments you’ll ever make, yet 73% of first-time buyers (FTBs) feel unsure about the process.
One crucial aspect that often gets overlooked in this journey is the property survey. But it’s a step which can save you thousands of pounds and provide much-needed peace of mind.
Recent research conducted by Pegasus on behalf of Countrywide Surveying Services found that while 60% of surveys revealed unknown issues with the property. But while many buyers remain confused about their options, understanding home surveys can help you avoid unexpected costs and ensure you’re making an informed decision.
What is a home condition survey?
A home condition survey is an independent assessment of a property’s condition.
Unlike a mortgage valuation – which is for your lender, not you – a survey can provide you with a detailed report on any structural issues, potential repairs and defects.
There are different types of surveys available, and this is where confusion arises. Many buyers are unsure about which survey to choose, who to get it from and what is included. However, the benefits are clear:
- 92% of people who had a survey said it gave them peace of mind.
- 88% said they would get one again for their next purchase.
- Only 2% of buyers decided not to proceed after receiving their survey report.
Why you shouldn’t rely on a mortgage valuation
One of the most common mistakes buyers make is assuming their mortgage lender’s valuation is the same as a survey. It’s not.
A valuation is a brief check to confirm the property’s worth for the lender, it doesn’t assess potential repairs or hidden problems. In addition, many such valuations are not provided via a physical inspection.
Many buyers wrongly believe their lender has done a full inspection, but in reality, they may not be aware of critical issues.
With surveys revealing problems in 60% of cases, skipping this step can lead to unexpected and potentially expensive repair bills down the line.
How much should you expect to pay for a home survey?
Buyers are generally willing to spend between £300 and £750 on a comprehensive home survey. Considering the potential costs of hidden issues, this is a relatively small price to pay for peace of mind and financial security.
Who can help you with your home condition survey?
With 22% of buyers relying on mortgage brokers or lenders for survey advice, it’s important to ask questions and seek the right guidance.
Don’t hesitate to discuss survey options with your mortgage adviser or an independent surveyor to ensure you’re fully informed before making your purchase.
Understanding surveys – key takeaways for buyers
- Surveys are essential: 60% of surveys uncover issues, helping buyers make informed decisions.
- Don’t confuse a mortgage valuation with a survey: A valuation is for the lender’s benefit, not yours.
- Surveys provide peace of mind: 92% of buyers found them reassuring.
- They don’t stop sales from going through: Only 2% of buyers walked away after a survey.
- Costs vary but are worth it: Expect to pay £300 to £750 for a thorough check.
One final thought for homebuyers…
Buying a home is exciting, but it’s also a major financial decision. Investing in the right home condition survey can protect you from costly surprises and ensure you’re making the right choice.
Don’t let confusion hold you back, ensure that you speak to an expert and get the clarity you need before committing to your new home.
Steve Rayers is director of strategic projects at Countrywide Home Surveys
