Article Author Mark

What is a Property Survey? How Getting One Could Save you Money.

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When you are looking to buy a property, it is very important to have it checked over by a professional surveyor before purchase. This will ensure that you are fully aware of any faults and issues with the property so that you can make an informed decision on whether to buy, not to buy or to renegotiate your price.

There are three main types of reports you can choose from:

  • Valuation Report.

This is the least expensive and most basic report; it is important to realise that this is not a survey.  When commissioned by a mortgage company, the valuation is for the benefit of the mortgage company and should not be relied upon by the purchaser of the property. It is merely to assess the suitability of the property for secured lending purposes.  Therefore, it is not intended to identify defects or problems with the property.

  • HomeSurvey Report.

This is much more thorough than a valuation report. Often referred to as a Level 2 or Middle Report, this type of survey comments on all the main aspects of the property both internally and externally. It highlights matters to be checked by your solicitor, together with an insurance figure. It is laid out in simple format and ideal for most residential properties.   The HomeSurvey Report can be undertaken both with and without a valuation.

  • Full Building Survey.

This is the most comprehensive option; it provides a thorough analysis of the structure and condition of the property, assessing it for potential or present problems. Whilst suitable for any building, this type of survey is particularly recommended for older properties and commercial.  Furthermore, this survey can be undertaken both with and without a valuation.

Benefits of a property survey

If the survey arises any serious problems with the property, you can often re-negotiate its sale price to reflect the cost of necessary repairs – or you may even decide you don’t want to proceed.

It is far more sensible to be aware of any issues before you buy a house so that you can make an informed decision about how much you’re willing to pay for it and, if necessary, budget for any repair work that will be required.

Purchasing a property with structural issues and defects can be expensive to rectify; so a property survey can seriously save you from making a very costly mistake. Focus on the long-term expenses rather than the one-off, short-term expense of the survey, and make sure you minimize the risk of major problems in the future.

Jason Williams, Senior Director at Mallard says “It is our experience that more often than not, a survey will save a buyer several times more than the cost of the survey, plus it gives purchasers peace of mind.”

At Mallard, we are experienced property professionals. Our chartered surveyor services include a variety of property reports, so visit one of our local offices in Mumbles, Ammanford, Llanelli visit or phone us for more information. Let us help you have peace of mind over your upcoming purchase!

Article Author Mark


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