When you have the survey done you normally do not yet own, or have responsibility, for the property so you are in a position to bring any issues identified to the attention of the current owner. This could mean that any potential costs involved are used to renegotiate the offer on the table. In some cases this could mean a lower selling price but many owners work with the buyers and the agent to come to a workable solution. These could differ depending on the survey findings. If the survey finds no or minimal issues then that should help to give you a good night’s sleep. If it finds problems you are forewarned and can plan a contingency.
The age and condition of the property should decide which survey you should opt for but I feel the heading should read “How much will it SAVE ME in the long term?”
Where can I find a Surveyor?Ask friends, family or locals who they used and ask for feedback. Using a surveyor with good knowledge of the local area and the various houses and flats within it may give additional insight to common issues within the area or if you are buying a very particular type of property, such as a listed building or a very unusual construction a surveyor that specialises in such properties will have a better understanding of what to look for.
- Ask your agent, solicitor or mortgage supplier – in some cases they might receive a referral fee from the people they recommend.
- Search the Internet – you will get many organisations who offer free quotes, money saving sites who can give you advice and local firms if you enter in your location.
- Governing body websites – Royal Institution of Chartered Surveyors (RICS) or Residential Property Surveyors Association (RPSA)
- There are many ways to find a surveyor but please ensure that they are a member of a recognised governing body. RICS https://www.ricsfirms.com/ and RPSA http://www.rpsa.org.uk/ are the main two.
It’s very hard to nail down a cost for each different type of survey as it depends on size, age of property, condition and location but here is a general indication.
What will it cost?
Type of survey and estimated cost
Condition Report £300 and upwards
HomeBuyer Report (Survey only) £350 and upwards
HomeBuyer Report (Survey and Valuation) £450 and upwards
Building Survey £500 and upwards
Please see previous Blog A brief look at Surveys - Why have one? And what do they cover?
Enter “building survey quote” into any search engine and you will get multiple sites all offering free quotes. For most you will only need to enter your postcode and number of bedrooms bu ensure you read the reviews before booking!
Look out for the next instalments:
What happens if the survey highlights issues ?
What is the impact for the seller