If you’ve had an offer accepted on a property, you’ll be wondering whether you need a house survey and if so, which one. Although they are not essential, property surveys provide important guidance for the house buyer. These surveys tend to check the property for structural issues and highlight any major repairs required. Negative information from a survey can give the potential buyer fuel to renegotiate the property price. If you find, for example, that a property is in need of £10,000 of structural repairs then it is perfectly acceptable to ask for £10,000 off the asking price. In this sense, surveys should be seen as an integral part of the buying and selling process.
Different Survey Types
There are different types of surveys in England and Wales. The type of survey that will be conducted on your property depends on what the potential buyer is asking for. There are no direct rules about which survey is required but the price and extensiveness varies between each. There are three main levels of surveys which can be carried out. These are:
- Condition report
- HomeBuyer’s report
- Building survey
Most surveyors are registered with The Royal Institute of Chartered Surveyors (RICS). It’s worth noting that some surveyors are also registered with the Residential Property Surveyors Association (RPSA). RPSA surveyors use a different type of survey, called the ‘SAVA Home Condition Survey’, which is very similar to the RICS HomeBuyer’s Report.
Condition Report
This is the cheapest and most basic type of survey. It gives a potential buyer a general overview of your property and its value. This tends to be used by those purchasing a modern property as it is more likely that the house will be structurally sound.
The Survey:
- Gives a basic overview of a property’s condition
- Highlights issues needing immediate attention, such as defects in the buildings structure
- Doesn’t go into any significant detail – for instant, a surveyor will inspect the infrastructure for visible electricity, gas or water damage, but not test it
- Inspection will be conducted from ground level, such as checking the chimney from the garden, not the roof
Homebuyer’s Report
This is a more detailed survey, allowing the buyer to learn about the problems of your property at a surface level. If your house is a modern or older property, but still kept in reasonable condition, your potential buyer will likely request this survey.
The Survey:
- A detailed survey, without being an intrusive assessment of your property
- Highlights surface level problems, such as damp or subsidence
- Involves the surveyor looking for visible issues, without moving the furniture or lifting the floorboards. Your cellars and attic space will also be inspected
- Takes between two to four hours to complete
Building Survey
This is the most extensive type of survey available. It aims to give the buyer a comprehensive breakdown of your property’s structure and condition. If your house is older or looks like it might be in poor condition, your buyer may request this survey.
The Survey:
- Will provide a thorough and detailed report of your property
- Lists defects and will actively look for hidden problems
- Involves the surveyor using a hands-on process to conduct a full investigation, such as moving furniture and lifting floorboards
- Can take a full day to complete, depending on the size of your property
Be Prepared For The Surveyor
When a potential buyer shows interest in purchasing the house you’re selling, it’s advisable to be prepared for any of these surveys to be conducted. It’s also wise to make sure you are available for when the surveyor plans to come and visit.
If you know of any problems in your property, it’s often beneficial to get them fixed before you put your house on the market. Otherwise, consider being honest and upfront about the problems with your surveyor/potential buyer from the start. As mentioned previously, property issues can result in a reduction in sale price so it’s in your best interests to be as transparent as possible.
I hope the above is useful to you, should you be in the middle of selling your house or planning to in the future. If you would like further information or advice on anything you’ve read, please contact Olivia Rose Estates today.
