Commissioning your own survey before committing to buy is a simple way of avoiding expensive surprises once you move into your new home. A survey could also save you money by highlighting hidden potential risks which may allow you to renegotiate the price of the property.
It is a common misconception that your mortgage lenders valuation report will highlight any potential problems with the structure of the property however, as your lender only requires the surveyors opinion on the property’s suitability for security, many issues will not be highlighted.
You can protect yourself against future expense by having a RICS survey carried out before committing yourself to a property
The RICS offer two forms of survey which you can commission yourself just after your offer on the property has been accepted.
Which survey you choose depends on the general condition and age of the property.
A Building Survey (formally known as a structural survey) gives full details of the construction and condition of a property therefore it is most suited to unusually built, older or run down properties.
The second, most common type of survey is a HomeBuyer Survey which includes an inspection, report and valuation. The surveyor will highlight, using a traffic light system what they believe are the most important issues with the property and advise on the most serious defects.
Armed with these reports a homebuyer can make informed decisions about their future plans for the property and its’ value and if necessary obtain supplemental reports, such as a damp and timber survey or drain report, to provide further detail on any potential defects identified.