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If you’re buying a home, you’ll want a survey to ensure its bricks and mortar are sturdy and not concealing any nasty defects – but which type should you go for? Buying a new home is a major financial commitment – probably the biggest you’ll ever make. But how can you determine exactly what it is you are paying for? The answer is by commissioning a home buyers survey, also known as a property survey. What is a property survey? In simple terms, a home buyers survey is a health check on a property. And if it reveals any problems, it puts you in a position to ask the seller to fix them before you proceed with the purchase. Alternatively, you may choose to renegotiate the final sale price to account for the cost of fixing them yourself – or you may opt to pull out entirely. Do I need to get a home buyers survey? It’s not a legal requirement to have a home buyers survey on a property you are buying. And, at a time when your bank account feels like a bucket with a hole in the bottom, it may seem like an unnecessary expense. However, a home buyers survey could actually save you money – not to mention a lot of stress – in the long run. It’s a good idea to have a home buyers survey on most types of property, but it’s especially important if you’re looking to buy a home that’s unusual in structure, has a thatched roof or timber frame, is listed, or just very old. You probably won’t need a home buyers survey if you are buying a new-build home, which typically comes with a 10-year NHBC guarantee. However, you may still want to get a snagging survey done, which checks the property for defects and poor finishings such as wonky guttering and bad paintwork. Important note! If you are getting a mortgage to buy your home, the lender will carry out a valuation of the property. But this is not a home buyers survey and shouldn’t be treated as one. The sole purpose of the mortgage valuation is to demonstrate to the lender that the property is worth the sale price before it gives you the green light for the mortgage. Who does the home buyers survey? It’s important to use a surveyor who is a member of a recognised governing body, such as RICS or RPSA, to carry out your home buyers survey. Bear in mind that home buyers survey quotes vary between surveyors as well as properties, so it’s best to source a number of different ones first. What types of property survey are there? Professional industry body, RICS offers three types of home buyers survey, which vary in depth of inspection. The CONDITION REPORT What is it? A Condition Report is the most basic survey and usually therefore the cheapest. It will typically take around one to two hours to complete, and a day to return. What will the property survey do? Check the basic condition of the building, services – such as gas and water supply – garage and any other outbuildings. It uses a simple traffic light system which will flag any problems that require attention Provide a summary of issues and risks for your solicitor or property lawyer to look in to. For example, bad electrics, ownership of boundaries and planning permission for extensions or other building work. How much does it cost? Fees are normally based on the purchase price, and start from £300. When should I get one? A Condition Report is suitable for newer properties and homes that are in a general good state of repair. Get one if you will be happy with just a broad-brush overview of the property’s condition. The HOMEBUYER...