Buying a house will involve spending the largest amount of money you are ever likely to spend. Unavoidable costs, such as fees and stamp duty, on top of the property’s purchase price, cause home buyers to look to save money wherever they can.
Many homebuyers will choose not to have a survey carried out on the property they are buying since it is optional to do so as one way of saving money. However, since a survey may flag up problems with the property which could be costly to fix, not having the survey done might cost the buyer more money in the long run.
What will it cost and when do I arrange it?
As with all types of expenditure, the price will be based on a number of factors, namely the type of survey you get, the size and location of the property as well as ease of access. The average cost for a home survey is around £350-£400, but if you are buying a larger property, especially if you think that the survey is likely to find issues, you should budget up to £1,000. According to Which, the survey should be carried out after the offer is accepted.
What types of report are there?
Here are the types of building survey London which are available:
– Condition report: Typically around £350-£400 and through making inspections at a surface level can be an effective check for obvious problems.
– Homebuyers report: Such as those available from Sam Conveyancing, typically cost around £500-£600. As these reports go into more depth than a condition report, they are the most common reports requested. This type of survey can be completed in around three hours and will often pick up on problems such as damp and subsidence, as well as offering potential solutions to these problems.
– RPSA Home Condition Survey: Costing between £450 and £1,000 depending on the size of the property, this survey is a wise choice for residential properties being carried out by residential expert surveyors.
– Building Survey: The most detailed report available, and of course the most expensive since the work involved is more substantial. You can expect to pay upwards of £700 for this type of report, but not only will the surveyor give full details of any issues found, he or she will also offer potential solutions. Given the substantial cost of this type of report, it is only advisable for those purchasing an older property, or one which has some obvious defects.
– Snagging surveys: Best for new homes which should have fewer issues and will cost between £350 and £500.
Despite the cost, a survey is a worthwhile expense when buying a home.