Why you should have a survey done when you are buying a property
Having a survey conducted when buying a property is important for several reasons:
Assessing the property’s condition: A survey provides an independent evaluation of the property’s condition, including its structural integrity, potential defects, and any necessary repairs or maintenance. It can help identify issues that may not be apparent during a casual inspection, allowing you to make an informed decision about the property’s suitability and potential costs involved.
Identifying hidden problems: A survey can uncover hidden problems that may exist within the property, such as dampness, subsidence, electrical or plumbing issues, or structural deficiencies. Detecting these issues early on can prevent costly surprises and help negotiate the purchase price or request repairs before completing the transaction.
Financial protection: A survey helps protect your financial interests by ensuring you have a clear understanding of the property’s condition before making a significant investment. It can help you avoid purchasing a property with major issues that could result in substantial repair or renovation costs down the line.
Insurance and mortgage requirements: Most mortgage lenders require a survey as part of their lending process to assess the property’s value and condition. This is usually done for the lenders purposes only to enable them to assess the suitability of the property for the mortgage. The report should not therefore be taken as a full report on all matters affecting the property. Should there be any defect in the property, or if the mortgage valuator has missed anything, then you will not be in a position to seek recourse as a result of any error or omission in the report.
Negotiation tool: If the survey reveals significant defects or issues, you can use this information as a basis for negotiation with the seller. Depending on the severity of the problems identified, you may request repairs, a reduction in the purchase price, or an agreement for the seller to address the issues before completing the transaction.
Peace of mind: Conducting a survey provides peace of mind by ensuring that you have a comprehensive understanding of the property’s condition. It reduces the risk of buying a property with unforeseen problems, giving you confidence in your investment.
There are different types of surveys available, ranging from basic condition reports to more detailed structural surveys. The type of survey you choose may depend on factors such as the age and condition of the property, your budget, and your specific concerns. It’s advisable to engage a qualified and independent surveyor to conduct the survey and provide you with a detailed report.
Please note that the information provided is for guidance purposes only and should not be construed as legal advice.