Don't Skimp On Your Property Survey

A property survey acts as a 'health check' for the home you're buying. Yet many people don't bother with them!

One thing that always amazes me is how few people get a proper survey carried out on the property they're intending to buy. Believe it or not, it's estimated that only 20% of homebuyers bother with a professional survey!

It's all very well not bothering to have a second-hand car checked -- if you buy a duff one that constantly breaks down, then you'll face repair bills of a few hundred or even a few thousand quid. But not checking out a house?!

For some reason, homebuyers often rely on their mortgage lender's basic valuation report on the assumption that if the mortgage company is prepared to lend money on it, then the house must be okay. But the only thing the lender is interested in is whether they'll get their money back by selling the property if you default on the loan.

Their valuation report won't tell you about any potential structural problems or even whether the house is worth the price you've offered. The only thing it'll tell you is that it's worth at least the value of the mortgage you're taking out. In reality, it isn't even really a survey.

So it's important to employ a professional to inspect the property thoroughly. There are two types of survey:

Homebuyer's Report

This sort of intermediate survey is fine for houses that are less than 100 years old, that are fairly conventionally built and that show no alarming-looking cracks that might require the services of a structural engineer to check it isn't going to fall down around your ears.

Surveyors will check for any major and minor defects including visible damp, woodworm, roof and rot problems, what the implications are for the value of the property and the potential cost of repairs, and whether any more specialised inspections ought to be carried out.

At the very least it will enable you to make a decision about whether you're happy to pay the purchase price and whether you want, or can afford, to deal with any necessary work on the property after you've bought it.

Full Structural Survey

This kind of survey is essential if you're buying a house that is more than 100 years old -- for example, early Victorian houses were often built on quite shallow foundations which could mean trouble lies ahead. A full survey is also important for homes of unusual construction or which are so dilapidated that there could be myriad problems lurking beneath the floorboards or behind the walls. It should also uncover any botched building work carried out by previous owners!

In either case, if you have any particular concerns about any aspect of your potential new home, make sure that the surveyor or structural engineer is specifically asked to check them out. A proper survey may add a few hundred to a thousand quid to your homebuying bill, but they could stop you from making a very expensive mistake indeed.