5 Reasons an Independent Property Survey is Important

With all the costs of buying a property adding up you might wonder; is there much point in paying for an independent survey when the bank is carrying out their own survey? The answer to this question is almost always!

We've had buyers who have discovered structural problems with their new homes even after the bank has carried out a basic survey - problems which can potentially cost thousands of pounds. Let's take a look at some reasons why we always recommend an independent survey to ensure you're not out of pocket.

1. Future-proof Your Investment

A basic valuation is not the same as an independent survey. The bank’s valuation is limited regarding the actual condition of the property; the bank’s valuer's will be working on agency of the bank, not you. This is important as the banks valuation/survey is a few pages and is not incredibly detailed. By getting an independent survey you can be made aware of structural defects which the banks valuer might not be looking out for, this can help save thousands of pounds in repair costs in the future.

2. Negotiation Power

Being made aware of structural issues is important for many scenarios that the vendor might not be aware of, this can help you negotiate when it comes to the purchase considering the repair costs in the future.

3. Trust The Locals

In most scenarios, independent valuers know the local area quite well considering its their job to. If you are looking at buying in an area you don’t know very well, your local surveyor can inform you of quality, local amenities and future developments happened around the area.

4. Old Is Gold

Whilst older properties are usually ideal, the older the property is the more important the need for an independent survey is, for obvious reasons! For older properties, a full structural survey is a must as this involves a qualified engineer inspecting the property - this type of property survey is especially helpful if you’re looking at doing future extensive renovations involving structural movement too.

5. What Survey Should I Get?

Basic Bank Valuation

This is usually for the bank’s purposes and is not very extensive. It can highlight any serious needs for repair as the property acts as the bank’s security. For new build properties and other relatively new properties, a basic bank valuation should be sufficient.

Homebuyers Report

Slightly more expensive, non-intrusive but more detailed report highlighting more obvious factors. This is usually the most popular type of survey and is usually done by a RICS Certified Surveyor. If the property is less than 60 years old and there doesn’t seem to be any obvious defects which need checking, this can be the way to go.

Full Structural/Building Survey

The most expensive type of survey – a qualified engineer will be carrying out this survey, this also is more intrusive and takes longer to carry out. Attic spaces, walls, ceilings, foundations etc. are on the list of things for the engineer to assess. Usually reserved for much older properties which may be built with older, non-traditional materials. If there are any works required, the surveyor can inform you on repairs, costs and provide future maintenance advice.