Why is getting a survey so important for potential buyers?
Purchasing a house is a significant milestone in anyone’s life. Whether this is a stepping stone or a ‘forever’ home, this is a decision that involves careful consideration, financial commitment, and a vision for the future.
However, from first-time buyers through to the more experienced homeowner, one crucial aspect often overlooked is the necessity of a survey. So, let’s keep this simple, why is getting a survey so important for potential buyers?
A house survey serves as a vital tool for safeguarding your interests during the homebuying journey. It is an independent assessment conducted by a qualified surveyor to evaluate the condition of the property.
Uncovering hidden defects
A thorough house survey, a Homebuyer or a Building Survey dependent on the property, can reveal hidden defects that may not be apparent during initial viewings. Structural issues, dampness, faulty wiring, or plumbing problems may exist beneath the surface, posing potential risks and requiring costly repairs in the future. A comprehensive survey report provides valuable insights into the property’s condition, allowing buyers to make informed decisions.
Requesting a house survey helps protect our investment by providing an accurate understanding of the property’s condition. Identifying potential issues beforehand enables us to plan for any necessary repairs, negotiate fair prices, or reconsider our purchase if the issues are substantial.
Long-term peace of mind
A house survey is an investment in long-term peace of mind. By requesting a survey, we minimise the chances of unexpected and costly surprises after the purchase. Understanding the property’s condition allows us to plan for maintenance and repairs, ensuring our new home remains a source of joy and stability for years to come.
It’s also vital for potential buyers to remember that a mortgage valuation is not a house survey.
The difference between a survey and a mortgage valuation
We’ve outlined the benefits attached to a survey but how does this differ from a mortgage valuation?
A mortgage valuation is a basic assessment of a property that is carried out by a valuer or surveyor on behalf of a lender. Its primary purpose is to provide the lender with an estimate of the value of the property so that they can determine how much to lend to the borrower. A mortgage valuation is less comprehensive than a survey, it only covers matters which a lender wants to know about and does not delve into any potential issues with the property that do not impact a lender’s decision to lend. Matters critical to a buyer’s decision to buy are not part of the mortgage valuation. For this reason, a survey should always be commissioned. An offer of a mortgage is not confirmation of either a property is free from issues or that a human has inspected the property.
Understanding this difference gives buyers greater insight into their potential purchase which helps to ensure that this aligns with their expectations.
After all, it’s in the consumers interest to uncover hidden defect, arm themselves with as much financial protection as possible and provide themselves with as much long-term peace of mind as possible along the way. By embracing this responsibility, we can take greater control of our home purchases.
Kharla Mullen, Chief Operating Officer, Countrywide Home Surveys