Why Homebuyers Should Hire a Surveyor Before Making a Bid

Buying a home is a lengthy and often drawn-out process; it entails setting aside a budget, deciding what to offer and when, making the offer and negotiating a price, as Which? outlines. It’s arguably a good thing, though, as you shouldn’t be rushing something as major as a house buy.

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After all, it’s a pretty expensive buy – and becomes even more so if previously unforeseen issues with the house slip through the net. This hints at why you should ask a surveyor to assess the home. 

Do you really “need” a surveyor?

A property surveyor’s job is practically self-explanatory; they will indeed survey the property, looking out for previously hidden problems like structural defects, rot and subsidence. They will then report back to you, and this is a crucial point: the survey is just for you, not your mortgage lender as well.

It is easy to be misled on this point, especially if you are a young or first-time buyer and, for this reason, unfamiliar with the property-buying process. 

Graham Ellis of the Royal Institute of Chartered Surveyors admitted to This is MONEY.co.uk: “It can get confusing, … as lenders may offer the option of a survey at the point of the mortgage sale as part of a package with the valuation report”.  However, he added that this offer remains optional.

How the case for a surveyor nonetheless adds up 

In practice, though, an “optional” survey can prove essential. According to one figure from the Institution, many buyers could find themselves lumbered with unexpected repair bills of £5,750 on average if they fail to notice hidden problems with the home. 

The prospect of having to pay four-figure sums in repairs could give you sufficient leverage to negotiate a price reduction – or even rule you out of proceeding with the purchase at all. 

Not all surveys are equal

We mentioned the mortgage lender’s valuation report earlier, perhaps leading you to think: “Isn’t that a survey?” No, not quite – and certainly not a comprehensive one. It’s actually just a valuation aimed at helping to reassure the lender that the loan will be accounted for if the property must ultimately be repossessed and sold.  Therefore, the valuation isn’t primarily for you. 

More to the point, it will only shine light on serious issues likely to affect the property’s value, rather than provide an in-depth review of the building’s condition. You can choose from three different types of survey: a condition report, homebuyer report or building survey. 

The last of those will provide the most detailed analysis, making it especially well-suited to older, larger or unconventional properties. It’s also the priciest survey option, but the price of about £1,000 pales in comparison to the several thousand you could have to spend repairing unforeseen issues.

Fortunately, you can ease even that financial blow. The Sunderland roofing contractors at Findley Roofing & Building, for example, offer flexible finance packages. These let customers significantly reduce how much they would need to pay upfront for issues identified in a survey.

This is a collaborative post.