Types Of House Survey

Conducting a house survey is one of the many important assessments that need to be made before going ahead with a purchase. Depending on the situation, property, and preferences, you can choose from the many types of building surveys available to you.

What is a house survey?

As the name suggests, a house survey is an assessment of a property before it is purchased. While purchasing a house, you may need to conduct multiple surveys, such as a homebuyer survey, physical valuation for getting a mortgage, structural surveys, etc.

A house survey helps you determine the precise value of the property and ensure that it is suitable for purchase. Homebuyers often discover a range of issues during these surveys and change their minds about going ahead with the purchase. A good house survey can help you avoid spending a fortune on a property that may not be the best for you.

Types of house surveys

Here are the most common types of house surveys that can be conducted before you purchase a property:

Mortgage valuation

Also known as “valuation survey”, a mortgage valuation is the process of surveying the property you want to purchase on a mortgage. This survey is conducted by mortgage lenders to confirm that the claims made by you regarding the property are correct. It also helps lenders ensure that the money they would be lending you for the purchase is in sync with the actual price of the property.

Most lenders offer free valuations while some charge a fee. Before finalizing a mortgage lender and getting a valuation conducted, make sure you consult your mortgage broker, their expertise will come handy.

RICS homebuyer survey

A homebuyer survey is an extensive survey conducted to determine how sound the property is (in terms of infrastructure) and if it’s worth the price you are charged for it. Such surveys are approved by the Royal In stitution of Chartered Surveyors (RICS) and cover all accessible portions of a property.

A homebuyer’s report includes all the major defects regarding the property and also includes a roof inspection (if possible). This is a pretty non-intrusive survey and the report is often short and precise.

RICS condition survey

Also approved by the Royal Institution of Chartered Surveyors (RICS), a condition survey is pretty basic in nature with the report showing issues with the property without going into much detail. It is less in-depth and precise compared to a homebuyer survey. The RICS condition report rates every property based on the traffic light system (red, amber, and green) which in turn is based on the degree of risk involved in purchasing it.

Building survey

A building survey is the most in-depth and thorough house survey that can be conducted on a property before you purchase it. Formerly known as a full structural survey, it provides you with a comprehensive analysis of a property along with its condition and structure.

A building survey often takes one full day to be completed. Homebuyers often choose to conduct this survey if they are planning to purchase a property that is fairly old, has an unusual design, or is in poor condition. Right from checking underneath the floorboards to scanning the attic, a building survey is as detailed as you can get. The report of this survey would contain all major and minor factors worth considering before you purchase the property.

New building snagging survey

This is a survey dedicated especially to purchasing new properties. Although homebuyers often get a 10-year warranty from developers of new properties, they may choose to get this survey conducted for uncovering any major problems, ranging from cosmetic issues to structural problems. The report of a new building snagging survey is shared with the concerned developer to get the listed issues resolved before the homebuyer moves into the property.

What do house surveyors focus on?

While different surveyors focus on different things depending on the type of survey conducted, here are the most common aspects that surveyors focus on:

• Presence of dangerous materials (such as asbestos, etc.)
• Draining problems
• Signs of subsidence in the property
• Infestation signs (by bats, rats, etc.)
• Loft area
• Roof of the house
• Signs of dampness in the property
• Major defects, their causes, and estimations of repairs

While house surveys are not always mandatory, it is advisable to get them conducted before you finalise a deal and purchase a property. They give you the assurance that you are paying the right price and help you fix prevalent issues before you move into your new home.