As you begin the process of buying your first home, it is natural to feel a mix of excitement and concern. One of the biggest hurdles for first-time buyers is knowing what to watch out for during inspections. Without experience, it can be difficult to identify problems that may later demand significant and costly repairs.
This is precisely why surveyors play such a key role in the home-buying process. Even though an estimated 80% of purchasers choose not to commission a survey, only a trained and accredited surveyor can identify the kinds of issues and safety concerns that are not easily spotted by the average buyer.
Inside a Property Survey: What to Expect
The Royal Institution of Chartered Surveyors (RICS) provides three main types of property surveys: Condition Surveys, Homebuyer Reports, and Building Surveys. While each offers a different depth of assessment, all are designed to give buyers the insight they need to make a well-informed decision before committing to a purchase.
All surveys involve a physical visit from a surveyor, who examines the property’s structure, interior, and exterior for visible issues and potential underlying problems. Their findings are compiled into a user-friendly report that supports buyers in deciding whether to accept the property as it stands, renegotiate the offer, or reconsider the purchase.
Which Type of Survey Is Best for You?
Selecting the appropriate survey hinges on the property’s age, size, and construction. For modern or new conventional homes, a Condition Survey usually does the job, giving a brief yet informative assessment of the property’s condition. Meanwhile, a Building Survey is best for older, unusual, or more complex homes, delivering a thorough investigation and detailed commentary on every component, including guidance on upkeep and repair expenditure.
The Consequences of Not Getting a Property Survey
It is understandable to consider cutting costs wherever possible when purchasing your first home, and the survey may feel like something you can do without. While the best outcome is finding no issues and saving some cash, this scenario is not common. RICS reports that almost 20% of buyers who skip a survey later incur unexpected repair bills just to bring the property up to standard. Countless more spend smaller amounts fixing avoidable problems that a survey at a much lower cost would have flagged.
The issues that are most likely to slip past an untrained eye are often the ones that cost the most to repair such as ongoing damp, wet or dry rot, roofing defects, or unsafe electrical systems. While you may be lucky enough to move into a problem free home, is that a risk you want to take with your first property? When you weigh the cost of a survey against the financial and emotional investment of buying a home, the value of that extra peace of mind becomes clear.