Why you need a property survey

October 15, 2015 by Brendan

Advice & Tips

Once you have found your perfect home, you may start to wonder whether you really need to pay for a property survey. After all, you have visited on numerous occasions and everything seems to be OK, and the valuation survey from the lender seems fine. However, there are many reasons to have an independent survey before making the contract legal and binding.

A lender’s valuation survey only confirms the value of the property, but doesn’t reveal any structural problems that may be expensive. Request a house survey from a chartered surveyor so that any problems will be highlighted. As buying a property is possibly the most expensive purchase you will ever make, you want to know that you are making a sound investment for the future.

Although you may not spot any problems with the property when you are viewing, a survey will reveal any problems, either current or potential. Some types of repair work may cost thousands and could even affect the value of the property, and mean that your mortgage lender may withhold funds until they are addressed and re-inspected.

If your survey does reveal some problems with the property, you may be able to renegotiate the price. If the work is relatively minor and can be dealt with, you may want to go ahead with the purchase for a suitably lower price.

When you are investing money in a property, it makes sense to seek advice from professionals, which includes chartered surveyors and mortgage advisers who are CeMAP qualified.