Why Surveys Are Necessary For The First-Time Buyer

Preparing to purchase your first home marks an exhilarating yet somewhat daunting chapter. Amidst this mix of emotions, first-time buyers often find themselves unsure of what to look for in a new home, especially when it comes to spotting issues that could turn out to be costly surprises after moving in.

Luckily, surveyors are invaluable allies in this process. Despite a startling statistic revealing that 80% of buyers skip a survey before purchasing, engaging an experienced, qualified surveyor to examine the property is crucial. They possess the expertise to uncover defects and potential hazards that might escape the untrained eye.

What does a property survey involve?

The Royal Institution of Chartered Surveyors (RICS) provides three distinct types of property surveys: condition surveys, homebuyer reports, and building surveys. Each type varies in the level of detail presented in the final report, but they all serve the common purpose of assisting buyers in making informed decisions about their prospective home.

In all instances, a surveyor conducts an on-site visit to thoroughly inspect the property’s interior and exterior, meticulously searching for defects or indications of underlying issues. Subsequently, their observations are documented in a comprehensible report, enabling buyers to determine whether they are content with the property’s condition, wish to renegotiate the price, or opt to withdraw from the purchase altogether.

How do you know which survey is appropriate?

The choice of survey depends entirely on the property in question. Condition surveys are typically suitable for investigating new or nearly-new conventional homes, offering a snapshot of the property’s condition and identifying any defects discovered. Conversely, at the other end of the spectrum, the Building Survey provides a comprehensive examination of properties that are historic, very large, unconventional, or otherwise unique. Such a report includes a meticulous analysis of every aspect of the property, accompanied by expert advice regarding maintenance strategies and estimated repair costs.

What if I don’t get a survey?

If you’re starting to feel the costs of buying your first home are creeping up, skipping the survey might seem like a tempting way to save money. However, this decision could lead to costly surprises down the road. Research by RICS shows that nearly 1 in 5 homeowners who skip a professional survey end up paying an average of over £12,000 for remedial work upon moving in, just to make their house habitable. Many others end up spending smaller amounts on issues that could have been caught by a survey, costing a fraction of the price.

The problems that often go unnoticed by the average person tend to be the most expensive to fix—issues like persistent damp, rot, roofing problems, and faulty electrics. While you might be lucky enough to move into a flawless home without any issues, is it worth the risk with your first property? Consider the survey cost in comparison to the financial and emotional investment you’re making with your move, and decide how much your peace of mind is worth.

If you’ve found what seems like the perfect property but haven’t arranged a survey yet, reach out to us. Our experienced team can help you choose the most appropriate report for the type of building you’re buying, ensuring you make an informed and confident decision about your very first home.