Surveys and surveyors in my view are worth their weight in gold. Personally I don’t think anyone should be allowed to buy a property without having one.
The reason they are so necessary is properties are complicated things and especially in the UK they are so diverse and most are actually over 50 years old, so imagine the changes – good and bad – that have been made to them?
Here are some examples of property problems I’ve seen or picked up along the way:
So how much do surveys cost?
Surveys are now priced from a few hundred pounds for a condition survey:
It all depends on whether you are having a valuation included and the size of property you are buying.
Why does having a valuation make a difference?
The first reason is because they have to do more work. Their job for a valuation is to check what other properties have been sold nearby to make sure you are not over paying.
Next, it’s not just the time they spend on the work, surveyors have to be insured. We all know none of us are perfect, so sometimes when we make a mistake, apologies aren’t enough – especially when buying something as expensive as a house.
So they have to pay insurance – and that can cost a lot of money. The insurance cost for surveyors goes up even further when they are approved to carry out valuations too.
This insurance means if they do miss something and it’s going to cost you a lot to fix, then there is an option to make a claim against them. Don’t think this will always be a ‘big fight’ though. Most surveyors will be concerned about the problem and take pride in their work, they will want to find a solution that works for both of you.
For more information on choosing the right survey for you and help finding a surveyor, do read our expert checklist from the Residential Property Surveyors Association.