There are things that affect how much a property is worth that you can’t necessarily see in viewings.
Getting a survey will expose the deeper issues that might cost you down the line.
Depending on the scale of the issues you uncover, you might also be able to use the survey to negotiate on the asking price.
However, there are different kinds of surveys available.
Read on to learn more about the value of getting a surveyor in, and how much a house survey cost in the UK.
What is a survey, and why do I need one?
A property survey is an in-depth, comprehensive analysis of the property which takes into account:
- The condition of the building
- Structural integrity
- Identity defects
- Other repair work or deeper issues which might affect the value and quality of the property long-term.
Because of the level of detail involved, surveys generally take longer to complete than valuations. You’ll also need to get more experienced professionals involved.
These are called surveyors, who’ll offer expert insights on the materials used to construct the building (e.g. double glazing on the windows) and advice on anything that might affect your quality of life in the long run.
Property surveys vs. valuations
A property valuation is the process of determining the value of a property’s asking price. It is used so that the lender can sign off on your mortgage with the knowledge that their investment is safe.
Property valuations take the following into account:
- The property type
- Local market
- Location
- Size.
And other general factors.
Unlike surveys, valuations don’t go into detail about the condition or structural integrity of the property.
Types of property surveys
There are three main kinds of house surveys you can get:
A condition survey
This is the most basic of the surveys and designed to complement a property valuation.
It’s also the cheapest type of survey you can get, and usually takes less than a few hours.
A homeowner survey
This is the most commonly used survey and includes a valuation and an insurance reinstatement value.
It’s more detailed than a condition survey, but still not as intrusive as a building survey.
A building survey
This is the most expensive, detailed, and intrusive survey you can get.
The surveyor will check the attic, behind walls, underneath floorboards, above ceilings, and sometimes even drill holes in order to deliver an extensive report.
While it’s an investment (and often an inconvenience), it could be worth it if the property you’re looking to buy is very old, listed, or unconventional.
Who carries out property surveys?
Surveys should be carried out by qualified surveyors members of the Royal Institute of Chartered Surveyors (RICS). Getting a local RICS surveyor will give you the added benefit of knowledge of local market values.
How much does a surveyor cost in the UK?
How much a house survey costs can vary hugely depending on the type of survey you get, as well as the size, value and location of the property you’re looking to buy.
According to the Homeowners Alliance, the cost of surveys falls into three key bands (2022):
- A RICS Level 1 Home Survey (aka a condition survey) usually costs between £300 and £900.
- A RICS Level 2 Home Survey (aka a homeowner survey) usually costs between £400 and £1000.
- A RICS Level 3 Home Survey (aka a building survey) usually costs between £630 and £1500.
If your surveyor uncovers more serious issues — such a damp, dry rot, or asbestos — that require additional surveys, or specialist surveyors, you may end up paying more.
Implications of surveys
While you’ll be the one fronting the bill for the surveys, surveys that highlight specific problems that affect the property’s value means you can use the information to renegotiate the price.
You may want to find out from your surveyor exactly how much fixing a problem will cost, so you can ask the seller to knock it off the asking price.
Bigger problems, however, might make you think more closely about whether buying the property is a good investment at all.
If there are structural or conditional issues with the property which will make it expensive to run, it might not be worth the maintenance involved in the long term.
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