When buying a house, you really do need to get a survey done. In this article, we’ll look at the various types of surveys you can choose from, typical house survey costs, and how you’ll benefit by having a survey done. We’ll also show you how to easily cut your house survey costs.
Why You Need To Have A Survey
There are several key benefits to having a property survey carried out by a qualified surveyor:
- The surveyor will confirm you are buying at a fair purchase price
- The surveyor can identify any major defects or problems with the property
What Types Of Property Survey Are Available?
You’ll normally have a choice of three types of property surveys: Mortgage Valuation Report, Homebuyers Survey and Structural Survey. The house survey costs will vary depending on which survey type you choose.
A Mortgage Valuation Report is the most basic type of survey. A surveyor will carry out a brief property valuation for your mortgage lender. This valuation will confirm that the property represents reasonable security for your mortgage loan, and also highlight any particularly obvious problems that the surveyor has noticed. This type of survey is really for the benefit of the mortgage lender, rather than you. In terms of house survey costs, this is the cheapest type of report.
The Homebuyers Survey is a little more in depth than a Mortgage Valuation. The surveyor will carry out an assessment of the general condition of the property, and provide you with details of any problems found with the housing construction. As part of a Homebuyers Survey, the surveyor will also give you an indication of the likely rebuilding housing costs for the property (which is useful for insurance purposes)
The Structural Survey (also known as a “Building Survey”) is the most comprehensive type of property survey. A qualified structural surveyor will take a look at your property for you from top to bottom and hunt down any defects. You’ll then receive a complete report which details all the problems found, together with recommendations on what is needed to fix these defects and an approximate cost for the work. If you are thinking of buying an expensive, old (over 50 years) or run down property, a full structural survey can easily pay for itself many times over – even taking into account the slightly higher house survey costs.
What Are The Typical House Survey Costs?
- The house survey costs for a Mortgage Valuation Report will be dictated by your mortgage lender. As a guide, the house survey costs for this type of report will usually be between £130 and £300 (depending on the number of bedrooms, purchase price of the property and the particular lender)
- A Homebuyers Survey is carried out specifically for you, and involves a lot more work than a basic mortgage valuation. The house survey costs will typically range between £250 and £1,000, once again depending on the property purchase price and degree of work involved. Most surveyors will usually include a mortgage valuation within a Homebuyers Survey, so you won’t need to pay for two reports.
- A Structural Survey (or “Building Survey”) is again carried out specifically for your benefit. As each survey is customised to the individual property being surveyed, fees can vary depending on the property. You can usually expect the house survey costs for a full Structural Survey to be in the region of £500 to £1,500.
Paying £1,000 for a full structural survey may initially seem steep, but the house survey costs are not that expensive once you think about how much cash it could potentially save you. For example, you could try to save money by only having a basic Mortgage Valuation Report done, and then later discover that the entire roof of your property needs to be restructured (which can easily cost you £20,000 plus)
How Can You Cut House Survey Costs?
If you are thinking of having a Mortgage Valuation Report, the house survey costs will be fixed by your mortgage lender (this is because the surveyor is effectively doing the report for the lender, rather than you)
In contrast, if you want to have a Homebuyers Survey or a full Structural Survey, you’ll need to agree a fee with a firm of Chartered Surveyors. As with most professionals, many firms of surveyors may be willing to discount their normal house survey costs – so it’s worth asking if a special deal is available.
If you want to pay the lowest possible house survey costs for your structural survey, it’s worth getting a few online quotes from National firms of surveyors first. Armed with these quotations, you can then contact some local firms to see if they are prepared to cut your house survey costs and offer you a lower fee for your structural survey.Tags: find house survey cost, find house survey costs, find cost of structural survey 2013, find how much is a house survey 2013, find cost of house survey, find cost of full structural survey, find house survey costs 2013