4 risks of not bothering with a home survey before you buy

Should you get a survey when buying a house? Yes, absolutely. Getting a property survey is one of the most important steps when buying a home. Whilst not a legal requirement in England and Wales, a professional survey is highly recommended as it can identify potential defects, structural damage, or hidden issues that could cost you thousands later. A survey gives you the power to renegotiate the price, budget for repairs, or even walk away from the purchase if major problems are discovered.

One of the most important things you should do when buying a property is to get a survey. When you’re about to make arguably the biggest financial investment of your life, it makes perfect sense to protect your purchase by getting professional advice from a property expert who can thoroughly assess your potential new home.

A property survey provides essential information about the condition of the property that you simply can’t detect during a standard viewing. Whether you’re buying an older property, a listed building, or a home with recent extensions, a survey can uncover hidden issues like damp, structural problems, faulty wiring, or roof defects that could prove extremely costly to fix later.

Why a Home Survey is Essential

Getting a professional property survey offers several crucial benefits:

• Identifies potential hidden problems: A qualified surveyor can detect issues like structural damage, damp, subsidence, woodworm, electrical faults, and roofing issues that aren’t obvious to the untrained eye during a viewing.
• Prevents costly surprises: Knowing about potential repair costs before you buy helps you avoid unexpected and expensive bills after you move in. A survey can potentially save you thousands in ‘nasty surprise’ repair costs.
• Provides negotiating power: If the survey uncovers significant defects, you can use the report to negotiate a lower purchase price with the seller or ask them to carry out necessary repairs before completion.
• Offers peace of mind: An independent assessment from an RICS (Royal Institution of Chartered Surveyors) surveyor provides reliable, impartial information, giving you confidence in your major investment.
• Protects your financial interests: A survey ensures you aren’t overpaying for a property with hidden defects, protecting you from taking on all the risk once contracts are signed.

When a Survey is Particularly Important

Whilst we recommend surveys for all property purchases, they’re especially crucial for:

• Older properties: Buildings constructed many decades ago are more likely to have hidden issues that may not be obvious during a general viewing.
• Unusual or listed buildings: These properties may have unique construction features or regulatory requirements that require specialist assessment.
• Properties with timber frames or thatched roofs: These distinctive features need expert evaluation to identify potential issues.
• Properties in poor condition: If you have any concerns about the general state of the property, a survey is essential to understand the full scope of required work.

If the survey findings flag up any serious problems, you can then use the information to budget accurately for remedial works, go back to the seller to try and negotiate a discount, or walk away from the purchase. Whichever way you look at it, a home survey is a money well spent.

Don’t Confuse a Mortgage Valuation with a Property Survey

Many homebuyers mistakenly assume that a satisfactory mortgage valuation report is all they need for peace of mind. However, a mortgage valuation is dramatically different to a building survey.

Here’s the crucial difference:

A mortgage valuation:

• Is conducted for your lender’s benefit, not yours
• Simply checks if the property provides adequate security for the loan
• Is a basic assessment that you may not even see a copy of
• Does NOT assess the property’s condition for your benefit

Whereas an independent property survey:

• Is conducted entirely for your benefit by qualified professionals
• Provides detailed assessment of the property’s condition
• Identifies defects, structural concerns, and potential repair costs
• Gives you the information needed to make an informed decision

An independent property survey carried out by Cosey Homes’ RICS surveyors ensures you’re fully aware of any potential defects and structural concerns before you commit to the purchase.

When and How to Arrange Your Survey

The ideal time to book your survey is after your offer has been accepted but before the exchange of contracts. This gives you time to act on the findings without delaying the purchase process unnecessarily.

It’s always recommended to use a RICS-qualified surveyor to guarantee a high standard of service and an impartial report.

Make sure to choose the right level of survey for your needs – from our mid-level RICS HomeBuyer Report (Level 2) to our comprehensive Building Survey (Level 3), depending on the property’s age, type, and condition.

The 4 Major Risks of Buying Without a Survey

Unfortunately, too many homebuyers still think a property survey is an unnecessary expense. Here are the four most significant risks you’d be taking by skipping this crucial step:

Risk 1: Missing hidden structural problems

Without a professional survey, you could miss serious structural issues, damp problems, or subsidence that could cost tens of thousands to rectify. These problems often aren’t visible to the untrained eye during viewings.

Risk 2: No access to expert, impartial advice

You’ll miss out on the invaluable advice of an experienced, RICS-qualified surveyor who can bring a wealth of experience to the table, utilising their specialist knowledge of the local housing market, including environmental risks such as flooding or subsidence, to help identify potential issues. That way, you have the best possible information available to inform your decision-making on whether and how to progress with the transaction.

Risk 3: No negotiating power

Without concrete evidence from a professional survey, you’ll have no credible basis to renegotiate the purchase price when problems become apparent. Our surveys provide detailed reports with ‘traffic light’ condition ratings that give you solid grounds for price discussions.

Risk 4: Costly post-purchase surprises

You’ll be taking on all the financial risk of any hidden defects, with no recourse to the seller once contracts are exchanged. The relatively small cost of a survey could save you from much larger expenses and significant stress after you move in.

STILL NOT SURE?

Our friendly and helpful team are happy to talk you through your options. Contact us by phone at 01744 412 700 and e-mail at contact@coseyhomes.co.uk

Find Out Which Survey

At Cosey Homes, we have nearly 20 years’ experience of carrying out residential home surveys in many locations across the UK. Our RICS-qualified surveyors provide comprehensive, impartial reports that give you the information you need to make confident property decisions.

If you’re in the middle of a property purchase and need an experienced surveyor, you can get an instant online quote here. For professional assistance and guidance to help you make the right choice, please get in touch with our friendly team.