Understanding the Types of Property Surveys

When buying a property, it is important to be aware of the different types of surveys available. Surveys can provide a detailed assessment of the property's condition, helping you make informed, educated decision and avoid unexpected costs. Let us decipher in detail, three of most common types of surveys: Valuation, Homebuyers, and Full Structural—highlighting their differences, benefits, and costs.

Valuation Survey

A valuation survey is the most common and cost-effective survey. It is conducted by a qualified surveyor, and its primary purpose is to determine the market value of the property. This type of survey is usually required by mortgage lenders to ensure that the property is worth the amount being borrowed. The surveyor looks at the general condition of the property and gives an estimated market value, looking for any problems that may affect the property's value. The cost of a valuation survey usually ranges from £150 to £350, depending on the property's location and size. However, this survey provides a basic overview and does not offer elaborate insights into the property's condition.

Homebuyers Survey

The Homebuyers Survey, sometimes referred to as a Homebuyers Report, is a bit more detailed and therefore more suitable for conventional properties in reasonable condition. It combines a valuation with a more detailed inspection of the structure and condition of the property. This will take into consideration major structural issues, such as subsidence or dampness, urgent defects that need immediate attention, and the condition of key areas like roofs, walls, and floors. This will also include details of an estimated cost for necessary repairs and maintenance. The cost of a homebuyer survey typically ranges from £400 to £800. This survey reasonably balances cost and detail, which makes it popular with many buyers.

Full Structural Survey

The full structural survey, often referred to as a building survey, is the most comprehensive and detailed form of survey available. It is appropriate for older properties, those in poor condition, or any that have had significant alterations. This in-depth survey will look in some detail at the structure and fabric of the property, investigate probable defects or issues, advise on necessary repairs, maintenance, and possible costs that could be incurred, and assess unusual features or non-standard methods of construction. Due to the great level of detail and time taken in inspecting the property, the price range for a full structural survey can be anywhere between £600 and £1,500. While it is the most expensive option, it provides the highest level of detail and peace of mind.

Choosing the Right Survey

Selecting the appropriate survey depends on various factors, including the property's age, condition, and what you plan to do with it. A valuation survey may be particularly suitable for new or relatively new properties or when you are concerned with market value. For properties in a reasonable condition that are standard in nature, a balance between cost and detail can be formed by applying a homebuyer survey. For larger, older, or significantly altered properties, a Full Structural Survey might  be appropriate, especially if you plan extensive renovations.

Tom Cranenburgh, partner at Get An Offer says:

“Almost everybody we sell the property to has some form of survey, it can be a bit like an MOT for a car – it gives reassurance. The level of survey depends on the buyer’s circumstances and risk/cost balance. We’re always happy to help buyers arrange a survey, it's best they buy with all the facts in mind.”