How much do house surveys cost and are they worth it?
It’s no secret that buying a house is a costly endeavour. With the deposit, solicitor fees, and moving costs to take into account, it can be tempting to skip the property survey and save a few hundred pounds. After all, it’s not a legal requirement.
You may have noticed that other homeowners, mortgage lenders, and estate agents often recommend a RICS property survey. But are they really worth the cost? Here’s what you need to know.
How much does a homebuyer survey cost?
When it comes to house surveys, you’ll find there are different types and varying costs. The amount you spend may depend on the size, age, and value of the property in question.
As a ballpark estimate, you can expect to pay between £400 and £1000 for a Level Two Homebuyer Survey or £630 to £1500 for a more comprehensive Level Three Building Survey.
So, what do you get for this price?
Benefits of a homebuyer report
RICS property surveys might not be mandatory, but they bring a host of benefits that could outweigh the upfront cost of the report.
Peace of mind
When spending a significant amount of money on a property, it’s important to know exactly what you’re buying. A property survey provides peace of mind by ensuring you have an accurate and up-to-date picture of your property – from its boiler condition to its land boundaries.
The homebuying journey can feel stressful and daunting, but a property survey from an RICS-qualified surveyor can eliminate some of the worries or questions you may have had.
No nasty surprises
What’s more, your homebuyer report can help to identify any potential problems with the property. There’s nothing worse than moving in and discovering an unexpected issue. Whether it’s a quick fix or something that may worsen over time, at least a property survey will make sure you have the full picture ahead of time.
Once you have an idea of any work that may need doing, you can budget accordingly. Your RICS surveyor may also offer advice on repair and maintenance costs.
Could save you money in the long run
Not only does a homebuyer survey give you advance warning of potential problems and their associated costs, but it can also give you ground to renegotiate your offer with the seller. They might be able to fix the issue before you move in or allow you to take the estimated repair costs off the property price.
You may find that your survey highlights a serious problem that pushes costs beyond your budget. In this situation, you may decide to pull out of the sale. While this may seem a shame, it’s far better than discovering your new dream home is completely unaffordable.
Is it worth it?
Purchasing a property is a big investment and paying for a property survey could prevent you from spending thousands on unexpected repairs later on.
In short, a property survey is a valuable investment that can save you time, money, and headaches in the future.
For an accurate and reliable report, book a local RICS surveyor through Houzecheck. Prices start from £469 for a Level Two Homebuyer Survey.
Author: Ian Russell, Director of Surveying