When buying a property, getting a property survey done helps you ensure that you are making a good deal.
Put simply, a property survey gives you a clear picture of the legal boundaries of your property and whether there are any defects that will require repairs.
A property surveyor will
- Do legal research by checking the history of the property deed and the title to ensure that there are no legal issues
- Visit the property, make a sketch to determine its boundaries and edges, and look closely for any defects, both major and minor
- Hand you a map of the property with its legal boundaries and a report containing information about repairs you need to make
Let’s talk about 4 reasons why a Property Survey is important.
To Avoid Legal Issues
A property survey helps greatly in determining the legal title of the property, getting a title insurance, and obtaining legal permits to avoid encroachments.
To Make Changes to the Property
When you get a property survey done, it becomes a lot easier to make changes to your property. For example, you can easily know if you can make a driveway or sidewalks at the boundary, construct a swimming pool inside, or build fences and sheds.
To Get a Detailed Report
After a property survey, you get a clear and complete picture of
- The legal boundaries and lines of the property
- The property regulations and laws
- Information regarding any underground cables (electricity, gas, drainage)
- The major and minor defects in the property
Remember, that when mortgage providers survey a property, it is not a real property survey. They do not analyse the condition of the property. All they want to find out is whether they are lending the right amount for the right property. They may check for major defects, but that is only to see if those defects affect the value of the property and if they are lending too much. They do not examine the property with the interests of the owner in mind. You won’t get to know about any repairs that you need to make.
On the other hand, a property surveyor spends hours evaluating the property. He looks for defects that are not very obvious now but may later cost you a lot of money in repairs. He checks for structural damage, roofing issues, wet or dry rot – things that get worse over time. He visits the attic, goes to the edges of the garden, and reaches every nook and corner of the property looking for woodworm, cracks, damp, poor alterations and so on. You are guaranteed a detailed report.
To Avoid Future Repair Costs
When you receive the report from the surveyor, you may be surprised to learn about the repairs needed. Immediately, you can talk to the seller, asking him to make the necessary repairs and then sell you the property. Or, you could even negotiate the price, telling the seller that you are willing to make the repairs yourself if he reduces the price.
Many buyers who did not get a property survey done have spent an average of £5,750 in repair costs after moving in. In fact, 17% of them have spent more than £12,000 on their recently bought homes to make it liveable.
Buying a house is an expensive purchase. You want to do it right. A property survey usually costs less than 1% of the property price. When you get it done, you can have peace of mind, knowing that the property is worth the money. And you’ll avoid getting into legal issues as well as spending a lot of money in future repair costs.
If you are buying or selling a property and looking for expert guidance from an experienced conveyancer, please do not hesitate to contact Aristone Solicitors.
