A house survey report is an integral part of the home buying and selling process. It is a report compiled by an expert surveyor and it details the properties condition. Its purpose is to inform prospective buyers of the overall condition of the house. The house survey report will include any problems that the house buyer might have to contend with.
The report is generally organised and paid for by the house buyer once their offer has been accepted.
What are the different types of house surveys?
There are 4 different types of house survey reports.
This report determines the valuation of the survey, confirming whether or not the house is worth the amount that the property buyer agreed to pay for it. This benefits the buyer because it informs the mortgage lender that the loan is covered by the house.
The valuation can be conducted in numerous ways – a ‘desktop valuation’ bases value on the overall market and the sale prices of similar properties. A ‘drive-by valuation’ calls for a surveyor to visit the property. Usually, they’ll value from the outside, but sometimes they’ll go in and take a closer look.
The valuation survey does not look at the condition of the property.
This type of house survey is ideal for newer homes; when you can be confident about the condition of the house.
It is the cheapest option at around £100 – £250, but it is also the most simple.
This report will not give a valuation, but it will provide a report on the overall condition of the house and any faults will be detailed.
If your property buyer needs more peace of mind they are likely to opt for the homebuyer report. This type of house survey is more detailed and this is factored into the cost. This house survey costs £250 – £450.
It offers the property buyer peace of mind because it provides a lot more information including:
Insurance rebuild costs
Overall condition and faults will be detailed in this house survey report
It advises on any defects that might hurt the property value
The full structural house survey report is the most expensive, but it is also the most detailed.
A property buyer can expect to pay £1,000 for this kind of survey, but for the added value of peace of mind, it is worth it. It is particularly useful for buyers looking at older properties or looking at properties they want to make major adjustments to.
Do property buyers have to have a house survey report?
The short answer is no. It’s not a legal obligation, but it is wise.
Although outlaying the cost can seem like a steep expense, the truth is the survey can save property buyers thousands if it identifies defects or structural issues.
For this reason, the chances are house buyers will go ahead and get a house surveyed. Generally speaking, if property buyers are parting with cash for the house survey then they’re serious about the property.
However, for the seller, a house survey can be a nervous time, as house survey reports can cause buyers to pull out of the sale entirely. If sellers are looking for a fast house sale then this can be frustrating.
If you want to avoid the stress and bother of the house survey then you can think about a fast house sale with a fast property buyer like us. We buy any home regardless of its condition.
If a house survey is about to unveil huge problems for your next property buyer then you can sell your house fast to us!