Building Survey

A building survey is a comprehensive assessment of a building’s structure and condition. There are different types of building surveys but, in general, they are designed to assess the structural integrity and condition of a property. 

rebuilding cost assessments planned prevention

Depending on the type of survey you choose, it may include an assessment of:

  • Interior and exterior condition
  • Visible defects
  • Necessary remedial works
  • Ongoing maintenance requirements
  • Roof space inspection
  • Drainage chamber inspection
  • Possible hidden defects
  • Market value
  • Reinstatement/rebuild value

It’s important to remember that there are different types of building surveys available and bespoke assessments can also be undertaken. The ‘best’ type of survey will be dependent on your needs and the property itself. An older property that has undergone multiple renovations and extensions may warrant a more in-depth survey than a recent new build, for example. 

If you’re unsure what type of survey is best suited to your needs, it’s worth getting specialist advice so you can make an informed decision about what level of assessment is required.

Why You Should Have a Building Survey

There are many reasons to commission a building survey, including:

Prior to Purchase

Known as a ‘pre-acquisition survey’, this helps potential buyers determine what condition a property is in before they decide whether or not to purchase it. By providing you with critical details regarding the condition and safety of the property, your building survey report will give you all of the information you need to make a competitive offer on a property. 

Insurance Valuation

When you insure a property, you need to know its true value so that you can select the right level of cover. If you ‘under-insure’, then any subsequent payout is unlikely to cover the cost of repair or rebuilding works. Conversely, ‘over-insuring’ means you’ll be paying more than you need to in monthly or annual premiums.

Attracting Investment

If you’re looking for parties to invest in a property or a development, they will need to have in-depth knowledge of the property’s condition before they can decide whether to invest and a building survey will ensure a comprehensive assessment is carried out. 

Planning Improvements

Before making any improvements to a property, it’s beneficial to be aware of its current condition. If you uncover a hidden defect during renovation works, for example, it can throw the entire project off course and send costs spiralling. With a well-timed building survey, however, you can identify potential issues before planning improvement works and incorporate repairs into your project plans.

Benefits of Having a Building Survey/Pre-acquisition

If you’re planning to purchase a property, then a pre-acquisition survey can deliver a range of benefits, including:

Meeting Mortgagor’s Requirements

If you’re taking out a mortgage to purchase a property, then it’s highly likely that the mortgagor will insist on a survey being carried out so that they have an independent valuation of the property. 

Protect Your Investment

Purchasing a property may be one of the most significant investments you ever make, so it’s important to know exactly what you’re getting in return! A comprehensive building survey is the only way to truly identify the condition of the property, so it’s a critical way to ensure the value of the property is reduced due to hidden defects. 

Boost Negotiating Power

If any potential issues or defects are highlighted via a building survey, this can strengthen your negotiating power, and you may be able to persuade the vendor to reduce the price to reflect the subsequent works that will be required. 

Budget for Necessary Works

If a building survey highlights potential issues or hidden defects, you can use this information to plan remedial works. As well as giving you the necessary information to plan suitable repairs or reinstatement, you can determine how much the required works are likely to cost and budget accordingly. 

Issues You May Face Without a Building Survey

Issues You May Face without a Building Survey

Purchasing a property without a building survey can be extremely risky. If you choose to proceed without having a building survey carried out, you may face:

  • Structural issues
  • Costly repairs and remedial works
  • Mortgage offers withdrawn
  • Increased insurance costs
  • Inability to get insurance cover
  • Reduced property value
  • ‘Unsellable’ property

Arrange a Building Survey With TCL surveyors

Whether you’re a property owner, buyer, investor, or developer, TCL Surveyors can undertake a bespoke building survey that meets your needs. To find out more or to arrange a survey today, contact our team on 020 3176 0029, email us at info@tcl-surveyors.co.uk or send us a message here.