Property Surveys for First-Time Buyers
Purchasing your first home is harder than ever, with deposit costs rising alongside property prices and mortgage interest rates also high. Buying a home is a major financial commitment, and as a first-time buyer, property surveys are essential to identify any issues that could cost you significantly down the line.
Understanding the different surveys for first-time buyers and choosing the right one helps protect your investment.
Why First-Time Buyers Need Property Surveys
Surveys provide vital information on a property’s condition that may not be visible when you go and view it. While lenders require a basic valuation survey, this only confirms the property value for mortgage purposes. It does not evaluate important factors like structural soundness or damp.
Thorough surveys identify problems early so you can renegotiate the price you have agreed to pay, request sellers fix issues before completion, or simply walk away from a poor investment if you choose to. For first-time buyers investing their life savings, surveys mitigate nasty surprises that could make the property unliveable or require urgent, expensive repairs down the line.
This property may be your dream home, but it could easily turn into a nightmare if you later discover it has subsidence or a bad case of rising damp.
Common Property Issues First-Time Buyers Should Know
Several problems commonly crop up that comprehensive surveys help uncover:
- Structural movement like subsidence, cracked walls, sloping floors
- Damp, mould and timber defects including wet rot and dry rot
- Faulty electrics, heating and plumbing systems with risk of shock, leaks, etc.
- Infestations like woodworm, Japanese knotweed, other invasive plants
- Asbestos in older properties, which is hazardous if disturbed
- Flood risk in basements or ground floor flats
- Drainage problems resulting in foul water overflow
- Unlawful additions like loft conversions or extensions done without council approval
- Major restoration work needed on dilapidated period buildings
This is not an exhaustive list, which is why a survey is so important.
How to Choose the Right Survey for Your First Home
There are different types of survey. Most people will choose a Level 2 Homebuyer’s survey, which is ideal for newer properties. A Level 3 survey is more comprehensive. This is a better choice for older properties, Listed Buildings, and non-standard construction properties.
Depending on the survey you choose, it will include:
- Detailed reports on the property condition with photos of any issues
- Clear recommendations for repairs and future maintenance
- Itemised cost estimates for any upgrade or fix work required
- Expert assessment from experienced industry professionals
- Redress if the surveyor misses critical structural issues
- Ongoing support and advice from the surveyor
While basic valuations are mandatory for mortgages, paying a little extra for a rigorous Level 2 or Level 3 survey provides true peace of mind.
Benefits of RICS Surveys for New Homeowners
Working with RICS (Royal Institution of Chartered Surveyors) qualified surveyors is advisable. RICS qualified surveyors follow a strict code of conduct and have indemnity insurance if you are not happy with the work they’ve done for you.
RICS surveys give first-time buyers the confidence that they are fully aware of the property’s physical state before committing their life savings.
Choosing the right property survey provides first-time buyers with objective insight into a property’s physical and structural condition. While basic mortgage valuations have their place, new homeowners benefit tremendously from detailed RICS surveys when making the largest investment of their life.
The modest additional cost is well worth it for the peace of mind and financial protection it provides long-term. Don’t take risks on your first property – a thorough RICS survey allows you to buy with eyes wide open.