Whether you’re buying your first flat, your dream house, or your fifth investment property, a survey is the best way to check it’s structurally sound. However it can be confusing trying to decide which type of survey you need.
MoneySuperMarket has partnered with property survey expert Optimus to offer you access to its panel of more than 200 chartered surveyors – so you can find the right survey at the right price.
What is the difference between a house survey and valuation?
What is the difference between a house survey and valuation?
A valuation is a basic check, carried out on behalf of a mortgage lender or a cash buyer to ensure the property is worth the money being paid for it. If you are buying a property it is important you do not rely solely on the valuation, you should also instruct a survey on your own behalf.
A survey is something you can have done to give you an idea of the structural safety and value of a property you want to buy. There are two types of survey you can get for a potential home: A homebuyer report and a valuation survey.
Ascertaining the market value will help you get a mortgage. But when you buy a property, it’s your responsibility to ensure it is structurally sound. Booking a homebuyer survey or Building Survey by a qualified Royal Institution of Chartered Surveyors (RICS) surveyor is the best way to spot any unforeseen problems. If it does reveal issues, you can also use the information to negotiate a lower purchase price.
What are the different types of house surveys?
What are the different types of house surveys?
There are three main levels of house surveys available:
The RICS Condition Report
The RICS Homebuyer Report
The RICS Building Survey
The Condition Report identifies any urgent defects. However, it doesn’t provide a market valuation or an insurance rebuild cost, which is why many buyers opt for a Homebuyer Report or a Building Survey.
A Homebuyer Report highlights any major problems, while a Building Survey provides more detailed analysis and advice about next steps. Which one is right for you will usually depend on the age, location, and type of property you are considering buying.
What’s included in a Homebuyer Report?
What’s included in a Homebuyer Report?
An easy to understand traffic light condition rating system
Details about any urgent or significant repairs that may be required
Details about problems that could affect the property value
What’s included in a Building Survey?
What’s included in a Building Survey?
A detailed report on the construction and condition of the property
Advice on repairs, on-going maintenance, and issues that may affect the property value
Clear information about areas that require urgent attention
Do I need a full building survey?
Do I need a full building survey?
A Homebuyer Report is sufficient for most modern homes built to typical construction standards, as long as there are no obvious issues. But if you’re buying a property that is more than 150 years old, or has been significantly altered, a Building Survey that offers greater insight is a better choice.
As a property purchase is such a big financial transaction, some people also opt for a Building Survey as a form of protection. Sellers are under no obligation to mention any structural problems, even if they are aware of them, so a full Building Survey is the best way to ensure there are no nasty surprises after the contracts have been signed.
| What type of home survey is right for me? | Homebuyer Report | Building Survey |
|---|---|---|
| I’m buying a standard construction property | yes | no |
| I’d like a user-friendly traffic light rating | yes | no |
| I’m buying a property that’s more than 150 years old | no | yes |
| I’m buying a property that’s been significantly altered | no | yes |
| I plan to significantly alter the property once it’s mine | no | yes |
| I want advice on repairs and maintenance required | yes | yes |
| I want a key risks report | yes | yes |
| I want to know about issues that affect the value | yes | yes |
| I want details of problems that need urgent attention | yes | no |
| I want a rebuild value for insurance purposes | yes | no |
| I want an in-depth inspection | no | yes |
| I want a comprehensive structural report | no | yes |
| I want a description of the defects uncovered | no | yes |
| I want professional advice on repair options | no | yes |
Compare surveys
Compare surveys
It’s easy to find and compare home surveys with MoneySuperMarket’s partner Optimus. Simply answer a few questions about yourself and the property you’re hoping to buy, and Optimus will be able to provide you with a quote.
If you are happy with the price, then all you have to do is book the Survey, and Optimus will contact you to arrange an appointment for the property survey to take place, making sure that you get a Surveyor that can work around your schedule, so you can find out everything you need to know about your potential new home.
Who are Optimus?
Who are Optimus?
MoneySuperMarket has partnered with Optimus to help you find the right home buyers’ survey by providing access to Optimus’ panel of more than 300 RICS surveyors.
You’ll have to give Optimus a few details about your planned purchase to allow it to quote you for the survey – this way they can give you an accurate fee instantly, rather than an estimate.
They offer a fixed-price guarantee on all survey types, regardless of location or property type – and there are no hidden fees.
You can contact Optimus here, send them an email at moneysupermarket@optimus-move.co.uk, or call on 0117 933 9471.
Is it worth getting a home buyer report?
It’s your responsibility to check for structural risks and problems when you buy a house or flat. By going ahead without a survey, you could therefore find yourself with a property that needs extensive repairs or can’t be sold on for anything like the amount you paid for it.
If a survey does reveal the property needs work, you may also be able to negotiate a better price. The same is true if the survey suggests a lower market value than the price you’ve agreed, so getting a survey can save you money on the purchase – as well as in the future.
What’s the difference between a survey and a mortgage valuation?
The Mortgage Valuation is for the lenders benefit and doesn’t provide any details regarding the condition of the property – you may not even get to see a copy of the report.
When you appoint a RICS-regulated surveyor to provide you with a full and thorough survey, you can relax knowing you have a full understanding of the condition of the property before you sign on the dotted line.
Do you need a survey to sell your house?
No, identifying any problems with a property is the buyer’s responsibility, so you don’t have to get a survey to sell your house. You may, however, wish to get a survey done to reassure potential buyers – for example, if it’s a very old property or you’re close to a flood risk area.
When selling your home, you also have to provide an Energy Performance Certificate (EPC) rating the energy efficiency of the property with a letter between A and G.
What is checked on a home buyers’ report?
When you book a RICS Homebuyer Report, the surveyor will check all major indoor features including ceilings, walls, and bathrooms, as well as exterior features such as roofing, pipes, gutters, walls, windows, and doors. Problems they will look out for include leaks, subsidence, and rising damp.
You’ll also receive background information on the property and location, an estimated rebuild cost you can use for insurance purposes, and an assessment of the damp-proofing, drainage, and insulation (but not the drains themselves).
How do surveyors check for damp?
Surveyors use a special damp, or moisture, meter to check walls for rising damp. They also check for signs of damp such as stains, rotting floorboards, and peeling paint, which can be caused by leaking pipes, accidental floods, or insufficient ventilation.
Does a house survey check windows?
Yes, both Homebuyer Reports and Building Surveys involve window checks, including whether or not the windows are double glazed. Most surveyors will also want to open the windows so they can check for damaged timber, and make sure the keys are not missing.
Will a surveyor go in the loft?
Yes, surveyors will check the loft because it’s often the easiest place to spot potential problems such as a leaky roof or insufficient insulation. If you’ve had your loft converted, they’ll also want to check the quality of the work. If you’re planning to convert the loft space after buying a property, a surveyor can also tell you whether or not this is possible.
Will a surveyor go in the loft?
Yes, surveyors will check the loft because it’s often the easiest place to spot potential problems such as a leaky roof or insufficient insulation. If you’ve had your loft converted, they’ll also want to check the quality of the work. If you’re planning to convert the loft space after buying a property, a surveyor can also tell you whether or not this is possible.
How much is a full survey on a home in the UK?
The cost of a full Building Survey depends on the property being surveyed, but prices start at around £600. A Homebuyer Report is generally a cheaper option at around £345 +VAT according to Optimus – although its cost will also depend on the size and value of the house or flat in question. Either way, you can find a better deal by shopping around.
If you have to pay for your mortgage lender’s valuation survey, the average cost is around £250. A basic Condition Report, meanwhile, costs from £300.
Consider the type of property you want to buy
Choose the type of survey you need based on the condition of the property, not on the cost of the survey. Optimus can provide you with any survey type.
Use a qualified surveyor
Choosing a RICS-regulated surveyor has a number of benefits, including that RICS surveyors are required to have insurance to protect you should anything be missed. All the Surveyors used by Optimus are RICS-qualified.
Highlight your own concerns
If you’re worried about the roof, for example, it’s worth mentioning this to the surveyor checking the property.
Negotiate the purchase price
If your home survey shows up problems with the property, you can use this information to renegotiate the purchase price. Alternatively, ask the seller to have the work done before you buy.
Get Money Calm
MoneySuperMarket gives you lots of clever ways to save a lot, by doing very little.
- Take control of your credit score by checking and improving it for free with Credit Monitor
- Never overpay again with Energy Monitor, our energy monitoring service
- Over 50 ways to Get Money Calm
So how do we make our money? In a nutshell, when you use us to buy a product, we get a reward from the company you’re buying from.
But you might have other questions. Do we provide access to all the companies operating in a given market? Do we have commercial relationships or ownership ties that might make us feature one company above another?
We commit to providing you with clear and informative answers on all points such as this, so we have gathered the relevant information on this page.