Surveys for First Time Buyers

Last updated: February 2008

This article explains the two different types of survey and why they are important.

As a first time buyer, you should request a survey after your initial offer has been accepted but before the stage where you agree on signing a contract to buy the house. A survey is where a surveyor comes to inspect the property that you intend to buy. What they inspect and how detailed their inspection depends upon the type of survey that is carried out. You should consult your mortgage lender before carrying out a survey.

Here are the two types of survey:

Home Buyers Report

• Home Buyers Report - The Home Buyers Report is something that includes a valuation of the house that you intend to buy (to find out how much money it is actually worth) and a basic survey to identify any major faults.

Building / Structural Survey

• Building / Structural Survey - This survey is more detailed than a Home Buyers Report and it includes information on all major and minor faults of a house. This type of survey is also the most expensive and it is important to check exactly what the surveyor will not be inspecting - so you can inspect that yourself.

Surveys are important

We would argue that it is worth paying for a detailed survey because, even though a few hundred pounds may seem expensive, it can inform you about something that will cost thousands of pounds to fix after completing the sale. In addition, it may reveal that the house is grossly overvalued and that you will be unable to get a mortgage for the property unless you lower your offer.

House Survey Resources

• The Royal Institute of Chartered Surveyors (RICS)
• Find a Surveyor

Article by Tim Ballard.
February 2008

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