There is plenty to think about when buying a house, not least how to finance it all and people often ask “Why do I need a survey when buying a house?”
When you factor in your mortgage deposit, stamp duty, conveyancing fees, valuation fees and local searches, one of the biggest obstacles people face in buying a property is how to fund the up-front costs.
Stockport based Fairhurst Estates explain:
Naturally enough, home buyers are eager to cut costs wherever they can and one of the first things they will look at omitting is the home survey.
Home surveys are sometimes confused with the valuation survey carried out under the instruction of your mortgage provider.
Valuation surveys are obligatory – no bank or building society will approve a mortgage without getting a valuation of the intended purchase, and the would-be buyer has to pay for it.
Home surveys, on the other hand, are not compulsory, which is why they are an obvious target for people looking to pinch a few pennies. However, mandatory or not, home surveys are strongly recommended.
People will sometimes ask, ‘what’s the point if I have already had a valuation survey carried out?’ and the answer is that a home survey is something completely different.
The main purpose of a valuation survey is to protect a mortgage lender’s interests by checking that the sale price is fair in the current market. Basically, the provider wants to be sure that, should the buyer default on their mortgage, they will be able to sell the property and get their money back.
A home survey, on the other hand, looks at the physical condition of the property. The purpose is to check that the buyer is getting a fair deal and won’t be landed with expensive repair costs a short time after moving in.
A home survey is therefore very much about protecting the buyer’s interests, and ultimately trying to save them money if the property is in a worse condition than appears on the surface.