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Hove, Brighton Property Consultants FAQ
Hove, Brighton Property Consultants
QUESTIONS ANSWERED...
How Much Does a Building Survey Cost?
Answer...
An RICS level three Building Survey for an average UK property being purchased in Eastbourne and the south east can cost around £800, though can be as cheap as £630 and as expensive as £1,200. A building survey is the most comprehensive survey of all the survey types, and provides an in-depth examination and report on the structure and condition of the home.
Like all surveys, your survey cost will come down to the price of the property, and the amount of time spent surveying the home and preparing the report. For that reason, many surveyors will be happy to charge an agreed rate per hour instead of a flat rate for the report.
You will need a building survey if the property you plan to buy is either an older building, one that was constructed with unusual materials, is in poor repair, or if it's a listed building. A building survey cost may seem expensive, but it will be able to highlight many hidden defects and other hidden or less obvious issues that could cost you thousands to repair after you’ve moved in.
Once your offer has been accepted, you should arrange the building survey. It gives you a chance to back out of the sale without having to risk losing your deposit if the survey discovers expensive repairs. Keep in mind that a building survey does not automatically include a valuation or estimated cost of repairs. If your surveyor is also an RICS Registered Valuer, you can usually ask to have a valuation done alongside the survey report, but it's likely to cost you around £50 extra. If you require a valuation for your mortgage agreement, check with your lender beforehand to ensure they will accept this type of valuation.
Remember to use our free moving checklist to help you prepare for all costs during your move.
Is it Worth Getting a Survey on a Property?
Answer...
It is always worth getting a survey done when you’re buying a property, not only to receive expert advice from a RICS regulated surveyor, but a property survey can also save you a lot of money in the long run. You can also use your property survey to negotiate on the house price if the report brings back negative results.
In a study conducted by Which? it was discovered that 26% of the 1,205 buyers surveyed compromised on the price after they received survey results. Many of these people regretted not compromising on certain issues with the seller to complete the transaction, such as the property’s structural condition. Out of the 13% who overlooked the serious issues to continue with the purchase, 30% later regretted the decision. They later realised that the condition of the property would eventually mean losing money in repair work and so they wished they had negotiated on the price to cover the costs.
When you get a property survey, your surveyor will highlight any major issues they have found, giving you the opportunity to completely pull out of the sale as your offer will be Sold Subject to Contract (STC). This ensures that you don’t regret the purchase or any of the compromises you’d have to make, like many of the respondents in the survey above. You could even renegotiate the offer you submitted to cover the costs of the repairs identified.
In a previous study, RICS discovered that 4 in 5 homeowners bought a property without having a property survey first. These buyers then went on to spend on average £5,750 in unexpected repair work. You can easily avoid these surprise costs by hiring a verified surveyor to inspect your property. You can then determine if the property is worth the investment and the necessary repair costs identified. It gives you time to plan and budget for the work as well as provide evidence to negotiate on the price.
Peter Bolton King, RICS Global Residential Director, said, “Buying a home is one of the biggest decisions most people will ever make and yet many consumers are so blind to the facts. Serious faults are difficult to identify and costly to repair. By not being aware of them, consumers are risking a potential home buying time bomb." King continued by stating that "this can cause extreme stress and financial strain on homeowners who are often stuck with a property they no longer want but cannot sell.”
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