When you’re buying your first home or moving home, there’s a lot to consider. Securing a mortgage and finding a property can be overwhelming. One question that often arises is whether you need a structural survey report when purchasing a house or apartment. At MortgageLine, we believe that understanding this aspect of the home-buying process is crucial for making informed decisions.
What Is a Structural Survey Report?
A structural survey report, often referred to as a building survey, is an in-depth inspection of a property’s condition. You will need a qualified Surveyor to inspect the property and issue you with a report. The report will provide a detailed analysis of the building and will identify any structural issues or defects. This includes examining the roof, walls, floors, windows, and any potential problems with dampness, subsidence, or woodworm. Any issues could affect the value of the property and you will also need to budget for essential repairs.
Why Is a Structural Survey Important?
Uncover Hidden Issues: Even if a property looks perfect on the surface, there could be underlying issues that are not immediately visible. A homebuyers report or structural survey helps uncover these problems, ensuring that you’re fully aware of what you’re buying.
Negotiate the Price: If the survey reveals significant issues, you may be able to negotiate a lower price with the seller. This could save you a considerable amount of money. Or at the very least, help this will help you prepare for the costs of any repairs you need to take care of.
Peace of Mind: Buying a home is one of the biggest investments you’ll make. You want to know that your new home is safe, secure, and a good investment. A property survey will give you peace of mind and clarity about the property condition.
When Should You Get a Structural Survey?
It is best practive is to get a structural survey done after your offer on a property has been accepted, but before you sign contracts. There is no point wasting money on a survey before you agree a price. Likewise you do need the survey before you sign contracts. No point fully commiting, (signing contracts), before seeing if there are any issues with the property survey.
Do You Always Need a Survey?
While a survey is not legally required, it is highly recommended, especially for older properties or those that have undergone significant alterations. If you’re buying a new-build, you might feel more confident skipping the survey. However even with new builds it is still important to get someone with experience to inspect the property for you. For new properties it is worth hiring a professional to carry out a snag list. The snag list wil give you a list of items the builder will need to fix for you before you exchange funds and get your keys.
Will a Mortgage Lender Insist on a Structural Survey?
If you are buying a home with a mortgage then your mortgage lender will only normally insist on seeing a structural survey in certain circumstances. If the property is more than 100 years old or if the mortgage valuer points out that there could be structural issues then the mortgage lender will insist on a survey. In all other cases it is highly recommended but is optional.
How MortgageLine Can Help?
At MortgageLine, we understand that the home-buying process can be daunting, especially for first-time buyers. Our experienced mortgage brokers are here to guide you through every step of the journey, from securing the best mortgage rates to understanding the importance of structural surveys. We’ll help you make informed decisions so that your dream home doesn’t turn into a nightmare.
In summary, a structural survey report provides you with really valuable information about the property condition. While it may add to your upfront costs, it can also save you money and stress in the long run. If you’re unsure about whether you need a survey or which type to choose, MortgageLine is here to offer expert help and advice so please reach out to us if you have any questions.
Ready to take the next step in your home-buying journey? Contact MortgageLine today for a free consultation. Our dedicated mortgage brokers will help you find the best mortgage and guide you through the entire process. Contact us here.
