Do you really need a survey?
By Rebecca Jenkins
You’ve saved and you’ve saved, maybe even received an unexpected windfall, and the time has come to buy a property. Maybe it’s your first time, maybe it’s a step up or perhaps you are looking to downsize. No matter the reason, buying a property at any stage of life is a huge investment (perhaps one of the biggest you’ll make) and, without a doubt, an expensive one!
Making a house purchase might seem like it comes with endless fees and this is especially the case if you are buying with a mortgage. Maybe you’ve paid for a mortgage arrangement and the pesky mortgage company now wants to charge for a ‘survey.’ Your estate agent might even have suggested this survey is ‘good enough.’
It could be tempting to see this an opportunity to save some money and not get an additional survey, but…
Let’s take a look at the mortgage ‘survey’ and see what you think:
Who is the ‘Survey’ for?
Sadly, although you’re the one paying for it, this inspection is not for your benefit. The sole purpose of this inspection is, to be blunt, to assure the lender that IF they lend money on this property they will be able to recoup the money lent if something goes wrong. The lender is protecting their own investment.
But a survey’s a survey, right?
First of all, a ‘mortgage survey’ although commonly used, is generally a misleading term. A surveyor will visit the property but will actually be undertaking a ‘mortgage valuation.’ I’m sure you can immediately see the difference; a valuation does not a survey make!
The purpose of a survey is to assess the condition of a property, or structure, and to identify whether there are any issues that may need addressing which could end up costing you dearly in the long run. Should any issues be identified, you then have what you need to be able to either renegotiate the agreed price or, in some instances, walk away altogether knowing you’ve saved yourself, not only your hard earned cash, but also the stress and heartache of finding out the hard way that your dream home isn’t quite what you hoped for.
Of course, your survey may simply confirm that all is well with your new home. In which case, you have paid a small price for peace of mind!
Why Sussex Surveyors?
When you pay our fee, you are paying for a member of our team to work for you and only you as we’re independent of all estate agents. We pride ourselves on being approachable and professional, experts in our field who use our knowledge to protect you against unforeseen risks, helping you to make the most informed decision possible.
Find out more about our surveys here If you’re not sure what you need, give us a call or drop us an email and we’d be happy to talk it through with no obligation.
