Why First-Time Buyers Shouldn’t Skip the Property Survey

Buying your first home is exciting—but it’s also a huge financial commitment. While skipping a survey might seem like a way to save money, it can end up costing far more in the long run.

The basic valuation report carried out by a mortgage lender is for the lender’s benefit only, and if there are any errors or omissions in it, you are unlikely to have any legal recourse against the valuer.

A property survey is a professional inspection that highlights any issues with the home you’re about to buy. Without one, you could be walking into hidden problems like damp, structural damage, or outdated electrics—issues that aren’t always visible during a viewing. These can lead to expensive repairs and even affect the future value and marketability of the property.

There are three main types of surveys to choose from:

1. RICS Level 1 Survey

• More suited to: Modern homes in good condition.
• Pros: Cheapest option; gives a basic overview of the property’s condition.
• Cons: Doesn’t include advice on repairs or a valuation; limited detail.

2. RICS Level 2 Survey (Home Buyer Report)

• More suited to: Standard properties in reasonable condition.
• Pros: More detailed; includes advice on repairs (and a market valuation is an optional extra)
• Cons: Doesn’t cover hidden areas like under floors or behind walls.

3. RICS Level 3 Survey (Building Survey)

• More suited to: Older, larger, or unusual properties (e.g. listed buildings).
• Pros: Most thorough; includes detailed analysis and repair recommendations.
• Cons: Most expensive; takes longer to complete.

For first-time buyers, a Level 2 Home Buyer Report is often the best balance of cost and coverage. It should give you enough insight to make an informed decision without breaking the bank.

Negotiating After the Survey

If your survey uncovers issues, the following options are available:

• Renegotiate the price: If repairs are needed, ask the seller to reduce the price to reflect the cost.
• Request repairs: You can ask the seller to fix problems before exchange.
• Walk away: If the issues are serious and the seller won’t budge, before exchange you’re within your rights to withdraw.

Always discuss the findings with your solicitor and surveyor—they can help you understand the risks and your options. Although a solicitor cannot advise on the report, there is normally a separate section listing the legal issues for your solicitor to consider and these can be included in their legal enquiries.

In short, a survey isn’t just a box to tick—it can be a vital tool to protect your investment. For first-time buyers, that peace of mind may be the best Christmas present you receive this year!

Why First-Time Buyers Shouldn’t Skip the Property Survey

Buying your first home is exciting—but it’s also a huge financial commitment. While skipping a survey might seem like a way to save money, it can end up costing far more in the long run.

The basic valuation report carried out by a mortgage lender is for the lender’s benefit only, and if there are any errors or omissions in it, you are unlikely to have any legal recourse against the valuer.

A property survey is a professional inspection that highlights any issues with the home you’re about to buy. Without one, you could be walking into hidden problems like damp, structural damage, or outdated electrics—issues that aren’t always visible during a viewing. These can lead to expensive repairs and even affect the future value and marketability of the property.

There are three main types of surveys to choose from:

1. RICS Level 1 Survey

• More suited to: Modern homes in good condition.
• Pros: Cheapest option; gives a basic overview of the property’s condition.
• Cons: Doesn’t include advice on repairs or a valuation; limited detail.

2. RICS Level 2 Survey (Home Buyer Report)

• More suited to: Standard properties in reasonable condition.
• Pros: More detailed; includes advice on repairs (and a market valuation is an optional extra)
• Cons: Doesn’t cover hidden areas like under floors or behind walls.

3. RICS Level 3 Survey (Building Survey)

• More suited to: Older, larger, or unusual properties (e.g. listed buildings).
• Pros: Most thorough; includes detailed analysis and repair recommendations.
• Cons: Most expensive; takes longer to complete.

For first-time buyers, a Level 2 Home Buyer Report is often the best balance of cost and coverage. It should give you enough insight to make an informed decision without breaking the bank.

Negotiating After the Survey

If your survey uncovers issues, the following options are available:

• Renegotiate the price: If repairs are needed, ask the seller to reduce the price to reflect the cost.
• Request repairs: You can ask the seller to fix problems before exchange.
• Walk away: If the issues are serious and the seller won’t budge, before exchange you’re within your rights to withdraw.

Always discuss the findings with your solicitor and surveyor—they can help you understand the risks and your options. Although a solicitor cannot advise on the report, there is normally a separate section listing the legal issues for your solicitor to consider and these can be included in their legal enquiries.

In short, a survey isn’t just a box to tick—it can be a vital tool to protect your investment. For first-time buyers, that peace of mind may be the best Christmas present you receive this year!