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Why do I need an RICS Survey?

Whether you’re a first-time buyer, moving home or building a property portfolio, buying a property is probably the biggest and most important purchase you’ll ever make so it’s essential that you’re aware of any potential defects or other issues.

At Blue Crown we believe that a survey should provide you with enough information to help you decide whether or not to proceed with the purchase, before you commit to exchanging contracts.

A survey will help you make an informed decision based on the condition of the property, by highlighting any serious problems. The survey will also advise you of the specific risks before you commit to the process of buying or selling.

A survey is like a health check for buildings and it:

• Gives you all the facts to make an informed decision on whether or not to proceed with the purchase
• Gives you an independent, unbiased professional opinion on the property
• Helps you to decide if the property is at the appropriate price
• Helps you to budget for any maintenance and repairs
• Helps you to Identify if further specialist advice is required before you commit to the purchase

A mortgage valuation report is not a survey

Many buyers rely on their mortgage valuation report as confirmation that the property they are purchasing is in good condition.

You may pay for the report, but a mortgage valuation is purely for the benefit of your mortgage lender and not for you.  At most, a valuer will only make a brief inspection of the property to satisfy themselves that it’s worth the money they are lending you. Their report may include a few lines of general advice, but it’s NOT a survey. You can’t rely on a mortgage valuation report to protect your personal interests.

A survey could save you money

If you’re buying a property then knowing the property’s faults and understanding the cost of repairs, allows you to negotiate on the purchase price. The survey may identify problems you hadn’t anticipated and that may deter you from going ahead with the purchase.

Many homeowners proceed with a purchase without having a proper survey and then it becomes too late to negotiate the price. Once you’ve exchanged contracts you’re the only person responsible for paying for any repairs.