Which Type of Property Survey Should You Choose?
Buying a house? Want to avoid unexpected costs and nasty surprises later on down the line?
A thorough inspection of your potential new home is a must.
But, with so many different types of property survey out there, which should you choose? We explain each one, their expected costs, and who they’re good for.
Types of home survey
Here’s a quick rundown of the different types of house survey:
- Mortgage valuation
- RICS condition report
- RICS homebuyer reports
- Survey only
- Survey & valuation
- Home condition survey
- Building survey
- New build snagging list
Each of these has varying degrees of depth, therefore every house survey cost is different.
So, what does a surveyor do? Their job is to carry out the property survey you choose, looking at everything from house subsidence to rot. It’s recommended you get one after making an offer on a house.
Mortgage valuation survey
A mortgage valuation is carried out by your mortgage lender before they approve your loan. However, contrary to what many people think, it isn’t the same as a property survey.
What does it look at?
This valuation is all about looking after the best interests of the lender, ensuring that their loan is secure. Before they approve your mortgage, they must make sure that the property is worth the price you’re paying for it.
How much will it cost?
Some lenders will provide these for free, however many won’t. Costs vary depending on the size of the property – each circumstance is individual. Typically, you’re looking at anything from £100 to over £1500.
What doesn’t it look at?
This is simply a valuation; it won’t point out any structural problems or issues with the condition of the property. This means that if there are any and you don’t find them out, you’ll end up paying for them.
Who is it good for?
Everyone usually ends up getting a mortgage valuation because their lenders insist on it. Essentially, they’re best for lender as they need to ensure the security of their loan.
However, if you find you are paying too much for the property compared to similar ones in the area, you can offer a lower price.
RICS condition report
The Royal Institute of Chartered Surveyors (RICS) condition report is considered a ‘light’ survey.
What does it look at?
This type of house survey report is the most basic, looking at any potential problems and identifying risks. It uses a ‘traffic light’ system: green is okay, red means it’s serious.
How much will it cost?
As this is your basic, entry-level survey, it’s also the cheapest. Prices will vary depending on the property itself and your individual situation, so you’re looking at anything from £300 and up.
What doesn’t it look at?
While it’s used to complement a valuation, no valuation is provided. You also won’t receive any advice, even if issues are found. It will however provide a summary of any defects within the property.
Who is it good for?
As this survey is fairly basic, it’s not typically suitable for older properties. It’s better suited to newer builds.
However, bear in mind that just because a property is old doesn’t mean it will have problems, and vice versa.
RICS homebuyer report (survey only)
RICS homebuyer reports are the most popular – the first option is to have a survey only.
This goes into more detail than the one mentioned above, providing a more comprehensive report.
What does it look at?
This survey will point out all the obvious problems. Your surveyor will look at many unwelcome issues, including:
- Rot
- Mould
- Subsidence
- Structural damage
- Damp
How much does it cost?
Typically, costs start at around £350-£400. However, again, these vary depending on the property itself and the surveyor you choose.
What doesn’t it look at?
This survey is non-intrusive, therefore a surveyor won’t drill any holes, look behind furniture or lift up any floorboards. This can make it somewhat limited; it will only spot obvious signs of rot, for example.
It also doesn’t include a valuation. However, this could help you negotiate the house price down. For example, if the survey reveals certain repair work will cost around £2,000, it’s reasonable to knock this (or more) off the asking price. You should also do your research into market valuations in the area – what are similar properties selling for?
Who is it good for?
This type of home survey is best for conventional properties in a reasonable condition.
RICS homebuyer report (survey & valuation)
This is the second type of homebuyer report.
What does it look at?
This survey looks at everything the report mentioned above does, but includes a valuation also. You’ll also receive an insurance reinstatement value: how much you’d receive if it burnt down.
How much does it cost?
This type of house survey is more expensive due to the valuation, therefore you’re looking at an average cost of £450. Prices vary, often from anything from £400 and upwards.
What doesn’t it look at?
Everything here is the same as the other homebuyer’s report – again, it’s non-intrusive.
Who is it good for?
It’s best for properties in a reasonable condition that are fairly standard, e.g. not an unusual home.
Home condition survey
This type of property survey is provided by the Residential Property Surveyors Association, differing slightly from RICS’ reports.
What does it look at?
This survey includes a full inspection and comprehensive report that looks at specific issues and colour-codes them. It also includes photographs and diagrams.
It’s conducted by specialists in residential properties and includes information on things like broadband and boundaries. These are important for your solicitor to know.
How much does it cost?
These types of surveys can be expensive, ranging from £500-£900, depending on the value of the property itself.
What doesn’t it look at?
Again, these surveys are non-intrusive, which can be limiting.
Who is it good for?
These house surveys suitable for a range of property types. Ensure the building isn’t too old or unusual, however. Conditions should still be fairly reasonable.
RICS building survey
Also known as a full structural survey, the RICS building survey is the most in-depth type you can receive.
What does it look at?
These reports use a clear rating system from one to three to help you identify the issues and their seriousness. You’ll receive an in-depth report of the property, its problems and what they mean. This includes timings and costs, plus information on what happens if you don’t make the repairs.
The surveyor will go in the attic, look between floors and check behind walls: it’s as in-depth as you can get!
How much does it cost?
As this survey is so detailed, complete with a report and advice, it can be expensive. It all depends on the property type, size and specific details.
What doesn’t it look at?
Unless otherwise specified, you won’t receive a valuation or reinstatement value estimate in this report.
Who is it good for?
It’s suitable for all types of residential properties, but is best suited to older builds or ones that likely need repairs. Many homebuyers looking for peace of mind choose this type of survey, as it’s the most comprehensive you can get.
New build snagging survey
A new build snagging list can be put together by a surveyor if you choose.
What does it look at?
This type of survey ensures your new build meets your specifications. It can look at anything from how the doors fit to whether the surfaces are flat. It can also look at more serious structural issues.
How much does it cost?
Usually, these reports are anywhere from £300 and upwards. They can be more expensive depending on the type of property and its specific details.
What doesn’t it look at?
This inspection is fairly basic and many homeowners carry it out themselves. However, this can result in them missing issues, particularly the more difficult to notice structural problems.
Who is it good for?
This is only suitable for new build properties.
Find a surveyor
The type of survey you should choose all depends on how much your willing to spend and your individual situation.
Knowing how to choose a surveyor can be tough – which is why we’ve made it easier.
We can quickly and easily connect you with an RICS qualified surveyor to ensure your house purchase is as smooth as possible. After all, no one wants to find nasty hidden surprises later on down the line.
Get survey quotes for free in a matter of seconds below.
Last Updated: November 1st, 2024
