Residential Surveys

What is a survey?

A residential survey is an assessment of a property which identifies any major issues for a potential purchaser.  It is normally undertaken for the purchaser and should not be confused with the mortgage valuation which is undertaken for the lender.  A survey is normally undertaken once an offer has been accepted on a property.

Is a survey necessary?

At a time when a lot of money is being spent on a property purchase, a survey can seem like an unnecessary expense.  However, it is far better to be aware of any problems prior to purchase so that an informed decision can be made about the agreed purchase and budget for any repair work that will need doing.  It is very often possible to re-negotiate the agreed purchase price based on the findings of the survey.

Sellers/Vendor Surveys

Buyers often commission surveys shortly after agreeing a sale.  Vendors often forget that they can increase the odds of selling their home for a good price by commissioning a survey themselves before it is put on the market.

Any issues can be addressed and repairs undertaken before potential buyers find them.  If a potential buyer commissions a survey and finds hidden defects that the vendor was unaware of, they then have the grounds to renegotiate the initial agreed purchase price.

Both time and money can be saved by a vendor commissioning a survey and fixing any issues which are uncovered.  This way, repair costs can be controlled and it may not be necessary to lower the agreed purchase price.

Lower the price of the property accordingly

If a vendor doesn't want to, or doesn't have the time to fix any uncovered defects after the survey, the price of the property could be lowered slightly and the findings of the survey disclosed.  This way, potential buyers may be deterred from getting a survey themselves, the sale price controlled, and the vendor will be perceived to be an honest seller that home buyers will trust.

Be informed before selling

The surveyors' findings will put a vendor in a much better position to sell their property as there will be a professional's opinion to hand.  With a surveyor's report available when potential buyers view the home, the buyers will receive a better impression of the house than would be the case had there been no information about it.

Buyers are less likely to be scared off

If a potential buyer finds out about any defects from the seller rather than from their own surveyor's report, they're more likely to stay interested.  Hidden defects that are uncovered by their own surveyor are likely to make them think "what else are they hiding?", and possibly pull out of the purchase.  If a vendor is open and upfront, as long as the house isn't falling down, they'll be more inclined to stick with the purchase.

Snagging Inspections

For new build properties a professional snagging inspection is often carried out. A snagging inspection will identify minor defects or problems which need fixing before a purchaser takes occupation. A snagging inspection should spot minor issues such as a misaligned door that is catching on the carpet, damaged joinery, electrical sockets that are mis-aligned, etc. A snagging inspection should ideally be carried out when the property is completed and before exchange of contracts. A purchaser can then arrange with the developer to rectify any issues before the property is occupied. However, this is not always possible as in some instances the developer may not allow access to the property.  In such cases, the snagging inspection should be carried out soon after it is occupied. The report can then be presented to the developer for remedial works to be undertaken.