Property Survey Guide | Different Types & Top Tips from Phil Spencer

Never underestimate the importance of a property survey when buying a home.

For some of us, this process can be unnerving. But, we're here to help! In this episode, Phil Spencer shares his top tips and informs you of everything you need to know. There's nothing to fear - but this step is an important one.

Every house survey is different, so you need to decide which one suits you best.

Type 1 – Valuation Survey
A valuation survey involves a surveyor looking around the property on behalf of your mortgage lender. This is to check if anything would threaten the security of the loan.

It’s a mortgage requirement to have a survey of this kind – but you’re the one who will pay for it. Remember, the lender’s concern is their loan, not how much of a deposit you’ve put down. Essentially, all they want to know is if the building is worth the money they’re lending you! Note: this survey won’t inform you of the structural stability of the property.

Type 2 – HomeBuyer Survey
Also known as the HomeBuyer Report, this involves a thorough look around the property and also a valuation. It will focus on urgent matters that need attention, such as damp. It will also recommend further specialist reports if needed. For this reason, it’s a hugely popular option with those buying a home.

Type 3 – Full Structural Survey
Also known as a building survey, this is a highly comprehensive examination of a property. You can tailor it to your needs and any specific requirements you might have. These are extremely detailed, providing suggestions and estimating costs.

Phil Spencer’s Top Tips on Handling Surveys:

1. Always get a second opinion from a builder
2. Inform your surveyor of anything specific you’d like them to pay close attention to
3. Ask the surveyor about anything worrying in the report
4. Build a relationship with your surveyor
5. Don’t panic
6. Get comparative quotes
7. If a property requires a significant amount of work, try and renegotiate the price with the seller

Need a surveyor? Connect with one here: https://www.moveiq.co.uk/free-quotes/surveyors
Find a trusted mortgage adviser here: https://www.moveiq.co.uk/free-quotes/mortgages

If you’re looking for more advice on surveys and surveyors, we can help: https://www.moveiq.co.uk/buying-a-property/doing-a-deal/the-exchange-process/choose-surveyor-guide-surveys
Unsure how to negotiate a house price? Here’s our advice: https://www.moveiq.co.uk/buying-a-property/doing-a-deal/offers-and-negotiation/negotiate-house-price

What are your thoughts on Phil’s top tips? Let us know in the comments! Plus, don’t forget to subscribe for regular videos on all things property. https://www.youtube.com/c/MoveiQ?sub_confirmation=1

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