Newly built property - do I need a survey?
Gabi from London
Surveys questions and answers
We are buying a flat in a 5 year old development and we’re unsure which type of survey we need, or if it is worth us getting one at all. What kind of survey would be the best for us, as they seem to cost quite a bit of money without there being many benefits for such a newly-built place?
For most people, a home is the largest purchase you will make in your life, so, even if you are buying a newly built property, it is always worth getting a survey from a Chartered Surveyor to make sure the property you are purchasing is structurally sound and you are not paying an unreasonable amount for it. Although it may seem like a mortgage valuation is sufficient, this survey type is on behalf of the lender; it will only comment on the worth of the property and if the mortgage will be secure, not information about repairs needed.
A Chartered Surveyor will provide you with independent, expert advice to assess the structural condition of the flat you are purchasing and make you aware if any repairs are needed.
The most appropriate survey for a 5 year old flat for which you do not have any concerns would be a HomeBuyer Report. The HomeBuyer Report will include a market valuation and will investigate issues such as damp and any major faults that are evident to your surveyor. For more information about this survey type, you can see our article: What is a HomeBuyer Report.
If any defects are uncovered in your survey, you may be able to renegotiate on the purchase price, and it is possible that the price renegotiation may save you more than you spent on your survey.
When you compare prices from Chartered Surveyors through reallymoving.com, you can find the best price for a house survey and have peace of mind that your property purchase is a good investment.
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Hannah, 09 April 2017