Structural or property survey is a phrase that we constantly come across in the real estate space. The importance of a property survey cannot be ignored, but do we really know or appreciate what it actually is. In general terms a structural survey is a good way to prevent unexpected repair costs and will give you an idea of how much you might need to invest into a property above and beyond the purchase price. Here we will delve into What is a Structural Survey? and explain what it is and why it’s important.
What is a Structural Survey?
A full structural, or building survey, is a comprehensive report on the condition and construction of a property. This survey is particularly useful for buyers considering buying;
- Old properties
- Renovated buildings
- Properties in a dilapidated state
Competent surveyors will make a thorough inspection of the interior and , exterior of a property. They will assess any visible and accessible parts of a building for any potential issues or defects.
Contents of a structural survey
- A thorough assessment of property defects and notable hazards.
- Tailored advice on repairs and maintenance, including an estimated cost.
- A description of any previous structural work done on the property.
- It may include a property valuation if specifically stated to the surveyor.
Importance of a structural survey
The importance of an in-depth structural survey cannot be overstated. Such a survey is crucial for the following reasons;
- It unveils any serious structural issues.
- Assists would-be buyers ascertain if a property is worth the price tag.
- Eliminates the possibility of incurring unexpected repair and maintenance costs.
- Helps you know of any structural limitations before progressing with any major structural works on a house.
When a structural survey is required
In most instances, a structural survey is required once an initial offer has been accepted. It’s of the utmost importance that a survey of the property is carried out before finalising the sale. This helps to ensure that a buyer is not obligated to buy if there are any structural problems.
Cost of a structural survey
The cost of a structural survey varies greatly based on a number of factors which include;
- The location of the property
- The property size
- The type of property
A property survey is generally the most expensive building survey in comparison to other types of surveys. It is however an extremely detailed survey and is suitable for all property types.
Although intimidating, structural surveys are worth it. You might be paying more but you get the most comprehensive report so that you fully understand the property you’re buying. We recommend seeking further guidance if you feel you need more information or support