If you’re in the market for buying a house (especially if you’re a first-time buyer), you’ll no doubt come across a number of technical terms, legal requirements, services and other jargon that will leave you scratching your head in confusion. In this article, to help you understand the property world a little better, we’re taking a look at property surveys, specifically for older houses, and whether or not you actually need them.
So, do you need a survey on a 20 year old house? Legally, you are not required to have a survey conducted on an older property, although it is strongly recommended that you do so in order to ensure that the property is structurally sound and in good condition, or to make you aware of any issues that would need fixing should you buy the property.
Read on to learn more about homebuyer’s surveys, and when you should have them done.
Does a 20 Year Old House Need a Survey?
In general, the older a house becomes, the more important it is to have various surveys conducted, as most common issues that develop in homes will usually come with age. This may include damp, electrical, or plumbing problems.
Whilst a 20 year old home isn’t really all that old, it is worth having, at least, a homebuyer’s survey conducted to check for issues that may not be immediately visible to an untrained eye. The last thing you want is to purchase your dream home, only to find it has some less-than-ideal qualities further down the road.
Of course, if there are visible issues, such as cracks, water damage, drooping floors, or ill-fitting doors and windows, a structural survey is strongly recommended.
Is a House Survey a Legal Requirement?
A house survey is not legally required to purchase a property, but it is strongly recommended on all properties except new-build properties which should come with a 10-year warranty from the developer.
If you’re wary of the additional costs that are associated with various home surveys, bear in mind that the benefits of the survey greatly outweigh the cost - it will either give you peace of mind that your dream home is in good condition, or save you from purchasing a home with hidden nightmares, and actually save you money in the long run, especially for older houses.
Can You Get a Mortgage Without a Survey?
At the very least, a mortgage lender will usually ask for a valuation report and a condition report, according to the Mortgage Advice Bureau.
The valuation is essential for mortgage lenders to determine whether or not you’re paying a reasonable price for the property, and that it is a suitable property to secure the money against.
A condition report is a very basic home survey that indicates if work may be required to bring the property up to a safe standard. However, it doesn’t specify details of work required, which is why a homebuyers survey would be beneficial.
Why Do I Need a Survey When Buying a House?
The main reason for conducting a survey when buying a house is to identify any current problems, structural issues, and any potential future problems. Other benefits of conducting a survey includes:
- If you’re buying a fixer-upper, a survey will help you to prioritise tasks, as well as ensure that you have identified all important problems
- Any issues identified may enable you to negotiate a better price or;
- Alternatively, you may be able to ask the owner to fix the issue before purchase
- Provides advice to your legal advisors and mortgage lenders
- Provides an informed market valuation
- Provides information for insurance purposes
A 20 year old property shouldn’t have too many, or major issues, but a survey will help to identify anything of concern, or things which may become a problem in the future.
What is the Best Survey to Have When Buying a House?
There are three main surveys that can be conducted on a house prior to purchase, but determining which is best entirely depends on the house in question. However, for a 20 year old house, a homebuyer’s survey is usually sufficient.
Condition Report
A condition survey is the most basic kind of survey you can get. It is generally used for mortgage valuation purposes, and tells mortgage lenders the state of the property in very basic terms; green, amber, or red.
Green means that everything is good and that the house is in good condition. Amber indicates cause for concern, and red indicates that serious repairs are needed. However, the condition report does not specify what or where the problems are, so is not overly useful to the buyer.
Homebuyers Report
The homebuyers survey is the most useful survey for buyers unless you are purchasing an old house, or a house with obvious structural problems.
The survey will indicate any major problems with the house, however it is a non-intrusive report, meaning that surveyors will not look behind furniture, lift up carpets and floorboards, or drill any holes to check walls.
That said, they are the most commonly used reports, and are useful for those intending to purchase a property without any obvious issues.
Building Survey
Building surveys are extensive and expensive, but are worth the investment. Older properties are likely to come with a few problems here and there which a homebuyers report wouldn’t necessarily pick up on, but could pose serious problems down the line.
You may also see building surveys listed as General Structural Inspections, Building Structural Surveys, or Specific Structural Inspections. These reports inspect and report on structural elements of the property such as the roof, floors, foundations, lintels, and load-bearing elements of the property.
However, they do not cover aspects dealt with in homebuyers inspections, so both reports may be necessary in this case. That said, it’s unlikely that you would need a building survey for a 20 year old property, unless it has obvious structural issues.
Homebuyers Survey London
Aston James Associates offers both Homebuyers Surveys, General Structural Inspections, and Building Structural Surveys in London and throughout the UK. Conducted under the direction of RICS, and by specialist RICS surveyors, we’re here to provide you with the information you need to make informed decisions about the property you wish to purchase.
Get in touch with us today, or take a look online for more information.
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