If you don’t need a mortgage to purchase your next home, you may wonder if it’s necessary to pay for a professional home survey. After all, cash buyers are not obligated to have a survey, unlike if you are buying with a mortgage. There are pros and cons to consider when deciding whether to get a survey as a cash buyer.
The Purpose of a Home Survey
A home buyers survey is an in-depth inspection of the property’s condition by a qualified surveyor. The surveyor will assess things like:
- The structure and exterior of the property – Are there signs of subsidence, damp, or other damage?
- The roof and loft space – Are there leaks, damaged tiles, insulation issues?
- Electrics, plumbing, and heating systems – Do they meet current safety standards and work properly?
- Potential repairs and maintenance issues – The surveyor will flag any works needed and estimated costs.
The survey provides a detailed report on the property’s condition and an estimate of repair costs. This helps buyers understand any problems and negotiate on price if needed. For most people, an RICS Home Survey Level 2 is sufficient, but for a unique, large, or listed property, a Level 3 survey could be more suitable – a chartered surveying firm like a house surveyor in Norwich can advise you on which survey is right for you.
The Main Benefits of Getting a Survey
- Avoids nasty surprises – Without a survey, you risk overlooking faults that could cost thousands to fix. A survey flags issues upfront.
- Informs negotiations – If the survey uncovers significant problems, you can negotiate a price reduction to cover repair costs.
- Provides peace of mind – Knowing the property’s true condition from an expert gives you confidence in your purchase.
But Do Cash Buyers Really Need One?
As a cash buyer, you have more flexibility than mortgage buyers. Most lenders require a survey, but cash buyers don’t need mortgage approval. So, is it worth the £500-£1,000 cost of a survey? There are arguments on both sides.
The case for getting a survey:
- You can’t assess a property fully yourself as a layperson. An expert surveyor has the experience and tools to identify hidden issues.
- It seems unnecessary to risk an expensive repair bill that a survey could have highlighted in advance.
- Negotiating a discount on price could recoup the survey cost if it finds serious problems.
The case against getting a survey:
- If the property looks in good condition, you may feel paying for a survey is an unnecessary cost.
- You lose the cost of the survey if it doesn’t uncover any major issues.
Ultimately it’s the buyer’s judgement call. As a cash buyer, you have the luxury of choice.
For peace of mind and to avoid nasty surprises, getting a survey is a wise investment for most buyers. But if funds are tight or the property looks immaculate, you may decide to skip the survey.
Consider the specific property and your own risk tolerance. Get quotes from surveyors and weigh the cost against the risk. Make an informed decision based on your personal situation and priorities.
Meg is an author at Cinnamon Hollow. She writes on a variety of topics sharing tips and ideas for daily life.
