What is the cost of a building survey?

Whether you are buying a home or an investment property, you are making a huge financial commitment and therefore it is vitally important to understand whether the property has issues which may affect the value or cost you more money in the not so distant future.

Buying a property is not cheap, and having paid for conveyancers, potentially paid for estate agents, and having saved for your deposit, you may think that a property survey is an additional unnecessary cost that you could probably do without, however, it may actually save money, and even allow you to walk away from an expensive mistake with the wrong property.

Below we have highlighted how much a building survey will likely cost and the different type of surveys available. The figures are based on the date this article was produced and offers guidance only; the actual amount will likely vary depending on location, housing market condition, size and condition of property and the surveyor’s availability.

What is a building survey?

A building survey consists of a detailed inspection of a property by a qualified and experienced surveyor. There are two types of surveys that can be provided and these are a Homebuyers Survey (level 2) and a Building Survey (level 3). For further advice on the types of survey, what they cover, and what one you should choose, see Choosing the right type of survey.

Depending upon the type of survey and the purpose of the inspection, as well as the size and value of the property, this will determine the level of detail and costs involved.

So how much will a building survey cost?

Survey costs vary depending upon a number of factors including the size of the property, the type of survey and how long the report will take to prepare.

This means that a more detailed level 3 survey will take longer on site during the property inspection and also to prepare the report. A level 2 survey will typically take between 1-2 hours on site while a level 3 survey will typically take between 2-4 hours on site depending upon the size of the property.

Below is a table showing estimated costs for a survey depending on the value and size of the property. Remember, these costs are for guidance only and will likely vary:

What is the benefit of having a building survey?

Instructing a survey before you exchange contracts can be advantageous for several reasons and may even save you a significant amount of money by identifying any major issues that will require a repair.

Did you know of those homeowners (nearly 80%) that bought a property first without having a home survey done on average these buyers then went on to spend an average of £5750 in unexpected repair costs according to RICS.

Conclusion

Taking the decision to pay for a survey can be a very wise investment. Although not every purchaser will decide to have a survey, they can repay their initial outlay 10x over and save you from costly repairs and the stress of dealing with issues when you finally move in.

The costs we have provided are for guidance purposes only and we recommend you obtain at lease three quotes for surveyors before deciding on who to select. Our ‘building survey quote’ provides you with a quick tool which will allow you to obtain competitive quotes from reputable local surveyors.