"Is a survey the same as a valuation?"

Surveys

If you’re buying a property, you should have a survey done before you enter into a contract – or before making an offer, if you live in Scotland. If there are serious structural problems, you can re-negotiate the sale price of the property to reflect the cost of necessary repairs or you may even decide you don't want to buy it at all.

A surveyor will report on all the parts of the property they can reach. They do not inspect under carpets or furniture, and they don’t test the water supply or wiring although they will comment on their condition.

Chartered surveyors are professionally trained whose academic qualifications and training have been approved by RICS. RICS (Royal Institution of Chartered Surveyors) is the main professional institution.

Property buyers are often confused about the difference between a valuation and a survey.

Basic valuation: This carried out for the purposes of the purposes of mortgage and is prepared for the lender. This is a valuation not a survey.
- Cost approx £100 - £250

Homebuyer Survey and Valuation Report
A Homebuyer Survey and Valuation (HSV) is a service carried out to a standard format as defined by RICS.  It is primarily designed for conventional properties built within the last 150 years that are in a reasonable condition.

An HSV includes details of:

• The general condition of the property
• Major faults and inaccessible parts of the property that may affect its value
• Urgent and significant matters that need assessing before exchange and recommendations for any further inspections
• Results of any testing of walls for damp
• Comments on damage to timbers including woodworm or rot
• Comments on the existence and condition of damp-proofing, insulation and drainage
• The recommended costs of re-constructing the building in the event of damage (such as fire) for insurance purposes
• The value of the property on the open market

A HSV is not a detailed survey and only focuses on major and urgent matters.  It’s not suitable for many properties that are more than 150 years old; those in need of renovation or that you are planning to alter or extend.
- Cost approx £250 - £1000

Building Survey (Full Structural Survey)
A building survey is a comprehensive inspection suitable for all properties especially:

• Older properties
• Listed buildings
• Any building constructed in an unusual way
• Properties you are planning to renovate or alter
• Properties that already have extensive alterations

A building survey includes details of:

• Major and minor faults
• The implication of any possible faults and possible cost of repair
• Results of any testing of walls for damp
• Comments on the existence of damp proofing, insulation and drainage
• Extensive technical information on the construction of the property and details about the material used
• Information on the location
• Recommendations for any further special inspections

 Also known as a building survey, this report is much more thorough than the other types of survey. It looks for major and minor problems and details all of them in a long report.
- Cost approx £500 - £1500

The level of survey that you choose is partly dependent on the age and type of property you're buying. When you are buying a relatively new home built to standard construction, a basic valuation is often sufficient. If you are in any doubt go for one of the more thorough (and more expensive) options. For any property over fifty years old, you should generally get a full structural survey done.

It is not necessarily in the interests of an estate agent to recommend a homebuyer or full structural survey. They don't particularly want you to do anything that may risk the deal falling through. In estate agency, like most businesses, time is money - the quicker they can sell the property the better.