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HOMEBUYING GUIDE

When you're buying a new home every penny counts so it's easy to dismiss a survey as an unnecessary expense. However, a few hundred pounds spent now could prevent you buying a property that needs costly repairs.

It's impossible to avoid surveys altogether because your mortgage lender will insist you have a basic one done. This is sometimes referred to as a valuation. The lender may charge you for this - usually around £250 - or it may offer the service for free. It will probably instruct its own surveyor who will report back to the lender, not to you.

This kind of survey is done simply to assess the value and suitability of the property as security for a mortgage. It may highlight any major structural problems but cannot be relied upon to spot anything other than superficial problems. You will probably have noticed any of these major problems yourself anyway when visiting the property.

To learn more about the property you need to commission a more in-depth survey - either a homebuyer's report or a buildings survey.

In most cases a homebuyer's report will be sufficient. These are designed for properties of ordinary construction, built in the last 100 years. The survey, which takes a standard format, offers an assessment of the general condition of the property, its value and any causes for concern.

A homebuyer's report is likely to cost from £250 upwards, according to the value of the property. To save money, you can often combine it with the valuation required by your lender.

For older homes, a more detailed assessment of the fabric and structure of the building is usually necessary. This means organising a buildings survey. These surveys are also appropriate if you plan to extend, alter or convert a property from some other use, or intend to buy a property of unusual construction, such as a timber-frame house.

A buildings survey can cost up to £1,000, again depending on the value of the property. The format will depend on the firm of surveyors you have chosen. It can include pictures and floorplans along with the notes and may also go into the history of a building and provide other interesting findings.

As well as reporting on the structural condition of the property, a buildings survey will indicate the need and cost of essential repairs and can therefore provide the basis for obtaining quotes for such work.

There are a number of other kinds of specialist report which can be undertaken by experts in their specific field, such as damp-proofing, foundation work, timber treatment, drainage etc. In many cases such surveys are undertaken free of charge as a part of a firm's quotation for the repair work.

You can usually find a surveyor through recommendation from your lender, solicitor or estate agent. Alternatively, you can find the names of firms in the Yellow Pages or by telephoning their various representative bodies such as the Royal Institution of Chartered Surveyors (0870 333 1600) which will give a choice of three or four registered members in your area.