Do I need to have a survey of property done?
Buying a property is a significant investment, and it is essential to ensure that you make an informed decision. A property survey is an important step in the buying process, as it can uncover potential problems or defects that may not be visible to the untrained eye. In this article, we’ll explore why a survey is advisable before purchasing a property in Ireland, when to have a survey carried out, and what happens if problems are discovered after the purchase.
Why a survey is advisable?
A property survey is an assessment of the condition of a property carried out by a qualified professional such as an architect, engineer or surveyor. The survey will examine the structural integrity of the property, as well as its condition, including any defects or issues that may need to be addressed. A survey can also identify any potential problems with the property’s heating, plumbing, and electrical systems.
Having a survey carried out can help you make an informed decision about whether or not to proceed with the purchase of a property. If problems or defects are identified during the survey, you can use this information to negotiate the price of the property or to request that the seller address the issues before the sale is completed.
When should I have the survey carried out?
It is advisable to have a survey carried out before you sign a contract to purchase a property. This will give you the opportunity to identify any potential problems before you commit to the sale. It is also worth noting that some surveyors may not be available at short notice, so it is important to book a survey as early as possible in the buying process.
Does a bank valuation not cover these things?
It is important to note that a bank valuation is not the same as a property survey. A bank valuation is an assessment of the value of a property, usually carried out by a valuer appointed by the bank. The valuation is intended to confirm that the property is worth the amount that you are borrowing.
While a bank valuation may identify some issues with a property, it is not a comprehensive assessment of the property’s condition. A survey, on the other hand, is a detailed examination of the property’s condition and can identify potential problems that may need to be addressed.
What happens if problems are discovered after a property is purchased?
The principle of Caveat Emptor (Buyer Beware) applies to property transactions. Therefore if problems are discovered after a property is purchased in most cases, a purchaser will have no recourse against the Vendor. The purchaser would be responsible to rectify any defects or structural issues with the property. The exception to this would be in cases where the Vendor has misled you.