Why do I need a survey?

Many people who buy property assume that the mortgage Valuation that is undertaken by the bank is a survey and that they can rely on it as a statement of condition.  However, this is not the case as the inspections are fairly cursory and the purpose is simply to ascertain whether or not the property affords adequate security for a loan.  When investing a substantial sum of money, more detailed advice should be strongly considered as both the Homebuyer Report and a Building Survey will give you much more detail in respect of condition and allow you to forward plan maintenance costs and capital repair costs.  Surveys can also allow you to re-negotiate a purchase price if there are more defects than initially anticipated.