I've been chatting to a landlord who's currently buying a couple of properties to rent out, and she's very hesitant about one of them. The property isn't in a great condition and could do with a new kitchen, bathroom, rewire, new storage heaters, new flooring and total redec - judging from the photo's and size, I estimated around £8-£10k.
However without seeing the property for myself I recommended that she has a surveyor carry out some sort of survey. Depending on how detailed a report you'd like (and how much money you have to spend), you can highlight any defects found to the seller or their agent and hopefully negotiate a better price to reflect any improvement costs. Using a qualified surveyors report definitely adds more weight to your argument, and it can be shown to the seller themselves, in black and white.
House survey costs
How much a property survey will cost will vary a lot depending on the location, size and type of your property. Different surveyors will also charge varying amounts, so make sure you get several quotes before choosing who to use.
The figures below should give you a rough idea of what to expect.
| House survey costs | |
| Survey type | Typical cost |
| Condition report | £150 - £300 |
| Homebuyer's report | £250 - £600 |
| Buildings survey | £500 - £1,000 |
The above table is taken from: http://www.which.co.uk/money/mortgages-and-property/guides/buying-a-house/house-surveys-explained/
Click on the link for more info on each type of survey.
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