Buying a new property can be a stressful and expensive process with lots of compulsory boxes to be ticked, people to be met and calls to be made. So when an element of buying is only optional – it is easy to see why some people would rather opt out of the expense and the extra stress of doing it. Having a Homebuyer Report done on your potential new home is optional and some people choose not to do it.
In this article, we’re going to show you why a survey is critical when purchasing property and how it is not an additional expense or hassle, but a necessary step for those wanting to make sure they’re getting the most for their money.
A mortgage valuation is not a survey
You may think that your mortgage providers’ survey of the property is enough to assess the condition of the property but this is untrue. A compulsory mortgage valuation is only a limited survey and will only specify the visible defects with the property as part of a brief inspection. One major reason why homeowners don’t get a Homebuyer report is because they think they’re covered by the valuation their mortgage lender provides.
A Homebuyer report is a detailed survey that offers a comprehensive evaluation of the property. It is a thoroughly visual inspection by an experienced Royal Institute of Chartered Surveyors (RICS) qualified surveyor of the inside and outside of the property including garages and outbuildings, identifying any potential costly issues further down the line.
A Homebuyer Report works for you
A Homebuyer report is completely independent, they are performed to provide you with clear and impartial information on the state of the building. They are not influenced by the seller or the bank and a produce a report to give you the information you need to make a clear and informed decision about whether to carry on with the purchase. As a surveyor, it is our job to identify any issues and inform you of any defects we find so you can decide if you’re investing in a property that is sound.
Once you have received your report, the surveyor will be happy to advise and explain anything further that you are not sure of.
It could up costing you more
Highlighting any hidden or visible defects as early as possible can end up saving you much more money in the future. RICS have stated that on average, buyers who have purchased a home have to spend £5,750 carrying out repair works once they have moved in, often because a survey was not performed before they bought the house.
Items such as structural damage, dampness and rot, roof issues, interiors and exteriors as well as garages and outbuildings are all inspected. This process means you can be thoroughly advised of the specific risks before you commit to the process of buying or selling a property. Homeowners that don’t get a survey may end up paying more to rectify problems that would have been picked up by a RICS property surveyor.
Buying a house is expensive!
A property is probably the most expensive purchase you’ll ever make, which is why you should be as informed as possible before committing to make the purchase. By employing a surveyor to fully investigate the property, you’re buying the peace of mind that an independent expert has inspected the property and given you clear and impartial advice.
Many people are hesitant of the cost of a Homebuyer report and see it as yet another additional cost to the process of purchasing a property. However, when the fee is taken into the context of the amount of money a house costs, it is a tiny percentage. Investing in having a survey could pay for itself many times over if it flags up potential expensive problems with the house.
Once your Homebuyer report has been carried out and you’ve received a full report of the property and any issues it may have, you can use this to go back to the vendor and ask for the price to be renegotiated based on the findings. If the house needs a new roof, you can reasonably ask the vendor to adjust the price accordingly or alternatively, ask for the repairs to be completed before you buy the house. Having the independent advice a survey brings you puts you in a much stronger position to renegotiate.
Avery & Co are a market leading team of experienced and highly qualified surveyors and support staff who are specialists in the survey and valuation of residential property. We pride ourselves on the highest possible standard of service to all our clients and customers. You can be assured of a professional, first class and friendly service from start to finish.
If you would like to know more, please do get in touch, we would be happy to talk through your options.