We have recently introduced a Homebuyer Survey without a valuation at a reduced fee for those customers who have already had a valuation or do not need one. But is it worth it? In this blog, we explore whether a Homebuyer Survey, also known as a Homebuyer Report, is worth it when you’re in the process of buying a property.
Firstly, what is a Homebuyer Report? Fundamentally, it is a more condensed version of the RICS Building Survey but offers more details than the mortgage valuation and RICS Condition Report. It lifts the lid on what is inside of the property and provides a thorough MOT to identify any risks and potential legal issues and highlights any urgent defects.
It is the Surveyor’s job to inspect the property and tell you if there are structural problems such as unstable walls or subsidence. They will then highlight any major repairs or alterations that will end up costing money in the long run, such as fixing the roof or chimney chute. Also included in the Homebuyer Survey is professional commentary on the property, from the type of wall to the type of glazing and even foundations of the garden.
Essentially, it is the best way of detecting any problems the property may have before you’ve moved in and it is too late.
Any conventional modern home is eligible for a Homebuyer Survey if it is in reasonably good condition as an important component of the Survey is the visual inspection of all major features. This includes the roof, ceiling, walls, skirting boards and plumbing.
Outdoor features are also surveyed including the roofing, pipes, gutters, walls, windows, and doors. Investigations are made into the condition of the property’s drainage, insulation and damp.
This allows you to evaluate the condition of the property and determine what action is needed. From lifting up the carpets to being up ladders examining the drains and roof tiles, expect a thorough survey when you opt for a Homebuyer Report.
How much does a Homebuyer Report cost?
You should expect to pay between £350 to £400 for a Homebuyer Report although it can be known to vary depending on the age, type and size of the property. It may feel like a lot of money during an already expensive process,but the money it can save by identifying issues before they become major problems in the future is invaluable.
You’re also paying for the advice of a Royal Institution of Chartered Surveyors (RICS) surveyor. They are credited and will give you advice and guidance based on your individual circumstances. The peace of mind of knowing the ins and outs of your newly purchased properly is invaluable to a buyer and will reduce the risk of costly repairs once you’ve moved in.
Although a Homebuyer Survey is not a legal requirement, it can save you a lot of stress, time and money. In our experience, knowing what’s underneath the surface of a property has reduced the property’s asking price and even caused some clients to withdraw from purchasing altogether and avoiding huge financial mistakes. So, is a HomeBuyer Survey worth it? Yes, we believe so.
If you would like to find out more about this survey or any of the other services we offer, please do get in touch, we would be happy to discuss your requirements and advise on your best course of action.